If you can’t afford your current monthly student loan payments, you have options. If you have a cosigner, chat with them first to see if they can help. You should also reach out to your student loan lender to see what your options are. If you have federal student loans, check to see if you qualify for an income-driven repayment plan, a graduated repayment plan, or an extended payment plan. If you have private student loans, your lender might have repayment plans for you, too. It never hurts to ask. You should do everything you can to not default on your student loan—that means you’ve failed to repay your student loans. Once your student loan is in default, the entire Current Balance becomes due, and your default may be reported to the consumer reporting agencies, where it can stay on your credit report for up to seven years