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The U.S. Department of Education ED uses several loan servicers to handle the billing and other services on loans for the William D. Ford Federal Direct Loan Direct Loan Program and for loans that were made under the Federal Family Education Loan FFEL Program and that ED later purchased. Your loan servicer will set you...
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If you schedule an automatic monthly electronic debit of your loan payment from your checking or savings account , you receive a 0.25% interest rate deduction on Direct Loans. Contact your loan servicer for more information. To make a payment by postal mail , contact your loan servicer for the mailing address.
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To discuss repayment plan options or change your repayment plan , contact your loan servicer. First , though , you can use our Loan Simulator to get an early look at which plans you may be eligible for and see estimates for how much you would pay monthly and overall.
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I want to get ahead by paying extra each month.
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You can make payments before they are due or pay more than the amount due each month. Paying a little extra each month can reduce the interest you pay and reduce the total cost of your loan over time. Contact your loan servicer to discuss these options.
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I m having trouble making my loan payment.
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Contact your loan servicer as soon as possible. You may be able to change your repayment plan to one that lowers your monthly payment and, in some cases, may be based on your income. You can also ask your loan servicer about your options for a deferment or forbearance or loan consolidation.
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Trouble Making Your Federal Student Loan Payments? provides information on what to do if you are having difficulty making your student loan payments.
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I ve missed one or more loan payments.
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Stay in touch with your loan servicer especially if you are struggling to make payments on your loans. Your loan servicer will explain your repayment options, such as applying for an income - driven repayment plan or a forbearance or deferment, to help you stay on track or get back on track when you fall behind.
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One thing you definitely want to avoid is going into default! This occurs when you are at least nine months past due on your student loan. The consequences of default include damage to your credit rating and future borrowing ability. They may also include garnishment of your wages and withholding of your tax refunds. I...
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Having Your Student Loan Forgiven
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You are generally required to repay your student loan , but in certain situations, your loan may be forgiven, canceled, or discharged.