Most people want to pay their student loans. Sometimes, life events occur that make it challenging to meet the commitment. Student Loans of North Dakota is here to help.
When you took out a student loan, you made a commitment to repay the money over time. But you can’t plan for everything, and sometimes things happen that make it difficult to keep up with your payments. If this happens to you, don’t panic. A few simple tips will help you get back on track.
Stay in touch with your lender
As soon as you think you might not be able to make a payment on your loan, contact your lender and let them know what’s going on. It’s in everyone’s best interest for you to stay current on your payments, so lenders are almost always willing to work with you to get you back on track.
Know your options
Depending on whether you have a federal student loan, a DEAL Student Loan or a private student loan, there may be different repayment options available to you. Some of these options temporarily delay your payments, lower your monthly payment or change your repayment schedule. Some federal loans even offer partial loan forgiveness if you’re a teacher or public service worker. Click here to learn more about repayment options.
Make a plan
Once you and your loan servicer figure out a payment plan, examine your personal budget to make sure you’ll be able to stick to it. Identify unnecessary expenses that you may be able to cut, and try to start building an emergency fund in case you run into unexpected financial difficulty in the future.
With a little planning and preparation, you can get back on track—and stay on track—with your student loans. Student Loans of North Dakota is here to help you.