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- If you’ve been financially impacted by COVID-19, your private student loan lender can help you by offering forborne, allowing payment changes, or waiving late fees.
- We’ve listed 25 lenders who help borrowers pay off their private student loans, including LendKey, Navient, Sallie Mae, and SoFi.
- If your lender is not on this list, contact the company to ask if they offer payment assistance.
- Learn more about personal finance coverage Â»
Since the first publication of this article, the federal student loan forbearance has been extended until December 31, 2020.
The CARES Act rules for federal loans do not apply to private loans, and each private student loan lender has their own policies regarding payment assistance during this time.
Find out how your lender can help. If your lender is not on this list, ask if they offer help to people affected by the coronavirus.
25 Private Student Loan Lenders Who Can Help You With Payments During COVID-19 Outbreak
Access Group manages payment assistance on a case-by-case basis. You can contact First brand (Access Group server) to discuss forbearance options.
Education Advantage Loan
If you have been financially impacted by the coronavirus, Advantage Education Loan will offer disaster tolerance for up to 90 days. Call 1 (800) 693-8220 to set up a forbearance.
Ascension student loans
Ascent is offering a new natural disaster / declared emergency forbearance program for those who have been affected by the coronavirus. You can request a forbearance for up to three months by contacting Ascent’s student loan department, Launch Servicing.
Unlike Ascent’s other forbearance programs, the declared natural disaster / emergency forbearance program does not count towards your 24 month forbearance limit.
Brazos Higher Education
Brazos Higher Education offers disaster tolerance for up to 12 months in three month increments. Interest will continue to grow during this time. You can call your repairman to set up abstention verbally.
You can request payment assistance through Citizens Bank for up to 90 days. You will not pay late fees and the bank will not report late or missed payments to credit bureaus.
You may be eligible for Disaster Forbearance through College Ave for up to three consecutive months, but interest will continue to accrue. If you are already enrolled in Auto Pay, you will continue to receive the Auto Pay interest rate discount even when payments are suspended.
To sign up for Disaster Forbearance, email [email protected] College Ave aims to respond to these emails within five business days.
You can request a natural disaster forbearance through CommonBond, and it will not count towards your 24 month forbearance limit.
Your student loan forbearance will last as long as the coronavirus is declared a national emergency. Interest will continue to accrue, but CommonBond will waive the late charge.
Discover offers payment assistance for private student loans, but the company has not released details. Call 1 (800) STUDENT to speak to a representative.
You can request disaster forbearance through Earnest for up to three months, but interest will continue to accrue. You can expect to receive a response within 10 business days of your submit your request.
Student loan financing
Education Loan Finance offers assistance with the payment of student loans on a case-by-case basis. You can call 1 (844) 601-ELFI or email [email protected] to discuss your situation.
First Tech Federal Credit Union
First Tech provides payment assistance on a case-by-case basis. You can submit a loan modification request online and check âotherâ when you select the type of loan you are referring to.
HESAA has divided payment assistance programs into three categories:
- If you have contracted the coronavirus, apply for temporary assistance for total disability
- If you have lost your job, apply for unemployment assistance
- If you’ve encountered financial hardship from the coronavirus in another way, seek help with financial hardship
iHelp provides a national emergency tolerance if you haven’t already defaulted on your student loans. Contact your iHelp representative to discuss your financial situation.
You may be eligible for an extension or withholding of payment via Laurel Road. You can call MOHELA (Laurel Road Service Agent) at 1 (877) 292-6845 to discuss payment options.
Lendkey manages payment assistance on a case-by-case basis. Contact the team by sending an email to [email protected]
MEFA offers payment assistance but does not provide details on its website. You can call MEFA’s service agent, AES, at 1 (800) 233-0557 to discuss your financial situation.
If you have private student loans through Navient, you can apply for disaster forbearance for up to three months. Keep in mind that interest will continue to accrue during the forbearance period.
You can apply for Navient’s rate reduction program, which reduces your interest rate and monthly payment. Or you can ask Navient for its interest-only program or extended repayment program.
Federal Navy Credit Union
The Navy Federal Credit Union is offering forbearance for up to three months, although interest will continue to accrue. Discuss your situation with a representative by calling 1 (877) 304-9302.
You may be able to defer or modify your payments through PNC. You can visit the American Education Services page register.
You can request a forbearance for up to three months through Prodigy Finance, but interest will continue to accrue. If you were on time or ahead of your payments before requesting a coronavirus forbearance, Prodigy will continue to report your payments as on time to the credit bureaus.
You can contact Prodigy regarding the forbearance by sending an email to [email protected]
RISLA has not released details on payment assistance, but you can contact a representative at 1 (888) 758-7562 to discuss your options.
Sallie Mae offers payment assistance for people affected by the coronavirus. You can talk to an agent about your options through online chat.
SoFi encourages you to request a deferral if you cannot make your next payment. If you continue to face financial difficulties, the company will work with you to continue to help. Remember that interest will continue to accrue and the term of your loan will lengthen.
Truist (formerly SunTrust)
You may be able to suspend your student loan payments for up to 90 days through Truist. If you’ve already taken out a loan through SunTrust, you can request payment assistance here.
You may be eligible for a 90-day deferral through Wells Fargo if you have been affected by the coronavirus. Bank representatives are available to discuss other assistance options, including longer term deferrals.
Wells Fargo does not charge late fees during this period and the bank will not report missed or late payments to credit bureaus.
This article is updated as we learn more about lender relief policies.