Your student loan is late and you have either no money or a negative number in your bank account. This happens quite a bit, so don't panic. For most people, their student loan payments are the largest payments they need to make every month, other than their rent. Student lenders are used to late payments, but that doesn't mean you can just ignore it. A late payment will go on your credit report and will stay there for some time. The suggestions below can help you avoid hurting your credit report and manage your loans for a bit.
Call Your Lending Agent and Ask for an Extension
Call your lending agent, communicate your problems and ask them if they can give you a break. It's important that you actually receive an extension when you call. Some agents will tell you to make a partial payment in good faith. In general, these partial payments will not help your situation. You will still be marked as late, it will still go on your credit report and collections will still begin against you after a certain amount of time. Making a partial payment is not an extension on your due date unless they specifically tell you they will extend your due date.
Take Out a Pay Day Advance
If your lender absolutely needs a payment, one easy way to deal with it is to take out a pay day advance. There are loans online that will let you borrow a few hundred dollars -- sometimes up to a thousand dollars. You can then use this money to pay off your loan and to avoid being late. Though you will be charged some interest, this may not be as bad as getting a black mark on your credit report. Talk with a cash advance service, like USA Cash Services, to weigh your options.
Change Your Due Date
Most student loans will let you change the due date on your loan at least once for the duration of the loan itself. You can change your due date to something that falls after your next pay day to give yourself some breathing room. However, this can usually only be done once, so make sure you save this option for when you really need it. Often the due date can be changed online without having to call into the billing department.
If you find that you're late on your student loans a significant portion of the time, you might want to consider restructuring your debt. A debt consolidation service can help negotiate with your creditors to make sure that your debts are paid on time and that your payments are reasonable.