My total monthly bills add up to more than I make, now that my student loans have come out of forebearance. I really want to start paying them down but cannot afford the $160/ month they require. Before this last time I went on forbearance, I offered to pay $50 per month and the student loan company said this was unacceptable that my options were A) go into forbearance, costing $100 and resulting in accumulating interest without payments for six months or B) default. This seems absurd to me. I have no forbearance left and really want to start making some kind of effort!! I know some creditors must accept any payment no matter how small- are student loans exempt from this??? Thanks for the responses!!

ScottGem

Actually creditors are not required to take anything less than the contractual payment. Have you consolidated your loans?

Fr_Chuck

While they don't have to accept less, you can try to mail in a payment and see if theywill take it.