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Colorado strikes deal with private student loan companies for COVID-19 relief

Borrowers impacted by coronavirus can get help
Posted at 4:30 AM, Apr 28, 2020
and last updated 2020-04-28 07:35:40-04

Colorado has struck a deal with several student loan vendors to get relief for Colorado borrowers impacted by the coronavirus.

The federal CARES Act provided relief for borrowers with federal student loans. However, the CARES Act didn't include students with federal loans that are not owned by the U.S. government or loans made by private lenders.

"Under this initiative, Coloradans with commercially held Federal Family Education Loans Program (FFELP) loans or private student loans who are struggling to make their payments due to the COVID-19 pandemic will be eligible for expanded relief," said Colorado Attorney General Phil Weiser. "Borrowers in need of assistance should contact their loan servicer to identify the options that are appropriate to their circumstances."

Relief options include:

  • 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 assistance programs, such as income-driven repayment plans

The student loan servicers participating in the initiative include:

  • Aspire Resources, Inc.
  • College Ave Student Loan Servicing, LLC
  • Earnest Operations, LLC
  • Edfinancial Services, LLC
  • Kentucky Higher Education Student Loan Corporation
  • Lendkey Technologies, Inc.
  • Higher Education Loan Authority of the State of Missouri (MOHELA)
  • Navient Corp.
  • Nelnet, Inc.
  • SoFi Lending Corp.
  • Tuition Options, LLC
  • Utah Higher Education Assistance Authority (UHEAA)
  • Vermont Student Assistance Corporation (VSAC)

To learn more, or file a complaint, visit the Attorney General's website.