I can't afford my student loan payments. What can I do?

Concerns & risks

You were trying to keep up with your student loan payments, but your paycheck just doesn't stretch far enough anymore.

Missed payments hurt credit.

Causes & evidence

Federal loans have options like income-driven repayment, deferment and forbearance. See student loan repayment.

What to do

1. Contact your loan servicer.
2. Use the Loan Simulator on StudentAid.gov.
3. Apply for an income-driven plan if eligible.

Common mistakes: Common mistakes: ignoring the bills or just stopping payments. Missing payments can lead to delinquency, damaged credit and eventually default. Contact your loan servicer right away. For federal loans, look at income-driven repayment plans, which base payments on income and family size; for some borrowers with low incomes, the payment can be very low. Use the Loan Simulator on StudentAid.gov to compare options. Deferment or forbearance can pause payments in some situations, but interest may keep building. Be wary of companies that call promising loan forgiveness for a fee; you can apply for federal programs yourself for free. Recertify your income on time each year if you're on an income-driven plan.

Speed Man tip: Act before missing payments.

Wrap-up: Call servicer. Simulator. IDR.