Things You'll Need:
- Student loan lender contact numbers
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Step 1
Contact your lender. All major student loan lenders offer deferments and forbearances for borrowers who are experiencing unexpected financial hardships such as the loss of a job. If your student loan is already in default, contact the lender anyway to see if they offer repayment plans or other options to get your debt repaid.
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Step 2
Consolidate all of your student loans. Consolidation turns multiple student loan payments into one and saves you money because instead of paying interest on multiple student loans, you're only paying interest on one.
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Step 3
Go over your debt-to-income ratio carefully with your bankruptcy lawyer. The main reason for doing this is to figure out how much money you have left after paying your monthly living expenses. The other reason is to determine if your student loans will be paid in full within the Chapter 13 Bankruptcy repayment period.
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Step 4
Know your financial obligations after the repayment period is over. You are still obligated to continue making payments on your student loans even if your determined Chapter 13 Bankruptcy repayment plan has ended.
