Introduction to Deferring, Cancelling, or Defaulting on Your Student Loans

If you’ve graduated college and are having trouble paying back your student loans, you have the option of changing to a new payment plan or consolidating your loans into one single loan, which may offer you a lower monthly payment.

But sometimes that isn’t enough. You might have fallen on hard times that make it hard or impossible to keep paying. In these cases, you can try deferring or even cancelling your loan. Each method comes with requirements. The final option is default, which is not to be taken lightly; there will be serious consequences with default.