Most borrowers on active-duty will qualify for this benefit, so it makes sense to start here.
To obtain an interest rate reduction under the Servicemembers Civil Relief Act (SCRA), contact your servicer and ask about this option directly.
They may have names like “alternative” or “institutional” loans.
Many student loan borrowers have both private and federal student loans.
They typically have names like Direct Loan, Stafford, PLUS or Perkins. Private or non-federal student loans are any other type of student loans.
They can be made by a bank, a credit union, a state student loan agency or a college or university.
In some cases, a borrower may default by missing just one or two payments.
You can also default on a private student loan if you declare bankruptcy or default on another loan.If you have gone more than 9 months (270 days) without making a payment on your federal student loans, you may be in default.Many private student loans go into default as soon as you are 120 days late.To begin the application process, check out the consolidation website.You can also use the Department's calculator to determine your payments if you choose to extend your loan term and lower monthly payments.This tool provides information and advice for optimizing how you pay off your student loans based on some basic information about your situation.