2020欧洲杯足球比分网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 (beginning July 1, 2020)
2020欧洲杯足球比分网We understand that COVID-19 continues to affect many people’s lives. We’ve created a short-term option for borrowers who contact us for relief on or after July 1, 2020. For a limited period of time, Navient is offering a short-term coronavirus forbearance to qualified private borrowers who request it. This program brings your eligible loans current and postpones payments for at least one full month. The short-term forbearance will not count against your hardship forbearance time. During this time, you will not be responsible for making payments, but interest will continue to accrue. At the end of the short-term forbearance, unpaid interest will not be capitalized (added to your unpaid principal).
Coronavirus national emergency forbearance (program discontinued as of June 30, 2020)
In response to the national emergency declared by the President in March 2020, Navient offered up to three months of administrative forbearance to qualified private loan borrowers who made their request no later than June 30, 2020. This program brings your eligible loans current and postpones payments for up to three months. During this time, 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.
In light of the reopening of the U.S. economy and the resumption of normal business activities that have already begun in many states and industries, this program is no longer offered as of June 30, 2020. Additional short-term and long-term relief is available to assist borrowers who experience difficulty due to the COVID-19 pandemic and its effects on the economy.
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.