How to Write a Student Loan Goodwill Letter to Save Your Credit

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If you’ve missed payments on your student loans, you’ve probably seen your credit score take a hit. But if you could get those negative marks removed with a student loan goodwill letter, you could see an immediate jump in your score.

Although a goodwill letter for student loans isn’t guaranteed to fix your credit, writing one is worth a shot. At worst, your loan servicer will reject your request. But at best, your servicer will ask the credit bureaus to remove those late payments from your record.

So what exactly is a student loan goodwill letter, and how can it lead to late payment adjustments? Here’s what you need to know, along with a sample of a goodwill letter for student loans that you can use as a template.

What is a student loan goodwill letter?

As its name suggests, a goodwill letter is a letter you write to your loan servicer requesting it remove late or missed student loan payments from your credit report in an act of goodwill. Late payments can seriously drag down your credit score, and they’re a red flag to other lenders that you don’t pay your debts on time.

So if you have late payments on your credit report, you could get slapped with high rates on a mortgage, car loan, personal loan or line of credit — or not even qualify in the first place. But if your goodwill letter is successful, your lender might remove those negative marks on your credit report. In that case, you’ll see your credit score improve right away.

Unfortunately, there’s no guarantee that a student loan goodwill letter will work. The decision is completely up to the lender, who might not care about the circumstances that led to your missed payment.

But then again, you might get a sympathetic reader, especially if your late payment was due to unexpected circumstances, such as an illness or a sudden job loss. If you can explain what happened in a polite and appreciative tone, your lender might be receptive to your request.

Make sure to word your letter carefully and explain what got you into this financial mess in the first place. Own up to your mistakes and assure your lender that missing a payment (or payments) was a rare occurrence for you that won’t happen again.

If, on the other hand, the reported late payment was an error on the part of your loan servicer, you can dispute it directly with the credit bureaus online or via phone or email. By contrast, a goodwill letter for student loans is your best bet if you made the mistake but want the chance to explain yourself and hopefully get another shot.

Sample goodwill letter for student loans

While everyone’s goodwill letter will (and should) look different, this sample will give you an idea of what yours could look like. Remember to keep an appreciative tone while clearly stating your request.

To whom it may concern,

Thank you for taking the time to read my letter. My name is Anita Favor, and my account number is 123456789. After checking my credit report, I discovered a late payment was reported on May 5, 2018.

I’ve always had a great experience with your company, and I’m committed to paying back my loan on time. Unfortunately, I experienced a sudden job loss during that time that stretched my budget to the point of breaking. I was unable to keep up with payments, which is a very unusual occurrence for me.

As you can see in my record, I’ve always made payments on time except for this one. Paying back my loan on time is important to me, and I resumed on-time repayment immediately when I was able to secure a new job and get my finances back on track.

At this point, I’m trying to obtain a mortgage and am worried about qualifying or getting stuck with high rates, which could cost me thousands of dollars over the years. I truly believe my credit report doesn’t accurately reflect my creditworthiness or my dedication to paying back my debts.

I humbly request that you make a goodwill adjustment and remove the late payment. Thank you for your consideration, and I hope you approve my request.


Anita Favor

Provide important documentation with your letter

Once you’ve found the perfect way to word your late payment adjustment request, make sure you’ve included all the necessary information:

  • Your name, phone number, address and email
  • Your account number
  • Statements proving that you generally pay on time (if applicable)

Provide all identifying information so your loan servicer knows exactly what loan and late payment you’re referring to so that — if they’re so inclined — they can easily make the late payment adjustment for your student loan.

Track down the address of your loan servicer

Even though everything’s online these days, experts still recommend sending an actual letter to your servicer. To do so, you’ll need to find their address.

To save you some time, here are a few addresses for the biggest federal loan servicers:


For federal student loans:
Navient – U.S. Department of Education Loan Servicing
P.O. Box 4450
Portland, OR 97208-4450


Navient – U.S. Department of Education Loan Servicing
P.O. Box 9635
Wilkes-Barre, PA 18773-9635

For private student loans:
P.O. Box 9640
Wilkes-Barre, PA 18773-9640

Sallie Mae

Sallie Mae
P.O. Box 3229
Wilmington, DE 19804-0229


P.O. Box 82561
Lincoln, NE 68501-2561

Great Lakes

Great Lakes
P.O. Box 7860
Madison, WI 53707-7860


CornerStone Education Loan Services
P.O. Box 145122
Salt Lake City, UT

FedLoan Servicing

FedLoan Servicing Credit
P.O. Box 60610
Harrisburg, PA 17106-0610


633 Spirit Drive
Chesterfield, MO 63005-1243

You can expect to get a response within two to three weeks. If you don’t hear anything by then, follow up with a phone call.

Take other steps to build your credit

Although there’s no guarantee a student loan goodwill letter will work, writing one is worth a try. If the servicer takes back that late payment report, your credit score could increase significantly.

But if it doesn’t, you’ll have to take the slow and steady route of rebuilding your credit in other ways. Keep paying back your loans on time, and do your best to chip away at your debt.

“Amounts owed” make up about one-third of your credit score, so lowering your debts will increase your score. You should also be careful not to close any old accounts, as “length of credit history” also plays a role.

As you know, falling behind on student loan payments can be a hard slap to your credit rating, so try your best to pay them on time. If you’re struggling to keep up with bills, contact your loan servicer about adjusting your payments.

You might be able to put your federal student loans on income-driven repayment or adjust payments through refinancing. You can also explore your options for deferment or forbearance until you can get back on your feet.

By contacting your loan servicer before you miss a payment, you might be able to reach an agreement and avoid damaging your credit.

Interested in refinancing student loans?

Here are the top 6 lenders of 2021!
LenderVariable APREligible Degrees 
1.89% – 5.99%1Undergrad
& Graduate

Visit Splash

1.99% – 5.64%2Undergrad
& Graduate

Visit Earnest

1.99% – 6.84%3Undergrad
& Graduate

Visit CommonBond

1.91% – 5.25%4Undergrad
& Graduate

Visit Lendkey

2.25% – 6.53%5Undergrad
& Graduate

Visit SoFi

2.17% – 4.47%6Undergrad
& Graduate

Visit PenFed

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 Feburary 1, 2021.

2 Important Disclosures for Earnest.

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 2.98% APR (with Auto Pay) to 5.49% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.34% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 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% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of October 26, 2020, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 10/26/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.

© 2020 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.

3 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. ‍All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.15% effective Jan 1, 2021 and may increase after consummation.

4 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 02/17/2021 student loan refinancing rates range from 1.91% APR – 5.25% Variable APR with AutoPay and 2.95% APR – 7.63% Fixed APR with AutoPay.

5 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: 1. Fixed rates from 2.99% APR to 6.99% APR (with AutoPay). Variable rates from 2.25% APR to 6.53% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.25% APR assumes current 1 month LIBOR rate of 0.12% plus 2.38% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. 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. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The discount will not reduce the monthly payment; instead, the interest savings are applied to the principal loan balance, which may help pay the loan down faster. Enrolling in autopay is not required to receive a loan from SoFi. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score.Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

6 Important Disclosures for PenFed.

PenFed Disclosures

Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 2.99%-5.15% APR and Variable Rates range from 2.17%-4.47% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.