Private student loans. The new Coronavirus Aid, Relief, and Economic Security Act includes financial relief for federal student loans, but those benefits don't apply to private student loans.That doesn't mean you are left without options. For the vast majority of borrowers, if you tell your servicer you need help, they will be able to offer some form of assistance. Still, most lenders are extending coronavirus relief for private student loans, so reach out to yours to discuss options. Issues For … Just 11% of borrowers are currently repaying federal student loans during coronavirus, according to an analysis by Mark Kantrowitz, a student loan expert, and publisher of Saving For College. The provision calls for the federal government to pay off up to $10,000 in private, nonfederal student loans for "economically distressed" borrowers. Waiver Of Student Loan Interest. Private student loans may be considered delinquent after just one missed payment. It also may be possible to reduce your monthly payments during the pandemic by refinancing a private loan. Private student loan borrowers are not eligible and will still need to continue making payments as usual. Student loans can be a burden, and the current coronavirus pandemic is not making it any easier. 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. "Once in default, the loan could be sent to collections," he says. A: In March, the Trump administration imposed a 60-day moratorium on the collection of defaulted student loans by the federal government during the coronavirus … Private Student Loans. Income-Driven Plan Recertification . Many states, companies, and other entities have enacted policies to help people with debt—including private student loans excused from the CARES act and other kinds of debt. If you are unable to pay your private or privately-owned student loans due financial hardship related to COVID-19, you should call your loan servicer to ask what relief options are available for you. Laurel Road private student loan borrowers who are financially impacted by the coronavirus may be eligible for a forbearance of three payments. On This Page: Federal Student Loans Private Student Loans How Do I Know If My Loans Are Federal or Private? Coronavirus student loan relief: Education Department says borrowers can ask for a payment pause Options If You've Lost Income Due To Coronavirus And Closures or Quarantine and Lock-Down. Covid-19 Student Loan Relief. What Should I Do If I Can't Reach My Loan Servicer? That doesn’t mean there isn’t relief. Help For Delinquent Borrowers. This means that payments of federal student loans will not be due in January. 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. With unemployment at record highs, Americans are … What to do if you have private student loans. States providing student loan relief during the coronavirus pandemic. Resources for Washington Residents Federal Student Loans On March 27, 2020, the federal government passed the CARES Act, which provides Some private lenders also are waiving late fees and will not file negative reports to consumer reporting agencies. As part of the coronavirus economic rescue package, the government gave employers temporary tax relief for contributing up to $5,250 toward their employees’ student loan payments. This means that all borrowers with ED-owned student loans will continue to have their payments suspended until January 31, 2021 without penalty. In addition, the interest rate on all ED-owned student loans will continue to be set to 0% through the end of the calendar year. Coronavirus stimulus bill: 7 ways student loan borrowers benefit. COVID-19. After all, those borrowers with federally held student loans received a temporary break on payments, thanks to the coronavirus relief bill.. If you have a mix of federal and private student loans and can’t afford to … While efforts from the federal government and lawmakers to support student loan borrowers during the COVID-19 outbreak have focused on federally-held loans, some student advocacy groups are pushing for relief for private student loan borrowers, and a handful of private … To learn more, read Trump Suspends Federal Student Loan Payments Through December and How to Manage Your Federal Student Loans During the Coronavirus Outbreak. 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