What should you do if you can’t afford your payments? If you’re having issues, then don’t ignore them. Here are three ways you can keep your loans in a current status and might ease your financial woes.

Earlier this year, it was reported that 43% of student loan borrowers were not making payments. With a staggering 1 in 6 borrowers in default. The immense stress of student loans makes the loans easy to ignore. Student loan borrowers want to just forget these loans exist, and sometimes they will it so much that they do forget. Seems appealing, but defaulting on student loans can ruin your life. You should avoid it at all costs.

What should you do if you can’t afford your payments? If you’re having issues, then don’t ignore them. Here are three ways you can keep your loans in a current status and might ease your financial woes.

  1. Change your payment due date

Maybe you get paid after your student loan payment is due. This could leave you to struggle until your next payday, and that’s no way to live. Contact your loan servicer and ask if you can switch your due date for your loans. This will allow you to plan out your finances much easier and from a position of power. You can pay off your loans first and then develop a budget afterward for the rest of the month.

  1. Change your repayment plan

All loans start off in a standard repayment plan which is always set to be paid off in ten years. Often times this is a sticker shock for student loan borrowers and don’t know their options. An income-driven repayment plan will help lower your loans based on your discretionary income. Most of the time it will lower the borrower’s payments significantly but will put them on a longer term and set them up for loan forgiveness.

  1. Consolidate your loans

Lots of college student have taken out multiple student loans. Each time you take out loans they will often times have different pay dates. Sometimes you might even have different loan servicers. A consolidation can simplify the repayment process. Your loans will turn into Direct Consolidation Loans. After the consolidation creating one new loan you will only have one monthly payment.