How To Prevent Default
You CAN prevent default by being proactive and making smart choices.
- Don't borrow more than you need or more than you expect to be able to repay. Develop a sound—and realistic—financial plan.
- Make your loan payments on time, and notify your lender or servicer when you move or change your address.
- Contact your loan holder immediately if you start to have problems repaying. They may be able to provide you with some financing options and give you information about deferments and forbearance. Click here for more information on Loan Repayment options.
- Keep a record regarding your loans and payments. Make copies of all letters, canceled checks, and any forms you sign.
- Five Easy Steps for Financial Success