debtOne of the most common problems that a student has is trying to deal with their student debt loan. Many times they end up delinquent with their payments and this just increases their stress when it comes to this financial responsibility. There are many students that find themselves in this situation.

The first thing that you need to determine is just how delinquent are you. If you are dealing with Federal student loans there is a chance that it has not been reported to the credit bureau as yet and it is not affecting your overall credit rating.

You would do well to be able to make at least a one or two payments and deal with the late fees that you may have been charged with. If it is a private loan then in most cases if the payment becomes 60 or 90 days past they will report it to the credit bureau.

It may be that you ran into a temporary period of financial difficulty and now that you are a little bit more organized you are able to make your payments but are not able to catch up on the past due amounts. What you may be able to do is negotiate with your lender to see if they will allow you to make small payments on the past due amount as long as you keep up with your current payments. Make sure if you are making these type of arrangements however, that you are able to follow through with them so do some financial planning first to see what you can afford as extra payments.

If worst comes to worst you may be able to negotiate forbearance with the creditors. If you’ve got to a point where your three payments or more overdue doesn’t matter whether it is federal or private it’s probably going to the credit bureau as past due.

What you may want to do if you are running into financial difficulty with your student loans and cannot see this as being a temporary situation, is to seek out the services of a student loan debt relief bankruptcy attorney who can advise you as to what may be your best approach or what potential solutions may be available to you.

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