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The government’s collection powers and your options to deal with student loan problems depend on whether you are just delinquent with your payments or whether you are in default. You are in default on most student loans if you fail to make payments for nine months. The entire loan balance becomes due once you default.
Most borrowers end up in default because of failure to pay, but there are other ways to default on your loans as well. A loan holder can declare a default if you fail to meet other terms of the loan contract and this failure to meet your obligations continues for the nine month period.
A delinquency period begins on the first day after you miss a payment. Your loan holder has certain responsibilities once you are delinquent. During the first 15 days, they must send at least one written notice or collection letter. At some point, they must also let you know about the availability of the Student Loan Ombudsman. The notices and other tactics intensify the longer you are delinquent. If the delinquency goes on for nine months, your loan holder will declare you in default. Many guaranty agencies have special “default aversion” programs to help you during delinquency. If you are having trouble making payments, contact your lender sooner rather then later.
If you are starting to have problems, you should work with your loan holder to postpone payments or figure out another way to get temporary relief. It is your responsibility to notify your loan holder if you move to a new address. You will still be responsible for your loans if you didn’t get billing statements because you moved and didn’t notify your lender.
If you believe your account balance is wrong, ask your loan holder for a statement that shows all payments made on your student loan account. If you believe payments that you made were not credited to your account, you will need to provide proof that those payments were really made.  Consequences of defaulting on federal loans are discussed in Authorities Collection Tools.
In June 2009, the Department of Education announced new “performance-based” contracts with four servicers:  AES/PHEAA, Sallie Mae, Nelnet and Great Lakes Education Loan Services.
The Department of Education Ombudsman gives these tips for staying in touch with loan servicers:
Tips for Dealing with Your Loan Servicer*
It is usually best to communicate with your loan servicer in writing, because you’ll have a physical record of what has been said and done.
Keep a record of events. If you speak with someone on the phone,Pandora Bracelets Sale, make a note of whom you speak to and when, and what was said. If you use the mail, keep a copy of your letter and of any replies you receive.
Keep the evidence. Retain the originals of all receipts, bills,Pandora Beads, letters and e-mails regarding your account. Provide copies of the originals if you are asked for them. Send letters via certified mail,Cheap Pandora Bracelets, with a return receipt requested.
Stay calm. If you have confronted someone directly, don’t let the emotion of the moment get to you. If you are clearly not getting an adequate response,Pandora Nz, simply take the next step in the procedure for resolving your problems yourself.
Write clearly and concisely. Be polite and courteous, but don’t be afraid to convey the detail of any incident and to articulate your concerns. Write down the facts in a logical order and stick to what is relevant. Remember to include important details like your account number or social security number. Put these details at the top of your letter.
Agree on a reasonable time to expect a response. Ask for a response in a reasonable time, and be sure to tell the person how you can be reached.
*The Federal Student Aid Ombudsman of the Department of Education Private Loans
You do not have the luxury of a nine month period if you miss payments on a private student loan. You should understand that your loans will usually go into default as soon as you miss a payment. The default period will be described in the loan contract. See section K of this private loan contract. In this contract, you are in default if you:
Fail to make monthly payments when due,Tiffany Charm Bracelets, or
Die,Pandora Website we', or
Break other promises in the loan Note, or
Begin a bankruptcy proceeding,Pandora Charm, or assign assets for the benefit of creditors, or
Provide any false written statement in applying for any Loan subject to the terms of this Note or at any time during the term of the Loan,Tiffany Engagement Ring, or
Become insolvent, or
In the lender’s judgment, experience a significant lessening of your ability to repay the Loan, or
Are in default on any Loan you already have with this lender, or any Loan you might have in the future.
This contract also specifies that failure to receive a monthly statement does not relieve borrowers of their responsibilities and obligations.
You should review your private loan contracts carefully to better understand what rights you have.
The collection process for private student loans is different than for federal loans.
Default and Delinquency Policy Briefs