Managing Debt and Avoiding Default

SLGFA's Default Prevention Department works with borrowers, schools, and lenders and servicers in an attempt to avert defaults.

Borrowers
As a borrower under the Federal Family Education Loan Program (FFELP), it is up to you to accept the responsibility of repaying your student loans.

SLGFA is here to help you understand what a default is and the consequences it can have as well as how to help you avoid your loan being delinquent or declared default.

Don't be overwhelmed by debt. Start planning now by using the Loan Repayment Calculator or taking advantage of any of the calculators available. View some tips to manage your student loan and avoid default, take a look at SLGFA's Debt Management brochure as well as its Financial Literacy page, and check out the National Council of Higher Education Loan Programs' (NCHELP) Message of the Month: Take Charge of Your Student Loans.

However, if you are unable to make payments right now, you may have other options to bring your account up-to-date:

• Modified Repayment Plan
• Deferment or Forbearance
• Loan Consolidation

If you need help with a delinquent account, view our FAQ or contact DANA* at 800-622-3446, ext. 655.

If you have a FFELP Loan that was purchased by the Department of Education, or have a Direct Loan and need to contact your servicer, we have provided Department of Education servicer contact information.

Schools, Lenders, and Servicers
As a client and partner, SLGFA's Default Prevention Department provides assistance by making phone calls, communicating via e-mail and fax, and sending letters to borrowers, co-signers, and references in an attempt to resolve the delinquent account.

In order to prevent defaults, SLGFA offers a number of default prevention initiatives to assist borrowers in understanding and managing their student loans.