Millions of Americans need financial help to make the American dream become a reality. Thus, Americans are bogged down by student loan debt more than ever. Attaining student loans are always presented as the obvious option to choose when eager college-goers need money to finance school.
Of course, student loan borrowers have every intention to repay their loans when they graduate and land a job, but unforeseen circumstances may get in the way. So you missed a payment; and this means you’re now considered delinquent. As soon as you missed a payment, your student loan status changes from current to “delinquent.” With federal student loans, you have up to 9 months before you go into default and it gets reported to the three major credit bureaus (Equifax, Experian, and TransUnion). You don’t want to go into default as once this happens your entire student loan balance will become due! If you have private loans, you need to act quickly. When you miss a payment on a private loan, most of the time those get reported 30, 60 or 90 days past due. The timeline of how a missed student loan payment gets reported will vary from lender to lender. In either case, don’t let your delinquency ride out as it could potentially remain on your credit report for up to 7 years, affecting your financial future in a negative way.
Here is a list of steps to help you recover after you’ve become delinquent on your student loan.
Make Your Payment
The easiest way to get out of delinquency is to make your missed payment as soon as you can. As soon as you make your payment your status will switch from delinquency to current. Of course, there is a reason you missed your payment. If you missed it because you didn’t have enough money to make the minimum payment, you might want to consider creating a budget or if you already have one, take time to re-work it.
If you missed your payment because it simply slipped your mind, do your best to pay off your outstanding monthly payment as soon as possible. If your financial situation allows, you may want to consider making more than the minimum payment. This will help you get back on track with your student loans, and your payment will go towards the interest and principal payment.
If you missed your payment because it simply slipped your mind, do your best to pay off your outstanding monthly payment as soon as possible. If your financial situation allows, you may want to consider making more than the minimum payment
Call Your Lender
Once you are delinquent on a student or personal loan, your lender will try to get in touch with you typically within the first fifteen days of a missed payments. If they try to contact you, use this to your advantage! If they haven’t called you yet, make the first move and contact them. You want to be on good terms with your lender. Explain to them the situation, and listen to what they recommend so you don’t become a repeat offender of missing payments.
You should consider talking to your lender to see if there is a better way for you to repay your student loans. For example, an income-sensitive repayment plan is based on your total gross monthly income, which can help to ensure that you make your monthly payments. If you aren’t in too deep with your delinquency, then you may be able to qualify for deferment or forbearance. These two options will allow you to completely stop making payments for a period of time; however, with forbearance, your interest will still accrue. Additionally, when you speak with your lender, ask them if your delinquency has caused any late charges or fees on your account. If fees did accrue, you may want to cut back on some of your non-essential expenses to help pay this down.
Prevent Missing another Payment
You may want to consider signing up for automated payments to ensure you stay on track with your loans going forward. Depending on the lender, if you choose this option, you might also qualify for a lower interest rate. If you do decide upon automatic payments, be sure to check that you have enough funds in your account each month to make the payment. Consider setting a reminder on your phone to help make timely payments. If you don’t want to make automatic payments, consider changing the due date of your payment to one that lines up better with your payday.
Don’t get too worked up, becoming delinquent on your student loan isn’t always the worst case scenario. There are ways you can recover if you take action quickly and don’t procrastinate when it comes to missing a payment. It’s essential to avoid defaulting on your loans which generally happens after 270 days of consecutive missed payments. Consider speaking with your lender or loan servicer and figure out the best way to make your loans current and your payments more manageable.
Not too many years ago, my advice to political candidates would have been pretty simple: "Don't do or say anything stupid." But the last few elections have rendered that advice outdated.
When Barack Obama referred to his grandmother as a "typical white woman" during the 2008 campaign, for example, many people thought it would cost him the election -- and once upon a time, it probably would have. But his supporters were focused on the values and positions he professed, and they weren't going to let one unwise comment distract them. Candidate Obama didn't even get much pushback for saying, "We're five days away from fundamentally transforming the United States of America." That statement should have given even his most ardent supporters pause, but it didn't. It was in line with everything Obama had previously said, and it was what his supporters wanted to hear.
2016: What rules?
Fast forward to 2016, and Donald Trump didn't just ignore traditional norms, he almost seemed to relish violating them. Who would have ever dreamed we'd elect a man who talked openly about grabbing women by the **** and who was constantly blasting out crazy-sounding Tweets? But Trump did get elected. Why? Some people believe it was because Americans finally felt like they had permission to show their bigotry. Others think Obama had pushed things so far to the left that right-wing voters were more interested in dragging public policy back toward the middle than in what Trump was Tweeting.
Another theory is that Trump's lewd, crude, and socially unacceptable behavior was deliberately designed to make Democrats feel comfortable campaigning on policies that were far further to the left than they ever would have attempted before. Why? Because they were sure America would never elect someone who acted like Trump. If that theory is right, and Democrats took the bait, Trump's "digital policies" served him well.
And although Trump's brash style drew the most handlines, he wasn't the only one who seemed to have forgotten the, "Don't do or say anything stupid," rule. Hillary Clinton also made news when she made a "basket of deplorables" comment at a private fundraiser, but it leaked out, and it dogged her for the rest of the election cycle.
And that's where we need to start our discussion. Now that all the old rules about candidate behavior have been blown away, do presidential candidates even need digital policies?
Yes, they do. More than ever, in my opinion. Let me tell you why.
Digital policies for 2020 and beyond
While the 2016 election tossed traditional rules about political campaigns to the trash heap, that doesn't mean you can do anything you want. Even if it's just for the sake of consistency, candidates need digital policies for their own campaigns, regardless of what anybody else is doing. Here are some important things to consider.
Align your digital policies with your campaign strategy
Aside from all the accompanying bells and whistles, why do you want to be president? What ideological beliefs are driving you? If you were to become president, what would you want your legacy to be? Once you've answered those questions honestly, you can develop your campaign strategy. Only then can you develop digital policies that are in alignment with the overall purpose -- the "Why?" -- of your campaign:
- If part of your campaign strategy, for example, is to position yourself as someone who's above the fray of the nastiness of modern politics, then one of your digital policies should be that your campaign will never post or share anything that attacks another candidate on a personal level. Attacks will be targeted only at the policy level.
- While it's not something I would recommend, if your campaign strategy is to depict the other side as "deplorables," then one of your digital policies should be to post and share every post, meme, image, etc. that supports your claim.
- If a central piece of your platform is that detaining would-be refugees at the border is inhumane, then your digital policies should state that you will never say, post, or share anything that contradicts that belief, even if Trump plans to relocate some of them to your own city. Complaining that such a move would put too big a strain on local resources -- even if true -- would be making an argument for the other side. Don't do it.
- Don't be too quick to share posts or Tweets from supporters. If it's a text post, read all of it to make sure there's not something in there that would reflect negatively on you. And examine images closely to make sure there's not a small detail that someone may notice.
- Decide what your campaign's voice and tone will be. When you send out emails asking for donations, will you address the recipient as "friend" and stress the urgency of donating so you can continue to fight for them? Or will you personalize each email and use a more low-key, collaborative approach?
Those are just a few examples. The takeaway is that your online behavior should always support your campaign strategy. While you could probably get away with posting or sharing something that seems mean or "unpresidential," posting something that contradicts who you say you are could be deadly to your campaign. Trust me on this -- if there are inconsistencies, Twitter will find them and broadcast them to the world. And you'll have to waste valuable time, resources, and public trust to explain those inconsistencies away.
Remember that the most common-sense digital policies still apply
The 2016 election didn't abolish all of the rules. Some still apply and should definitely be included in your digital policies:
- Claim every domain you can think of that a supporter might type into a search engine. Jeb Bush not claiming www.jebbush.com (the official campaign domain was www.jeb2016.com) was a rookie mistake, and he deserved to have his supporters redirected to Trump's site.
- Choose your campaign's Twitter handle wisely. It should be obvious, not clever or cutesy. In addition, consider creating accounts with possible variations of the Twitter handle you chose so that no one else can use them.
- Give the same care to selecting hashtags. When considering a hashtag, conduct a search to understand its current use -- it might not be what you think! When making up new hashtags, try to avoid anything that could be hijacked for a different purpose -- one that might end up embarrassing you.
- Make sure that anyone authorized to Tweet, post, etc., on your behalf has a copy of your digital policies and understands the reasons behind them. (People are more likely to follow a rule if they understand why it's important.)
- Decide what you'll do if you make an online faux pas that starts a firestorm. What's your emergency plan?
- Consider sending an email to supporters who sign up on your website, thanking them for their support and suggesting ways (based on digital policies) they can help your messaging efforts. If you let them know how they can best help you, most should be happy to comply. It's a small ask that could prevent you from having to publicly disavow an ardent supporter.
- Make sure you're compliant with all applicable regulations: campaign finance, accessibility, privacy, etc. Adopt a double opt-in policy, so that users who sign up for your newsletter or email list through your website have to confirm by clicking on a link in an email. (And make sure your email template provides an easy way for people to unsubscribe.)
- Few people thought 2016 would end the way it did. And there's no way to predict quite yet what forces will shape the 2020 election. Careful tracking of your messaging (likes, shares, comments, etc.) will tell you if you're on track or if public opinion has shifted yet again. If so, your messaging needs to shift with it. Ideally, one person should be responsible for monitoring reaction to the campaign's messaging and for raising a red flag if reactions aren't what was expected.
Thankfully, the world hasn't completely lost its marbles
Whatever the outcome of the election may be, candidates now face a situation where long-standing rules of behavior no longer apply. You now have to make your own rules -- your own digital policies. You can't make assumptions about what the voting public will or won't accept. You can't assume that "They'll never vote for someone who acts like that"; neither can you assume, "Oh, I can get away with that, too." So do it right from the beginning. Because in this election, I predict that sound digital policies combined with authenticity will be your best friend.