SAVE plan changes
Read the article called, “The SAVE Plan is Ending: What Borrowers in SAVE Need to Know” on the Student Loan Borrower Assistance (SLBA) website. The SLBA website is a project of the National Consumer Law Center. It is a helpful resource for news about student loans and information on how to manage your loans.
How do I know what kind of loan I have?
It may be hard to tell at first glance if you have a private or a federal loan. Many private student loan lenders also manage and service federal student loans. You may have both federal and private student loans.
To find out, visit this page of the Student Loan Borrower Assistance website.
Federal student loans
Having trouble repaying your federal student loan? Explore repayment options — including income-driven repayment (IDR) plans based on how much money you make.
You don’t have to pay to get help with loan services such as consolidating your federal student loans or applying for an income-driven repayment plan. If you are contacted by a company asking you to pay “enrollment,” “subscription” or “maintenance” fees to enroll you in a repayment plan or forgiveness program, you should walk away. These services and more can be done by your loan servicer for free!
Private student loans
If you have a private student loan — including one from Vermont Student Assistance Corporation (VSAC) — contact your student loan servicer or lender to identify the options that might help you. They may include:
- providing forbearance (postponement) of payments
- waiving late-payment fees
- protecting you from negative credit reporting
- ceasing debt-collection lawsuits for some time, and
- enrolling in appropriate assistance programs, such as income-based repayment.
Borrowers with private student loans can look for contact information on their monthly billing statements. VSAC borrowers may call 1-833-802-8722.
Learn more about repaying private student loans on the Student Loan Borrower Assistance website.
General student loan resources
- Watch out for student debt relief scams!
- Managing Student Loans - Student Loan Borrower Assistance website
- Discharging a Student Loan Due to Disability - Student Loan Borrower Assistance website
- Other reasons to discharge a federal loan - Student Loan Borrower Assistance website
- Getting or Repaying Student Loans - Consumer Financial Protection Bureau website
- Studentloanify - A paid online service that helps you find and apply for the best repayment option available to you
- Finding Your Student Loan Information - Student Loan Borrower Assistance website
Need help?
If you have a low income and you are having trouble with your federal student loan payments, contact us. Fill out our form and we will call you back. Your information will be sent to Legal Services Vermont, which screens requests for help for both Vermont Legal Aid and Legal Services Vermont. You can also call us at 1-800-889-2047.
