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With the new #stimulus relief measures for #studentloan borrowers now in effect, I'm watching the federal student loan servicers for their #COVID19 messaging. Thread with links & comments. Reply if you've tried to get info from your servicer. Did you find help? Get good info? 1/
First, watch the official @usedgov #financialaid coronavirus website for updates and FAQs 2/ https://studentaid.gov/announcements-events/coronavirus
I think @Navient has provided the best website. It explains how to determine if your loan is eligible for relief (sorry FFEL borrowers w/ commercial lenders). They updated their page just yesterday & will notify borrowers in writing when their accounts are updated 3/
Navient is offering disaster forbearance for non-eligible private and FFEL loans. There is also extended FAQs on these topics with short, easy to understand answers. 4/ https://navient.com/covid-19
@Nelnet also has a good website that clearly defines which loans are & are not eligible for relief. Not updated since 3/25. Also offering forbearance options for non-eligible loans. 5/ https://www.nelnet.com/covid-19
@MyFedLoan is assuring borrowers that they are working on it. Provides detailed instructions on how to request emergency forbearance by mobile/web/phone. 6/ https://myfedloan.org/borrowers/covid/
Granite State Management @NHHEAF updated their page today. Clearly explains how to tell if your loan is eligible and what will happen. Includes info about deferment options for other borrowers. 7/ https://gsmr.org/faqs/deferment-forbearance-update
@MOHELA posted concise, bulleted info on its main page. More info needed about other types of loans, unless they only service federal loans held by ED that are all eligible for relief. 8/ https://www.mohela.com/
The rest do not have websites dedicated to COVID19 (unless more info appears after login for borrowers). They typically have pop-up windows that refer borrowers to the ED website. No details about how/when their loans will be impacted. Will add to threat if that changes 9/
To be clear, all loan servicers SHOULD post detailed info for borrowers about #CARESAct relief implementation. It will reduce borrowers' anxiety & slow the high call volume. Everyone wants to know the same thing: What's happening to my loan, and do I need to do anything now? 10/
Adding: Ascendium Educ Solutions holds FFEL loans that are not eligible for stimulus relief. But they have a #COVID19 statement updated as of Monday. They are halting collections on defaulted loans and offer guidance on disaster forbearance 11/ https://www.ascendiumeducation.org/
Update: Nelnet updated their page on 3/31 with clear and detailed information for borrowers 11/ https://www.nelnet.com/covid-19
Update: @MyFedLoan updated their #COVID19 website today, 4/3, saying that accounts should now show 0% interest. Will send notification that forbearance benefit was applied by 4/10. 13/ https://myfedloan.org/borrowers/covid/
Update 4/6: Navient appears to be the first servicer to suspend payments/interest accrual AND notify borrowers. FedLoan has updated 0% interest but may not have notified all borrowers of payment suspension yet 14/ https://navient.com/covid-19
Updated guidance from @usedgov says private #FFEL and #Perkins lenders MAY offer 0% and suspend payments on VOLUNTARY basis, but I’ve yet to see any lenders do so. All are offering some form of disaster forbearance, but interest will continue to accrue 15/ https://ifap.ed.gov/electronic-announcements/040320UPDATEDGuidanceInterruptStudyRelCOVID19
