Monday-Thursday: 8 a.m. to 8:30 p.m. CT
Friday: 8 a.m. to 4:30 p.m. CT
Saturday: 7 a.m. to 11 a.m. CT
Paying your student loans isn't optional
If you stop paying your student loans and do not make alternative arrangements, your loan will go into default.
If you default on your student loans, you will also lose eligibility for various payment options, including:
- Flexible payment plans
- Deferment and forbearance
The federal government can collect your defaulted student loan in several ways:
- Garnishing your wages
- Withholding a portion of your state and federal tax refunds
- Withholding a portion of your Social Security benefits
- Withholding stimulus payments and special tax credits
If you are unable to make your student loan payment, contact ECMC Solutions. We can help you find payment options for your situation and assist you with any paperwork. Our services are free and our experienced loan counselors have helped many people overcome issues with paying their loans. Don’t wait to get help—call us while you still have options.
Making payments builds credit; not paying damages your credit for many years
Paying back your student loans is a great opportunity to build your credit. Good credit shows lenders and other creditors that you are responsible with borrowed money. This enables you to receive future loans for buying a car or a house, for example.
On the other hand, if you fail to make payments on your federal student loans in as few as 9 months, your lender can report this failure to national credit bureau agencies. This damages your credit score, which makes it difficult for you to borrow money in the future. Repairing your credit after this is an uphill battle that can take years to overcome.
Call ECMC Solutions right away if you are having trouble making your payments. We can help you avoid the negative and long-lasting consequences of not paying, and we'll work with you to find options for your situation.
