Most federal student loans are currently not due until September 2021, due to forbearance status. However, some private loans are still due. Are you concerned about the amount you are/will be paying for your student loans?

What Options Do I Have?

  • Refinance Your Loan: You may be able to take advantage of lower interest rates or lower your payments by refinancing your loan. has put together a list of pros and cons to refinancing your loan, which we highly recommend you read, especially if you have bad credit. Click here for the article.
  • Consolidate Your Private loans/Perkins loans: You may want to consider consolidating with the Direct Loan program However, you will want to research this fully before making this decision. You could run into potential problems or not be eligible. Click here for more information.
  • Income-Driven Repayment Plan (IDR): If you are not on an IDR plan, you may want to consider switching to one. Your payments may be considerably lower through this plan.

Can I Keep Making Payments?

Absolutely. If you are able to make payments on your student loans now, you will continue making progress toward paying off your loan. 

What Happens If My Loan Is In Default?

With the payment deadline extended, you should not be receiving collection calls, wage garnishments, or have money removed from tax refunds or Social Security benefits. Consider switching to a loan rehabilitation plan or taking advantage of consolidation. During payment suspension, you will receive credit towards the nine required payments to rehabilitate out of default. This could greatly reduce the cost. On the other hand, if you consolidate out of default, you may be able to take advantage of the payment suspension to begin earning credit towards IDR or PSLF forgiveness. Find out if you are eligible, as you can only use these programs to get out of default once per loan. Click here for more information.

What If I Can’t Afford to Pay?

The Federal Student Aid website offers different types of repayment options based on eligibility. You can also lower or suspend your payments. To read more click here.

Need More Information?

If you are struggling with other forms of debt, you may want to consider filing for bankruptcy. Bankruptcy can reduce or eliminate your debt entirely. And, with the passing of the Consumer Bankruptcy Reform Act 2020, you can include student loans to be dischargeable through a debt-specific repayment plan.

At the Law Office of Daniela Romero, we believe in relationships that are based on trust. Before we work together, we would like to get to know you and we would like you to get to know us. We want you to be sure you are the right fit for us and that we are the perfect fit for you. This will allow you to be completely comfortable sharing intimate and difficult details of your case, so we can offer you representation to the fullest extent of the law. Call us today to set up a free consultation.