Past Due Account Solutions

Hardship Deferment

If you are unemployed or are just working a temporary or part-time job, you could qualify for this deferment. It defers the principal, but not the interest. The interest accrues, but you do not have to pay it until after your account is out of deferment, or you can pay it as it accrues. When your account comes out of deferment, if you owe interest you are unable to pay, you may request it be rescheduled into a new monthly repayment agreement. If you have loans disbursed after July 1, 1993, see Unemployment or Economic Hardship Deferment.

Unemployment Deferment

Like the Hardship Deferment, you must be unemployed or just working a temporary or part-time job. Only loans disbursed after July 1, 1993 are eligible for this deferment. Both principal and interest are deferred and you get a six-month post-deferment grace period. You may only receive this deferment up to three years.

Economic Hardship Deferment

Only loans disbursed after July 1, 1993 are eligible for this deferment. If you don’t qualify for Unemployment Deferment, but have a low income or a high proportion of student loan debt, you may qualify for Economic Hardship Deferment. Both principal and interest are deferred and you get a six-month post-deferment grace period. You may only receive this deferment up to three years.

Forbearance

All loans may qualify for forbearance. We can give forbearance for up to three years, at the lender’s discretion. Interest accrues, but the lender has the option of asking that the interest be paid as it accrues or the lender can incorporate the accrued interest into a new repayment plan at the end of the period.

Reschedule

Any past due amount can be incorporated into a new repayment agreement as long as the long period does not extend beyond the ten-year limitation. Discuss this option with your lender. Graduated repayment plans can also be arranged.

Contacting Us Regarding a Solution

  1. Call us at: 800-433-6844
  2. Write to us at:
    Loan Servicing/Student AR
    3850 Dixon Parkway Dept.1023
    Ogden, Utah 84408-1023