Student Loans: How to Interact with Your Debt Collector

If you get behind on your student loans, you may find yourself getting calls from a debt collector. If this is the case, there is a certain way that you need to handle them. Here are the basics of how to interact with your debt collector when dealing with delinquent student loans.

Ask for Written Communication

When you get behind on your student loan payments, you will most likely start receiving collection calls from a debt collector. Instead of relying on phone communication, ask if they will send you some type of written communication instead. Ask for a detailed statement of your account so that you can intelligently talk to the debt collector about it.

Payment Options

One of the great things about student loans is that you can choose from a number of different payment plans. If you cannot afford your current payment, ask if there are any other alternatives that you could choose from. For example, you might be able to set up an income-based payment plan that will give you a smaller payment while you are not making much money.

Postpone Payments

You should ask your debt collector if there is any way that you can postpone payments with a forbearance or deferment. During a deferment, your account will not accumulate any interest. If you do not qualify for a deferment, you can use a forbearance to stop your payments for a certain period.