What do I do if I cannot afford to make my private student loan payment?

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What do I do if I cannot afford to make my private student loan payment?

Asked on November 13, 2012 under Bankruptcy Law, South Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The best way to try and resolve the private student loan dilemma that you cannot afford is to immediately contact the lender and set up a new written payment plan under terms that you can afford. If the lender is willing to agree to such then the problem that have have written about is resolved.

Note, the lender is not required to agree to new terms but typically such would be granted if supported hardship can be established by you.


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