![]() For example, the government's income-driven repayment programs cap your monthly bill at a share of your discretionary income. ![]() You should also try to find a repayment plan that is manageable. If you don't qualify for one of them, you can request a general forbearance. ![]() Under these options, interest isn't allowed to accrue on your debt. If you still can't afford your payment by the fall, consider applying for an economic hardship or unemployment deferment, Kantrowitz said. The government has said it will turn student loan payments back on in September, but another extension is possible. To avoid falling back into default, Kantrowitz recommends, borrowers should sign up for autopay once their bills resume, so that their payment is taken out of their bank account each month without them having to do anything. About 30 days after the delinquency or default is removed from your credit history, you should order a free credit report to make sure the information is removed and your loans are marked as current, Kantrowitz said. Personal Loans for 670 Credit Score or LowerĬollection activity, including wage garnishment and the offset of Social Security benefits, will also end. ![]() Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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