If you’ve recently refinanced your student loans, you might be worried about facing your payments amid the coronavirus pandemic, especially if you’ve lost your income.
Student Loan Hero has contacted some of the major refinance lenders to see what they are doing to provide relief to borrowers during this crisis. If you have a loan with one of these lenders, read on to see how they can help you manage this difficult time.
1.serious
Serious encourages borrowers in financial difficulty to contact their Client Happiness team through their messaging portal. While those in need of immediate assistance can try calling (888) 601-2801, Earnest says wait times are longer than ever due to the coronavirus outbreak.
Earnest said it created options for those who are struggling to repay their loans. When inquiring about what is available to you, Earnest recommends that you provide the following information:
- How you were financially impacted by this crisis
- The industry in which you or other members of your household work
- When you expect to be able to resume loan payments in the future
Earnest has always offered a number of protections to borrowers, including,
- Abstention up to 12 months
- The ability to skip a payment
- Interest rate reduction for up to six months
- Change in term and rate for borrowers unable to pay
- Adjournment for those returning to school or meeting other criteria
- Loan discharge for borrowers with permanent disability
If you have been affected by the pandemic, contact Earnest as soon as possible to find out which of their current or new offerings could provide financial relief.
2. SoFi
SoFi asks borrowers who have been affected by the coronavirus to contact their MOHELA service partner by calling (877) 292-7470, or contact SoFi by email [email protected] or by chatting with customer service on SoFi.com.
While it may extend protections for borrowers as the pandemic spreads, SoFi already offers the following to its refinancing customers:
- Temporary abstention if you have lost your job, are in financial difficulty, have participated in a military mobilization or have suffered a natural disaster
- Deferment if you have returned to school, are on active duty in the military, face economic hardship, or meet some other requirement
- Interest rate deduction of 0.25% for put your student loans on automatic payment
- Loan discharge if you suffer from permanent and total disability
3. Route des Lauriers
If your income has been affected by the coronavirus epidemic, Laurel route recommends contacting your loan service partner, MOHELA, at 1-877-292-6845. The serving agent may be able to offer forbearance or other relief to borrowers.
Laurel Road offers full or partial forbearance for periods of three months at a time, up to a total of 12 months. Some eligible reasons include job loss or unpaid maternity leave.
You can follow Laurel Road’s other measures in response to the coronavirus crisis by visiting laurelroad.com/coronavirus-response.
4. Financial splash
Financial Splash works with banks and credit unions to provide student loan refinancing to its clients. While none of its lenders’ policies have changed at the time of this writing, Splash Financial says it is nonetheless committed to helping people on an individual basis.
“Anyone who needs help during this time should contact us, and we will work with them on an individual basis to either forbear them, waive the fee,” or take other action, said the founder and CEO of the company, Steven Muszynski, at Student Loan. Hero. “It is an extraordinary time and we are committed to working to help our borrowers through this ordeal. “
Some of Splash Financial’s loan partners may already offer deferral or forbearance, and most allow deferral for borrowers in medical or dental education. You can contact your refinancing provider directly to learn more about your options, and can also contact Splash Financial at 1-800-349-3938 or [email protected].
5. College Ave Student Loans
If you refinanced with Student Loans College Ave, you can contact its representatives at (844) 803-0736 during the week, or by e-mail on his contact page.
Currently, College Ave already offers:
- Tolerance of difficulties in increments of three to six months up to 12 months
- Student loan deferral for students enrolled in the school and those on active duty in the armed forces or the National Guard
6. CommonBond
CommonBond allows borrowers to suspend payments through forbearance from natural disasters, as COVID-19 has been classified as a national disaster. Thanks to this type of forbearance, you can suspend payments until the end of the declaration of national emergency.
You can apply for a CommonBond student loan patience here. Within three days, you will receive an email to schedule a call with a forbearance specialist, and your request should be processed approximately three days after that.
Note that interest will continue to accrue on your student loans during forbearance, but you will not have to pay a fee to participate. CommonBond is also waiving any late fees for its members throughout this emergency.
For more information, you can email CommonBond at [email protected] or call his team at (800) 975-7812.
7. Loan key
Loan key works with borrowers on an individual basis to help them manage their student loans. If you have any questions, you can contact them at [email protected] or by calling (888) 966-9268.
Since LendKey partners with different community banks and credit unions across the country to provide student loan refinancing, it’s also worth contacting your lender or loan officer directly to learn more about your options.
8. Financing of student loans (ELFI)
If you refinanced with ELFI and need help, contact customer service at (844) 601-ELFI (844-691-3534) or by email [email protected]. The company works with borrowers on a case-by-case basis to determine the best course to take.
At present, ELFI already grants forbearance of up to 12 months to eligible borrowers experiencing financial or medical difficulties.
Call your loan officer to discuss your options
As everyone struggles to adjust to this global emergency, policies may change in the days and weeks to come. Check your lender’s website for their latest updates and call your loan officer to discuss your options.
At the same time, be careful not to fall into the trap student loan scams that arise during this crisis. Most lenders won’t call you directly, so don’t share personal information over the phone with anyone claiming to be your lender.
As the federal government waives interest on federal student loans, as well as offer abstention to anyone who commits, private lenders vary in their approaches. So be sure to contact your private student loan department if you need payment relief during these tough times.
