Update: Since the publication of this report, the government has extended the student loan repayment pause (forbearance) and enacted a wide-sweeping debt forgiveness program. See our report for more details.
While the new coronavirus pandemic relief measures halt payments on federal student loans, they don’t apply to private student loans. Fortunately, some private lenders are allowing borrowers to postpone payments on their student debt.
Find your private student loan lenders on this list to see what they are doing to provide financial relief during the COVID-19 crisis. (We’ve also included contact information for federal servicers. See the bottom of this report.)
Access Group Education Lending
Ascent Student Loans
Education Loan Finance (ELFI)
Navient private loans
Navy Federal Credit Union
U-fi From Nelnet
Other private student loan lenders and servicers
Federal student loan servicers
Access Group encourages borrowers to reach out to their student loan servicer, whether Firstmark or Nelnet, to inquire about pausing payments through forbearance.
Ascent is offering a new Natural Disaster/Declared Emergency Forbearance option that pauses payments on student loans for three months.
Some of its other offerings include temporary hardship forbearance for up to 24 months, active-duty military deferment for up to 36 months and graduate/internship/residency deferment for up to 48 months.
You can request a forbearance through its servicing partner, Launch Servicing, by calling 877-354-2629 or emailing [email protected].
If you have private student loans from Citizens Bank, you might be able to get relief by calling its student lending advisors at 1-888-411-0266. You could also try Citizens Bank’s servicing partner, Firstmark, at 888-538-7378. In general, Citizens Bank offers deferment and forbearance options on a case-by-case basis.
If you have College Ave student loans and need a break from payments, you can apply for the company’s disaster forbearance program, which suspends payments for three months.
To enroll in this program, you need to email [email protected]. In your email, include the following information:
- Your 12-digit loan ID in the subject line. If you have several loans, a single loan ID will suffice.
- Your full name and date of birth in the email body.
College Ave should process your request within five business days. While you can complete the process via email, you can also chat with its customer service team online for additional assistance.
If you choose disaster forbearance, interest will keep accruing on your loans, but it won’t be capitalized (added to your total balance) when the forbearance ends and full repayment resumes.
Online lender CommonBond encourages its customers to take advantage of its natural disaster forbearance program if they’re having trouble keeping up with payments. This program pauses payments through the end of the national emergency declaration.
You can apply for forbearance at commonbond.co/forbearance. Once you submit your application, you’ll speak with a CommonBond forbearance specialist about the program. After your call, your request should be processed in three business days.
To fill out the application, you’ll simply need to enter your personal information, employment information and a reason for the request.
Discover says it has put assistance options in place for borrowers who are facing hardship as a result of the coronavirus outbreak. To learn about what it’s offering, you can call its customer service team at 1-800-STUDENT or 1-800-223-5614.
Even before the COVID-19 outbreak, Discover offered the following hardship protections for student loan borrowers:
- Deferment of student loan payments to borrowers who go back to school, serve in a qualifying public organization or meet other criteria.
- Early repayment assistance program, which delays a borrower’s first payment for up to three months.
- Reduced payments for loans that are less than 60 days delinquent.
- Forbearance, which postpones payments for up to 12 months for borrowers facing financial hardship.
- A hardship program which reduces the interest rate for six months for borrowers experiencing extreme difficulties.
Given the current circumstances, the 12-month forbearance option might be the most relevant for many borrowers, but speak with Discover’s team to determine the best path forward.
Although ELFI hasn’t advertised specific forbearance options, it says it has options for borrowers who are struggling. For help from ELFI, call its customer care center at 844-601-ELFI or email [email protected].
If you’re paying back private loans to Heartland ECSI, you might be able to qualify for deferment or forbearance. You can track down the relevant application forms on its website here or contact ECSI at 1-888-549-3274 or [email protected].
If you borrowed NJCLASS loans from HESAA, student loan relief options are available. You can find applications for temporary disability or unemployment forms here and here, respectively, or contact HESAA about other means of financial hardship relief by emailing [email protected].
LendKey doesn’t loan money directly, but it says many of its lending partners are offering forbearance options at this time. While your best bet is probably to contact your lender or loan servicer, you can also reach out to LendKey by emailing [email protected].
If you have MEFA loans, you can pause payments for three months through its natural disaster forbearance. You might also get relief beyond this point with a modified payment plan. For assistance, call its loan servicing provider, American Education Services (AES), at 800-233-0557.
For its private student loan customers, Navient is offering up to three months of forbearance. Interest will continue to accrue at this time, but it won’t be capitalized, or added to the principal, at the end of this period. You can contact Navient at 888-272-5543.
Like many other private student loan providers, Navy Federal Credit Union is offering three months of forbearance. Learn more by calling its Student Loan Center at 1-877-304-9302.
PNC may offer both deferment and payment modification options to borrowers at this time. To discuss your individual situation, reach out to PNC’s loan servicing provider AES Success. You can do this by logging into your account and selecting “having your payments postponed.” You can also call AES Success directly by calling 800-233-0557 or sending a message here.
You can request a three-month suspension of your RISLA loan payments online here.
Sallie Mae is encouraging borrowers facing financial difficulties to get in touch: “We have assistance options available to you to help you keep your account in good standing during this unique health emergency.”
Even before the coronavirus pandemic, Sallie Mae let borrowers pause payments through forbearance for three months at a time, up to a limit of 12 months. Note that student loan interest may continue to accrue.
If you have Sallie Mae student loans, you can contact its customer service agents online via chat or through the Sallie Mae app. You can also call 800-4-SALLIE (800-472-5543).
Borrowers who are late on their payments, meanwhile, should instead call 877-604-8834.
SoFi is allowing borrowers in need to postpone payments on their loans temporarily. You can request a payment deferral by submitting this form. If you need additional help, call SoFi at 855-456-SOFI (7634) or email [email protected].
U-fi From Nelnet, which provides private student loans, is offering three months of forbearance to borrowers who have been impacted by the coronavirus pandemic. You can complete this forbearance application and upload it to your online account.
Although private student loans aren’t eligible for the same protections that federal loans have, the top student lenders are stepping in to help borrowers pause their payments during this difficult time. Some make it easy to apply online, while others work with borrowers individually over the phone.
To learn more about your options, email or call your loan servicer ASAP. The sooner you ask for help, the sooner you’ll be able to get a break from your private student loan payments.
Just remember that interest will very likely continue to accrue on private student loans, meaning your balance will grow during a period of paused payments. But if you’re facing financial hardship, postponing payments could be exactly what you need right now to navigate this difficult time.
For additional information on how the COVID-19 pandemic is affecting student loan repayment and related issues, head to our Student Loan Hero Coronavirus Information Center.
While the policies of the private lenders above vary from one to the other, all federal servicers are doing the same thing: automatically processing the six-month interest and payment suspension on federal student loans.
For more information on federal loan servicers’ response to the COVID-19 crisis, click on the links below or use the contact information provided. Note that you can choose to continue making payments during this period of administrative forbearance.
- Contact information: Call 800-663-1662 or email [email protected]
- EdFinancial Services
- Contact information: Call 1-855-337-6884 or send an email here.
- FedLoan Servicing (PHEAA)
- Contact information: Call 1-800-699-2908 or send an email here.
- Granite State
- Contact information: Call 888-556-0022 if your account number begins with F8; call 800-719-0708 if your account number begins with C7.
- Great Lakes Educational Loan Services, Inc.
- Contact information: Call 800-236-4300 or send an email here.
- Contact information: Call 888-866-4352 or send a message here.
- Contact information: Call 800-722-1300. Find additional contact information here.
- Contact information: Use their request form here.
- OSLA Student Loan Servicing
- Contact information: Log in to your account to find OSLA’s contact information.
Interested in refinancing student loans?Here are the top 9 lenders of 2022!
|Lender||Variable APR||Eligible Degrees|
|2.49% – 11.72%1||Undergrad & Graduate|
|2.50% – 6.30%2||Undergrad & Graduate|
|4.13% – 7.39%3||Undergrad & Graduate|
|2.49% – 7.99%4||Undergrad & Graduate|
|2.49% – 7.99%5||Undergrad & Graduate|
|3.24% – 8.24%6||Undergrad & Graduate|
|2.48% – 7.98%||Undergrad |
|1.74% – 7.99%7||Undergrad & Graduate|
|3.69% – 9.92%8||Undergrad & Graduate|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount. Fixed loans feature repayment terms of 5 to 20 years. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.
The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.
To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of September 6, 2022.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $9 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.
Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of April 29, 2021. Information and rates are subject to change without notice.
3 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of 5 years and is reserved for applicants with FICO scores of at least 810.
As of 09/09/2022 student loan refinancing rates range from 4.13% APR – 7.39% Variable APR with AutoPay and 2.99% APR – 9.93% Fixed APR with AutoPay.
4 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.
You can choose between fixed and variable rates. Fixed interest rates are 3.99% – 8.74% APR (3.74% – 8.49% APR with Auto Pay discount). Starting variable interest rates are 2.74% APR to 8.24% APR (2.49% – 7.99% APR with Auto Pay discount). Variable rates are based on an index, the 30-day Average Secured Overnight Financing Rate (SOFR) plus a margin. Variable rates are reset monthly based on the fluctuation of the index. We do not currently offer variable rate loans in AK, CO, CT, HI, IL, KY, MA, MN, MS, NH, OH, OK, SC, TN, TX, and VA.
5 Important Disclosures for Navient.
6 Important Disclosures for SoFi.
Fixed rates range from 3.99% APR to 8.24% APR with a 0.25% autopay discount. Variable rates from 3.24% APR to 8.24% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
7 Important Disclosures for Purefy.
Purefy Student Loan Refinancing Rate and Terms Disclosure: Annual Percentage Rates (APR) ranges and examples are based on information provided to Purefy by lenders participating in Purefy’s rate comparison platform. For student loan refinancing, the participating lenders offer fixed rates ranging from 2.73% – 7.99% APR, and variable rates ranging from 1.74% – 7.99% APR. The maximum variable rate is 25.00%. Your interest rate will be based on the lender’s requirements. In most cases, lenders determine the interest rates based on your credit score, degree type and other credit and financial criteria. Only borrowers with excellent credit and meeting other lender criteria will qualify for the lowest rate available. Rates and terms are subject to change at any time without notice. Terms and conditions apply.
8 Important Disclosures for Citizens.
Education Refinance Loan Rate Disclosure: Variable interest rates range from 3.69%-9.92% (3.69%-9.92% APR). Fixed interest rates range from 4.49%-10.11% (4.49%-10.11% APR).
Undergraduate Rate Disclosure: Variable interest rates range from 6.39%- 9.60% (6.39% – 9.60% APR). Fixed interest rates range from 6.58% – 9.79% (6.58% – 9.79% APR).
Graduate Rate Disclosure: Variable interest rates range from 3.69% – 9.16% (3.69% – 9.16% APR). Fixed interest rates range from 4.49% – 9.35% (4.49% – 9.35% APR).
Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 3.69%- 9.09% (3.69%- 9.09% APR). Fixed interest rates range from 4.49% – 9.28% (4.49% – 9.28% APR).
Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 3.69% – 9.16% (3.69% – 9.16% APR). Fixed interest rates range from 4.49% – 9.35% (4.49% – 9.35% APR).