In this promissory note there would have been clear repayment terms for the money that was being borrowed.

If you are more than 270 days behind in your student loan payments, you are considered in default.

Getting out of default is key to dealing with student loans.

Lenders have the choice to rehabilitate these loans but are no longer required to do so.

To learn more about default, student loan repayment options, ways to cancel your loans, and more, see Nolo's Student Loan Debt area.

Some loan servicers, especially collection agencies, may try to make you agree to payments higher than you can afford.

If you make six consecutive and timely payments (within 15 days of when due) under a reasonable and affordable payment plan, you become eligible to apply for new federal student loans or grants if you want to return to school.

However, if you are unable to maintain on-time payments for six consecutive months during the first time you get a reasonable and affordable payment plan, you may try another reasonable and affordable payment plan.

Six payments are not enough to get you out of default.

If you have a Perkins loan, you should negotiate for reasonable and affordable payments.