Student Loan Hero Coronavirus Information Center

 March 22, 2022
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The coronavirus outbreak has changed the entire landscape of student loan repayment and refinance. For instance, if you have federally held student loans, you do not currently need to make any repayment on them, as the government is offering automatic interest-free forbearance through Aug. 31, 2022. (See below for more details.)

In order to give you the very latest information on how to deal with your student loans during this crisis, we’ve created this information center with updated guidance and links to our latest reports on new developments.

Note that some of our advice during this pandemic is a little different than what it is in normal times, so be sure to consult this page first when you have questions about your student loans. We’ll be updating this information center regularly to get you all the details on how to keep student debt from wrecking your finances during the outbreak.

Student Loan Hero wishes you and your loved ones safety and well-being during this difficult time.


How the coronavirus pandemic affects your student loans: FAQs

What is happening with student loan repayment during the coronavirus outbreak?

The U.S. government has suspended all federal student loan payments and halted all interest charges, through Aug. 31, 2022. At the same time, all collections and garnishments on federal student loans in default have stopped as well. Check out more information in our detailed report, as well as how the situation may change in the near future.

That said, there are some cases where it might make sense to keep paying down your federal student loan anyway. Here are some thoughts on whether to take advantage of the coronavirus student loan relief.

As for private student loans, each case may be different. Check out our earlier report on what some of the larger private student loan lenders are doing to help borrowers through this difficult time.

    If you have a refinanced student loan, meanwhile, you can see what assistance is available from some of the top lenders by clicking here.

    Is payment on ALL federal student loans suspended?

    At this point, the interest-free halt to repayment only applies to federal student loans owned by the Department of Education. This covers most government-issued loans, but note that some Federal Family Education Loans (FFELs) are commercially-held, and some Perkins loans are owned by your college.

    Undoubtedly, the differences between a federal loan being “held” or merely “guaranteed” is bound to confuse. If you’re not sure what kind of loans you have, start by logging into the Federal Student Aid (FSA) website with your FSA ID to view all your federal loans.

    A FFEL loan borrowed before 2010 is unlikely to meet criteria for relief. For any Perkins loans, you could clear up the confusion by calling your loan servicer directly or contacting your school’s financial aid office.

    If you have commercial or school-granted loans, you might think you’re out of luck. But there are a variety of ways to still pause or reduce your repayment, receive repayment assistance and generally manage your debt until the economy recovers. Check this report for all the details, but here’s a basic overview of three steps you could take to get relief on loans that don’t qualify for the new federal measures:

    • Check your state’s options: Some state governments are stepping in to provide additional aid for struggling student loan borrowers, especially in terms of any debt held by the state. Contact your state’s education department for more information.
    • Contact your lender or loan servicer: Speak directly with your lender or loan servicer (not a third party, as that could leave you vulnerable to student loan scams) and see if you can pause your monthly payments with a deferment or forbearance unrelated to COVID-19. Alternatively, you could lower the monthly payments on your ineligible FFEL debt by enrolling in the Income-Sensitive Repayment plan to cap your dues at a percentage of your annual income. If you recently suffered a loss of income, you could apply for a recalculated (decreased) payment obligation.
    • Consider a Direct Consolidation loan: Your ineligible FFEL or Perkins loans can also be grouped into a Direct Consolidation loan. Besides getting you covered for a portion of the 0% interest and payment-suspension period, consolidation would also deliver a single monthly payment and make you eligible for income-driven repayment (IDR) plans. Just be mindful that consolidation could erase any progress you’ve made toward a relief program like Public Service Loan Forgiveness.
    • 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. 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 benefit is slated to stay until at least 2025, and it could cover any student debt, whether federal or private.

    What can I do if I’ve run out of money/lost my income?

    If you’re in desperate straits, take a look at these posts for advice on how to put food on the table and cover your housing costs.

    Likewise, here are some ideas for earning money during the coronavirus pandemic — not all of these work-from-home opportunities will still be available, but some will.

    As for that student debt, at least your federal student loans won’t be a problem now that the government has suspended all repayment. For your private loans, however, you should definitely contact your lender to see about pausing your payments via forbearance, although this might not be interest-free.

    dropping out of college

    Should I refinance my student loans during the crisis?

    How good an idea refinancing is right now will depend on your personal situation, and especially whether you’re talking about federal or private loans. If you’re concerned about your finances or losing a job, you’ll likely want to hold tight on your federal loans, as all payments are suspended.

    On the other hand, interest rates have plunged in reaction to the coronavirus pandemic, so it’s a great time for deals if you’re considering refinancing — particularly with private student loans, since those payments haven’t been suspended, and you won’t be giving up any federal protections.

    As for refinancing federal student loans, first make sure that your finances are solid and you’ll be able to afford the payments before you trade the government protections on your federal loans for a potentially lower interest rate.

    For more information…

    How are parent student loans impacted?

    The relief programs for federal student loans mentioned above also extend to any parent loans you might have taken out for a child, grandchild or other student — so long as they’re held by the government.

    This includes the suspension of payments, the halt to collections for delinquent loans, and even the awarding of credit toward student loan forgiveness, regardless of whether you pause repayment (see next question).

    For a parent-focused rundown of the benefits currently on offer as part of the coronavirus relief efforts, as well as what you might be able get from private lenders, check out our report on parent loans during the pandemic.

    How does suspending payments affect student loan forgiveness, such as PSLF?

    You will still be able to make progress toward Public Service Loan Forgiveness or other federal forgiveness programs — even as you take advantage of the six-month suspension of payments, the programs will still consider it as if you had kept up your repayment, the Consumer Financial Protection Bureau said.

    college admissions

    How will the pandemic affect college admissions?

    Standardized tests for college, such as the SAT and ACT, may be available but there is limited testing capacity to follow local health guidelines. Make sure to check with your local testing centers for any guidelines or news about closures.

    Many colleges have announced they will be “test optional” for the foreseeable future, meaning applicants won’t be required to take one of these tests. Since policies will differ from school to school, check out the admissions pages from the websites of your preferred colleges and universities.

    Are student loan scams still a danger during the pandemic?

    If you get a phone call or see an ad promising student loan relief in exchange for a fee, you could be dealing with a student loan scam.

    Know that you should never have to pay anything to put your loans into forbearance. Similarly, your lender is unlikely to contact you to offer forbearance or deferment options — it’s up to you to reach out to your lender.

    During these tough times, beware any predatory loan companies that want to charge you money or are making promises that seem too good to be true. You can find out more by clicking here.

    Check out more of the latest coronavirus student loan developments

    Interested in refinancing student loans?

    Here are the top 9 lenders of 2022!
    LenderVariable APREligible Degrees 
    1.74% – 9.51%1Undergrad
    & Graduate

    Visit Splash

    1.89% – 6.20%2Undergrad
    & Graduate

    Visit Laurel Road

    2.05% – 5.25%3Undergrad
    & Graduate

    Visit Lendkey

    1.74% – 7.99%4Undergrad
    & Graduate

    Visit NaviRefi

    2.24% – 7.99%5Undergrad
    & Graduate

    Visit SoFi

    1.74% – 7.99%6Undergrad
    & Graduate

    Visit Earnest

    1.86% – 7.98%Undergrad
    & Graduate

    Visit Elfi

    1.74% – 7.99%7Undergrad
    & Graduate

    Visit Purefy

    2.24% – 9.23%8Undergrad
    & Graduate

    Visit Citizens

    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

    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 June 1, 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 $4 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

    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.

    1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
    2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
    3. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.
    4. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

    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%.


    This information is current as of April 29, 2021. Information and rates are subject to change without notice.

    3 Important Disclosures for LendKey.

    LendKey Disclosures

    Refinancing via 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 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 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 5/17/2022 student loan refinancing rates range from 2.05% APR – 5.25% Variable APR with AutoPay and 2.49% APR – 7.93% Fixed APR with AutoPay.

    4 Important Disclosures for Navient.

    Navient Disclosures

    You can choose between fixed and variable rates. Fixed interest rates are 2.99% – 8.24% APR (2.74% – 7.99% APR with Auto Pay discount). Starting variable interest rates are 1.99% APR to 8.24% APR (1.74% – 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 SoFi.

    SoFi Disclosures

    Fixed rates range from 3.49% APR to 7.99% APR with a 0.25% autopay discount. Variable rates from 2.24% APR to 7.99% 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.

    6 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.

    Earnest Disclosures

    Student Loan Refinance Interest Rate Disclosure Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.24% APR to 8.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.99% APR to 8.24% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. Let us know if you have any questions and feel free to reach out directly to our team.

    7 Important Disclosures for Purefy.

    Purefy Disclosures

    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.

    CitizensBank Disclosures

    Education Refinance Loan Rate Disclosure: Variable interest rates range from 2.24%-9.23% (2.24%-9.23% APR). Fixed interest rates range from 4.29%-9.73% (4.29%-9.73% APR). 

    Undergraduate Rate Disclosure: Variable interest rates range from 5.37%- 8.81% (5.37% – 8.81% APR). Fixed interest rates range from 5.87% – 9.31% (5.87% – 9.31% APR).

    Graduate Rate Disclosure: Variable interest rates range from 2.24% – 8.75% (2.24% – 8.75% APR). Fixed interest rates range from 4.29% – 9.25% (4.29% – 9.25% APR).

    Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 2.24%- 8.40% (2.24%- 8.40% APR). Fixed interest rates range from 4.29% – 8.90% (4.29% – 8.90% APR). 

    Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 2.24% – 8.75% (2.24% – 8.75% APR). Fixed interest rates range from 4.29% – 9.25% (4.29% – 9.25% APR).


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