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- If you've been financially impacted by COVID-19, your private student loan lender may help by offering forbearance, allowing payment modifications, or waiving late fees.
- We've listed 22 lenders that are helping borrowers with private student loan payments, including LendKey, Navient, Sallie Mae, and SoFi.
- If your lender isn't on this list, contact the company to ask whether they're offering payment assistance.
- Read more personal finance coverage »
Borrowers around America are probably stoked their federal student loan payments have been paused until September 30. What are you supposed to do if you have private student loans, though?
The CARES Act's rules for federal loans don't apply to private loans, and each private student loan lender has its own policies regarding payment assistance during this time.
Find out how your lender can help. If your lender isn't on this list, reach out to ask whether it's offering help for people affected by the coronavirus.
22 private student loan lenders that may help you with payments during the COVID-19 outbreak
Access Group
Access Group is handling payment assistance on a case-by-case basis. You can contact Firstmark (Access Group's servicer) to discuss forbearance options.
Learn more about Acces Group's response to COVID-19 here.
Advantage Education Loan
If you've been financially impacted by the coronavirus, Advantage Education Loan will offer disaster forbearance for up to 90 days. Call 1 (800) 693-8220 to set up forbearance.
Learn more about Advantage Education Loan's response to COVID-19 here.
Citizens Bank
You can apply for 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 bureau agencies.
Learn more about Citizens Bank's response to COVID-19 here.
College Ave
You may qualify for disaster forbearance through College Ave for up to three consecutive months, but interest will continue to accrue. If you're already enrolled in auto pay, you will keep receiving the auto pay interest rate discount even while payments are paused.
To enroll in disaster forbearance, send an email to servicing@collegeave.zendesk.com. College Ave is aiming to respond to these emails within five business days.
Learn more about College Ave's response to COVID-19 here.
CommonBond
You can apply for natural disaster forbearance through CommonBond. Your student loan forbearance will last as long as the coronavirus is declared a national emergency. Interest will keep accruing, but CommonBond will waive late fees.
Learn more about CommonBond's response to COVID-19 here.
Discover
Discover is offering payment assistance for private student loans, but the company has not published details. Call 1 (800) STUDENT to speak with a representative.
Learn more about Discover's response to COVID-19 here.
Earnest
You can apply for disaster forbearance through Earnest for up to three months, but interest will continue to accrue. You can expect to hear back within 10 business days after you submit your request.
Learn more about Earnest's response to COVID-19 here.
Education Loan Finance
Education Loan Finance is offering student loan payment assistance on a case-by-case basis. You can call 1 (844) 601-ELFI or email answers@ELFI.com to discuss your situation.
Learn more about Education Loan Finance's response to COVID-19 here.
First Tech Federal Credit Union
First Tech is providing payment assistance on a case-by-case basis. You can submit a loan modification request online and check "other" when selecting which type of loan you're referring to.
Learn more about Education Loan Finance's response to COVID-19 here.
iHelp
iHelp is providing national emergency forbearance if you have not already defaulted on your student loans. Contact your iHelp representative to discuss your financial situation.
Learn more about iHelp's response to COVID-19 here.
Laurel Road
You may qualify for a payment extension or forbearance through Laurel Road. You can call MOHELA (Laurel Road's servicer) at 1 (877) 292-6845 to discuss payment options.
Learn more about Laurel Road's response to COVID-19 here.
LendKey
Lendkey is handling payment assistance on a case-by-case basis. Contact the team by emailing care@lendkey.com.
Learn more about LendKey's response to COVID-19 here.
MEFA
MEFA is offering payment assistance but does not provide details on its website. You can call MEFA's servicer, AES, at 1 (800) 233-0557 to discuss your financial situation.
Learn more about MEFA's response to COVID-19 here.
Navient
If you have private student loans through Navient, you can request disaster forbearance for up to three months. Remember that interest will continue to accrue during the forbearance period.
You may apply for Navient's Rate Reduction Program, which decreases your interest rate and monthly payment. Or you can ask Navient about its Interest Only Program or Extended Repayment Program.
Learn more about Navient's response to COVID-19 here.
Navy Federal Credit Union
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.
Learn more about Navy Federal Credit Union's response to COVID-19 here.
PNC
You may be able to postpone or modify your payments through PNC. You can visit the American Education Services page to sign up.
Learn more about PNC's response to COVID-19 here.
Prodigy Finance
You can apply for forbearance for up to three months through Prodigy Finance, but interest will continue to accrue. If you were on time or ahead of schedule with your payments before applying for forbearance due to the coronavirus, Prodigy will keep reporting your payments as on time to credit bureaus.
You can contact Prodigy about forbearance by sending an email to payments@prodigyfinance.com.
Learn more about Prodigy's response to COVID-19 here.
RISLA
RISLA hasn't published details about payment assistance, but you can contact a representative at 1 (888) 758-7562 to discuss your options.
Learn more about RISLA's response to COVID-19 here.
Sallie Mae
Sallie Mae is offering payment assistance for those affected by the coronavirus. You can speak to an agent about your options via online chat.
Learn more about RISLA's response to COVID-19 here.
SoFi
SoFi encourages you to apply for deferral if you can't make your next payment. If you continue to face financial hardship, the company will work with you to continue assistance. Remember that interest will continue to accrue and the term of your loan will lengthen.
Learn more about SoFi's response to COVID-19 here.
Truist (previously SunTrust)
You may be able to pause student loan payments for up to 90 days through Truist. If you previously took out a loan through SunTrust, you can request payment assistance here.
Learn more about Truist's response to COVID-19 here.
Wells Fargo
Wells Fargo is offering payment assistance on a case-by-case basis. Contact Wells Fargo to discuss your financial situation.
Learn more about Wells Fargo's response to COVID-19 here.
- Read more on managing your money in this tumultuous time:
- 3 options for people struggling to pay their mortgage during the global health crisis
- 4 reasons to get disability insurance, even if you don't think you need it
- If you've been financially impacted by the coronavirus, you may be able to pause payments on these 8 bills
- How to get a stimulus check from the US government, which could pay up to $1,200 if you qualify
- In response to the coronavirus, credit card issuers like Amex and Capital One are letting customers skip payments without interest and more
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