Make a list of your defaulted student loans. You will need to write down the lender or collection agency's name and contact information for each of your defaulted loans. If you cannot locate this information, you can contact your school's financial aid department for assistance; or you can obtain the loan details from your credit report. Simply visit AnnualCreditReport.com for a free copy of your credit report.
Contact the lender or collection agency to request a default letter. You will need to give the customer service representative your full legal name, account number, Social Security number, date of birth, mailing address, telephone number and email address. Ask the representative to send you a student loan default letter with details about your outstanding balance, payment history, terms of the loan agreement and the date your loan went into default.
Discuss your past-due account with the lender or agency. Be prepared to negotiate a settlement offer or new payment plan with the customer service representative. Most lenders and collection agencies will work with students who have defaulted on their student loans. They may even waive all or a portion of the late fees, collection costs or other penalties for you.
Review the student loan default letter. Once you receive a copy of the default letter in the mail, take time to carefully read though the letter a couple of times to confirm that everything looks correct. Make sure the letter contains details about the new payment plan and due dates for your defaulted loan(s).