How to Bring Past Due Student Loans Current Using Deferrals

If you're delinquent on making payments, you can often bring past due student loans current using deferrals. You must apply for the deferrals within eight months of missing your first payment. When delinquent for 270 days, the lender will declare the loan in default. A defaulted loan brings serious consequences and you cannot obtain a deferral at that point. Here's how to bring your past due loans current.

Instructions

1. Contact your lenders to let them know you need to make arrangements. Give them any corrections to your address and how to contact you. Explain the circumstances that led to the delinquent payments and tell them you want to bring the past due student loans current using deferrals. Lenders want to help you make arrangements so the loan will not go into default.

2. Consolidate all of your student loans into one loan. This reduces the monthly payment and makes it easier to obtain a deferral.

3. File a deferment form that fits your circumstances. The government defers payments for several reasons. For loans received after July 1, 1993 the government allows deferments for full-time students, students in a graduate program or rehabilitative training program. They also allow deferments for those experiencing economic hardship, someone unemployed or someone totally disabled.

4. Request a forbearance if the lender rejects your deferment. With a forbearance you still need to pay interest on the loan. With a deferment, the lender waives the interest.