Loan Repayment Resources

Now that student loan payments are back in full swing, it can be confusing to know the best way to make progress on your loans. That's why we've partnered with ECMC Solutions to provide no-cost advice and guidance through this stressful process so you can avoid missing payments.

ECMC Solutions is a nonprofit corporation dedicated to helping you find the repayment strategy that works best for you. You'll meet one-on-one with a student counselor based on your schedule to get relevant information and create a game plan for repayment.

Explore strategic loan plans with ECMC Solutions.

About ECMC Solutions

Educational Credit Management Corporation (ECMC) is a nonprofit corporation that assists students and families in their efforts to plan and pay for college. ECMC Solutions is committed to helping you tackle your student debt through one-on-one consultation, webinars, payment calculators and more.

ECMC Solutions offers live chat Monday through Friday from 8:00 a.m. to 6:00 p.m. (Central) for advice and counseling.

Visit their website to make an appointment, email or call for further guidance >

Why Paying is Important

By keeping up with your loan payments, you are keeping yourself from defaulting on what you owe. Defaulting on your student loans could lead to a variety of consequences that could negatively impact your ability to repay and your financial health:

  • Losing benefits like deferment, forbearance and flexible payment options
  • Initiating the administrative wage garnishment process
  • The government may seize your tax refund or other government payments
  • Your loan balance may increase due to federally mandated collection costs
  • The defaulted status may be reported to national consumer reporting agencies
  • Your loan(s) can be placed with a third-party collection agency
  • You can be sued for the entire loan amount

Learn more about why paying is important >

Trouble Paying?

If you find yourself in the position of not being able to pay your student loans, consider one of these options:

Alternative Repayment Plans – You may be eligible for other repayment options that lower your payments.

Loan Deferment – If you qualify, deferment can put your loan payments on hold if you experience economic hardship, return to school, become unemployed or experience other life changes.

Loan Forbearance – If you are experiencing financial difficulty but are not eligible for a deferment, you may qualify for a forbearance. A forbearance allows you to temporarily postpone or reduce your payments.

Learn more about repayment tools >

Repayment Options

The federal government offers payment plans designed to give you choices based on your financial situation. If you’re having difficulty making your monthly payments, ECMC Solutions may be able to help you find a repayment option that’s doable for you. ECMC Solutions can help you explore basic payment plans that offer higher or lower monthly payments, income-driven plans and loan consolidation.

Learn more about repayment options >

Loan Forgiveness and Cancellation

In specific circumstances, a portion or all of your loans may be forgiven or cancelled. This is dependent on factors like your chosen career, disability status, school-related issues or repayment plan.

Public Service Loan Forgiveness Programs – If you are pursuing or plan to pursue a military, government or education career, you may qualify for loan forgiveness.

Loan Cancellation – Loans may be cancelled under certain circumstances such as if the school you attended closes, if you are the victim of fraud or if you qualify as totally and permanently disabled.

Learn more about loan forgiveness and cancellation >