Know your options if you can’t make your loan payment. If you don’t pay the full amount due on time or if you start missing payments – even one – your loan will be considered delinquent, and late fees may be charged to you. If you can’t make your payments, contact your loan servicer immediately for help. Your servicer can offer you temporary or long-term options, such as changing repayment plans, deferment, forbearance, or loan consolidation. Get details about what to do if you are having trouble making your payments. Reduce your federal income taxes. You may be eligible to deduct a portion of the student loan interest you paid on your federal tax return. Student loan interest payments are reported both to the IRS and to you on IRS Form 1098-E, Student Loan Interest Statement. Check with the IRS or a tax advisor to see if you qualify for this deduction.
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