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What do I do about my student loan payment if I’ve had a layoff or reduction in income?

Last Updated: March 06, 2008

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Options for repayment are located on this Sallie Mae Web site: http://www.usagroup.com/repaying/borrowers/repaying.htm

It is always a good idea to contact your creditors to try to work out a repayment plan. If you ignore your bills, they could be sent to a collection agency. If you are not comfortable negotiating with a creditor or if the creditor is not willing to work with you, contact the nearest Consumer Credit Counseling Service by calling 1-800-388-2227; these counseling services are affiliated with the National Foundation for Credit Counseling and work with creditors on your behalf. Contact them at: http://www.nfcc.org/.

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