Jane Garibay

Connecticut has secured relief options with many private student loan servicers whose borrowers are not covered by the CARES Act. This new initiative will benefit Connecticut residents with privately held student loans.

Under this new initiative, Connecticut residents with commercially owned Federal Family Education Loan Programs or privately held student loans who are struggling to make their payments due to the COVID-19 pandemic will be eligible for expanded relief.

Relief options through the servicers listed below include:

• Providing a minimum of 90 days of forbearance
• Waiving late payment fees
• Ensuring that no borrower is subject to negative credit reporting
• Ceasing debt collection lawsuits for 90 days
• Working with borrower to enroll them in other borrower assistance programs, such as income based repayment.

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