The conversation between human and AI assistant.
If you were asking a student loan borrower just five questions about their loans what would those be?
What happens if a borrower can't make their loan payments?
If a borrower is struggling to make their loan payments, there are a few options available. One option is to apply for deferment or forbearance, which temporarily allows you to postpone or reduce your monthly loan payments. Another option is to apply for an income-driven repayment plan, as mentioned earlier, which can reduce your monthly payments based on your income. It's also important to communicate with your loan servicer if you're having trouble making payments. They may be able to work with you to find a different repayment option.