SUPPORT FOR PRIVATE LOAN BORROWERS
Assistance is available for qualified private loan borrowers who are experiencing difficulty due to coronavirus and related economic impacts.
Be sure to contact us at 888-272-5543 so we can help you understand options that can fit your situation.
Here are some of the options available on private loans:
Short-term coronavirus forbearance
The short-term coronavirus forbearance program brings your eligible loans current and postpones payments for at least one full month. This program will end on January 31, 2022. Please contact us by this date to request short-term coronavirus forbearance. While enrolled in the program, interest accrues but will not be capitalized (added to the unpaid principal) at the end of the forbearance period. (Please note if the accrued interest is not paid and you use a different type of forbearance or deferment in the future, the interest could be capitalized at that future time.) While no payments are required during the forbearance period, you can always make extra payments to help lower the overall cost of your loan.
Your Monthly Payment Amount may increase after the forbearance ends to ensure your loans will be paid off within your repayment term.
Please contact us right away if you are having difficulty.
Note: Starting August 1, 2021, the short-term coronavirus forbearance program will be available only for a maximum number of 12 cumulative months. After that date, if you have reached the cumulative maximum number of months, there are other programs that may assist you.
Other programs that may assist you
- Rate Reduction Program—Navient offers a temporary Rate Reduction Program that reduces the interest rate and lowers the Monthly Payment Amount.
- Other programs may also be available such as Interest-Only or Extended Repayment.
Learn more about repayment options for private student loans.
Please note that these options may require a review of the borrower's and any cosigner's financial situation and ability to pay.