When President Trump signed into law the Coronavirus Aid, Relief Economic Security (CARES) Act, it only provided relief options for federal student loan borrowers. Left out were the millions of student loan borrowers with Federal Family Education Loans, which are not owned by the U.S. government, or student loans made by private lenders.
The California Governor’s new Private Student Loan Relief, announced on April 23, with almost 20 student loan servicers who have agreed to participate, will give direct help to those borrowers. For more information, see this press release: https://dbo.ca.gov/2020/04/23/california-provides-expansion-of-student-loan-relief-most-private-loan-servicers-agree-to-help/.
Relief options include:
- Providing a minimum of 90 days forbearance
- Waiving late payment fees and ensuring no borrower is subject to negative credit reporting
- Helping eligible borrowers enroll in other assistance programs
Check here for list of participating student loan servicers. If your servicer is listed and you need assistance, you should contact them immediately. For more information, you can also contact Federal Student Aid Information Center at 1-800-433-3243.
Borrowers experiencing difficulties with their loan servicers are encouraged to contact the Department of Business Oversight at 1-866-275-2677 or, to file a complaint, at https://dbo.ca.gov/file-a-complaint/.