Help For Delinquent Borrowers. A number of state attorney general offices have reached an agreement with private student loan lenders to provide assistance during the Covid-19 crisis. It also may be possible to reduce your monthly payments during the pandemic by refinancing a private loan. Private Student Loans. Talk to your employer: If you have federal (or private) loans that don’t qualify for the student loan payment suspension, consider bringing up your concerns with your human resources department. After all, those borrowers with federally held student loans received a temporary break on payments, thanks to the coronavirus relief bill.. 25 private student loan lenders that may help you with payments during the COVID-19 outbreak Access Group You can contact Firstmark (Access Group's servicer) to discuss forbearance options. "Once in default, the loan could be sent to collections," he says. Waiver Of Student Loan Interest. Thousands of recent graduates are facing the end of the six-month freeze Ottawa imposed on repayments and interest for Canada Student Loans in response to the coronavirus … Pause Of Student Loan Payments. Still, most lenders are extending coronavirus relief for private student loans, so reach out to yours to discuss options. Tax-Free Employer Student Loan Repayment Assistance. “Private borrowers … Resources for Washington Residents Federal Student Loans On March 27, 2020, the federal government passed the CARES Act, which provides For the vast majority of borrowers, if you tell your servicer you need help, they will be able to offer some form of assistance. Here are the big changes to student loans under the $2 trillion coronavirus stimulus package. If you have private loans and are in a pinch, most lenders offer some form of forbearance, though not with the same generous terms as the government’s. Laurel Road private student loan borrowers who are financially impacted by the coronavirus may be eligible for a forbearance of three payments. Borrowers who need relief on these loans—or on private student loans—can still get it, but they'll have to request it, and it won't be as generous. Some private lenders also offer their own reduced payment options. Private student loans may be considered delinquent after just one missed payment. Private Student Loan Borrowers to See Some Reprieve Amid Coronavirus Relief Efforts. Private Student Loan Relief Announced for Borrowers in Multiple States During the Coronavirus Outbreak Borrowers in multiple states—California, Colorado, Connecticut, Illinois, Massachusetts, New Jersey, Vermont, Virginia, and Washington state—who have private student loans and are affected by COVID-19 can get payment relief under a recent agreement. If you have a mix of federal and private student loans and can’t afford to … To get details about your federal loans and servicers, go to the U.S. Department of Education’s (DOE) National Student Loan Data System , or call DOE’s Federal Student Aid Information Center at 800-433-3243 or 800-730-8913 (TDD). Unfortunately, the government’s interest waiver doesn’t apply to private student loans borrowed from banks, credit unions or online lenders. House Democrats unveil bill to cancel $30,000 in student debt per borrower amid coronavirus. Those lenders have agreed to offer the following forms of relief for private student loan borrowers: (1) The private student loan market has been growing for a decade, and now, amid an economy on near lock-down from the coronavirus pandemic, borrowers find themselves with few relief options. By Joelle Fredman, NASFAA Staff Reporter. Due to the coronavirus disease (COVID-19) outbreak, there are changes to this program. 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