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Spokesperson, National Association of Student Financial Aid Administrators
Justin Draeger is Assistant Director for Communications with the National Association of Student Financial Aid Administrators (NASFAA). Prior to joining NASFAA, Justin worked as the lead analyst for the Michigan Guaranty Agency. Justin began his career in student aid 10 years ago working as the financial aid administrator for the Douglas J Aveda Institute in East Lansing, Michigan. Justin earned a Bachelor’s of Science Degree in Resource Management from Brigham Young University and his MBA in Finance from Baker College. He has presented at several conferences in both the financial aid and business management fields and continues to publish nationally. Justin has been tapped for his expertise on student financing by CNBC, Fox Business News, The New York Times, Wall Street Journal, Boston Globe, Kiplinger, Business Week, National Public Radio, and more.
What if I am having trouble paying back my student loan?
Justin Draeger with the National Association of Student Financial Aid Administrators discusses what your options are if you are having trouble paying back your student loans.
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Host: What if I am having trouble paying back my student loan?
Justin Draeger: If you are having any type of trouble making any payments on your student loans the natural tendency might be to avoid calls from your loan provider or your lender. That is the opposite of what you really want to do especially in the federal student loan programs, there are plenty of provisions that are provided to help you make sure that you stay current on your loans things like deferments forbearances or even payment amount adjustments.
What you want to do? Anytime you think that you are not going to be able to make a payment or make a full payment, just contact your loan provider, let them know the situation, explain to them your circumstance and let them see what they can do to help you stay current on your student loans.