It is very important to pay student loan payments on time. If you have trouble making your monthly payment, you should immediately contact your student loan servicer and understand that you do have options. Student loan default has steadily risen over the years as the economy has changed.
Each month the cost of living rises and paychecks have to stretch farther. Paying your student loans on time affects your credit score, employment opportunities and insurance rates. Contact your lender or servicer to arrange auto debit or bank draft to ensure that your loan payment is received and applied to your account on time. If you have multiple servicers, auto debit or drafts will protect you from forgetting to make a payment.