Apply For Student Loan Deferment Online

Apply For Student Loan Deferment Online - Private student loan lenders do not forgive or cancel loans unless extraordinary circumstances require it, such as death or permanent injury/disability. To add insult to injury, federal government programs like the CARES Act*, which were put in place to provide financial assistance during the Covid-19 pandemic, do not apply to private student loans**. This includes student loans that were originally financed through a private lender or those that have been refinanced.

It's also important to note that federal income-based loan repayment programs do not apply to private student loans. Some private lenders may offer similar programs, but it's a good idea to speak with your personal loan servicer if this is something you're particularly interested in.

Apply For Student Loan Deferment Online

With all the options available, private student loan debt relief options may seem virtually non-existent, but before you give up hope, know that most private student loan lenders have repayment options available with some financial assistance if needed.

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*In response to the COVID-19 pandemic, the federal government temporarily suspended student loan payments and waived interest under the CARES Act. Repayments were due to begin on January 31, 2021, but that grace period has been extended, although it is not clear for how long. It is important to note that federal forbearance or forgiveness programs such as the CARES Act do not apply to private student loans or federal student loans that have been refinanced through a private lender.

**Most private student loan lenders have a specific COVID-19 plan, but details and terms will vary by lender.

While options may vary from lender to lender, here are some common repayment options you can explore instead of writing off your loan:

Most, if not all, private student loan lenders offer refinancing services for both private and federal student loans. This can be a good option if you want to lower your monthly payments and potentially save more on interest.

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In the refinancing process, the lender will pay off your original loan and issue a new loan with better interest rates and terms. Since the lender is essentially making you a better loan deal, they will want to make sure you are a reliable borrower and this will be reflected in your credit score. So if you want to qualify for the lowest interest rates and best terms, you'll need a great credit score.

If you have no established credit or bad credit, many lenders will allow you to apply with a co-signer, which can increase your chances of qualifying and help you get better rates and terms.

It is important to note that if you choose to refinance your federal student loan with a private lender, you will lose all access to federal repayment options and programs, including student loan debt relief under the CARES Act, in response to the Covid-19 pandemic.

A student loan deferment is an agreement between the borrower and the lender that repayment can be reduced or postponed for a certain period of time. This may also include an interest freeze, but the specific terms will vary from lender to lender, including how long you can defer payments.

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Note that some private lenders use the terms "forbearance" and "forbearance" interchangeably. However, in most cases, loan deferment is for a planned need for repayment relief, such as returning to school or entering the military. Forbearance, on the other hand, is most often used when unexpected circumstances or an emergency arise and temporary payment relief is needed.

A common mistake is to confuse student loan forbearance with student loan forgiveness, or to assume that they are the same, but they are quite different.

Student loan discharge essentially cancels your loan, while student loan forbearance allows you to temporarily stop making payments for a period of time (often up to 12 months). It's important to note that interest will continue to accrue on your loan balance during the grace period, so it may not be in your best interest to extend your deposit any longer than necessary.

To give you a more complete picture of what the best private student loan companies have to offer in terms of debt relief options, we've included some data and analysis from customer reviews. Please note that reviews for all companies were limited and usually out of date, so this may not be the most accurate representation of each company.

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Additionally, student loan deferment is not described as an option offered by these top private lenders because information on this repayment option is not readily available and varies greatly from company to company. If you are specifically looking for deferment options, I recommend speaking directly with your lender or the lender you want to work with.

As a marketplace lender, all repayment options will depend on which lender you choose to borrow from within the Credible network.

Testimonials from trusted customers are limited and somewhat outdated, but most are positive about how quick and easy the refinancing process is and how customers have been able to lower their payments and save more money on their student loans.

"Credible helped me when I really needed it. Their forms were easy to fill out, I got a personalized quote for my situation, and I had the best person to work with to help me find the best option." — Haley, Salt Lake City, UT

Loan Deferment Vs. Forbearance: What To Know

Refinance: Qualify online, choose rates and terms, and get your new loan. This default process will not affect your credit score.

SoFi customer reviews are limited and conflicting about the refinancing process, but many of the one-star reviews are out of date. The latest and most reviews highlight the reliable customer service that is committed to helping you pay off your student debt.

"Great service! These guys made my life so much easier and got me through my debt problems so much faster than I would have if I had gone through it on my own. Thanks for all your hard work!" — Jojo, Jersey City, NJ

Covid-19 Response: For people affected by the Covid-19 pandemic, SoFi is providing payment forbearance for at least 90 days. initial 60 days with a 30 day extension if needed.

Forbearance Vs. Deferment: Which Should You Choose?

As the pandemic continues, we will continue to offer support and find ways to help our members get their money right and get back on track. Aid for those experiencing hardship has been extended during the pandemic, with forbearance offered in 30-day increments, with an option to extend by another 30 days if needed. This program has been very successful in helping members through this difficult time.

Refinance: quickly fill out an application and see your new interest rate. This default process will not affect your credit score.

It is important to note that CommonBond reviews are limited. However, most of the past and current reviews of CommonBond are negative, with many customers commenting on some difficulties with customer service, certification issues and lack of transparency.

"I would give more stars to the care team at CommonBond. They are responsive, but can't fix the problem... The approval process itself can be quick, but once you're approved, a check to pay off your existing loan is sent to the lender rather than regular mail... To to be fair to the customer, CommonBond should disclose this up front and not charge interest on the new loan until the old loan is paid off.—Aurelia, Woodstock, GA

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Covid-19 Response: CommonBond is offering its members national disaster forbearance due to the classification of COVID-19 as a national disaster. This means that payments can be suspended for the duration of a declared national emergency, but interest will still accrue even though there is no membership fee. Additionally, CommonBond has waived all late fees to further assist its members during this time.

As a marketplace lender, all repayment options will depend on the lender you choose to borrow from within the LendKey network.

LendKey's customer reviews are limited and outdated, so it's hard to know exactly what LendKey's lending experience is like right now. However, most of the previous reviews are negative and usually refer to bad experiences with customer service.

"I consolidated my loans with LendKey when they called themselves ECSI. At first it was great, I got a good interest rate, then they changed the name, raised the interest rate (and my monthly payment) without warning." — Lori, Elmwood Park, IL

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Covid-19 Response: Relief options will depend on LendKey's lender partners, but if you can't make your monthly payment, you can apply for forbearance online. In most cases, options will be discussed and determined on an individual basis.

Forbearance: Laurel Road offers forbearance for one or more three-month periods if you are experiencing financial hardship. In addition, Laurel Road offers a forbearance of up to two monthly payments to those affected by a natural disaster.

Laurel Road reviews are limited and out of date, but the majority of reviews are negative, with the most common complaint being that it's difficult to get approved even with strong credit.

"We had

What Is Loan Forbearance?

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