If you stop making payments on your student loans, they could fall into default and even get sold to a debt collector.
Having student loans in collections can cause a heap of bad consequences, so it’s crucial to learn how to get your student loans out of collections and back into good standing.
Review your credit report for accounts opened in your name, including student loans. Make sure the dates and amounts listed are accurate.
Under this approach, you negotiate with the debt collections company to pay off less than what you owe.
If you’re able, consider asking friends or family for help paying your outstanding balance. Or you can take on an extra job or side hustle to increase your income.
Private student loans are eligible for consolidation through refinancing with a private lender.
If you’re being hounded by debt collectors but are unable to resolve your debt by other means, bankruptcy could be an option.