We’ve already gone over what exactly a private student loan is. Now we’re back to look more closely at the process of repayment, and offer a look at aid or options available to borrowers.
Private student loans, like any other loan, are taken out under the legal premise that they’ll be paid back in full – including interest. Even if other circumstances arise that make it difficult to make timely payments, the lender will expect that you follow through on your end of the deal. This is why you should never avoid opening bills or ignore notices for payment. It will only become worse as interest continues to accrue. Knowing what actions to take towards paying off your private student loan debt can feel empowering and help you to avoid larger issues as you continue or begin the journey.
If you haven’t yet taken out a private student loan… the best way to avoid any future difficulties is to map out your payment plan, and make sure that it’s feasible longterm.
If you’re in school… realize that most private student loans will usually accrue interest even as you’re actively enrolled. Some plans may require you to make payments on interest throughout your education, but others may allow you to postpone all payments until graduation. Even still, if possible, you should consider making reasonable payments to avoid an even higher number attached to your debt.
If you’re in repayment and facing financial hardship… Hunker down and research options, talk to professionals and take it as a non-optional problem to be solved. The best tactic is to take on the problem head-on rather than looking the other way. Though tempting, the situation will not simply go away, and your private student loan will be there bigger than ever when you finally look back.
Get offers for lower-interest rate debt consolidation loans here on ReadyForZero!Check your rate using ReadyForZero's free debt consolidation tool. People have saved thousands by consolidating higher-interest debts using a single, personal loan, this will not negatively impact your credit. Check Your Rate Now
Helping you get started on your quest for information
There are a few lenders that issue the vast majority of private student loans. Your decision to choose one over another may be based on the kind of promotions offered as you researched, or inspired by references from your university or college. But though they offer the same service – loaning money to help pay for costs of education or tuition – the terms and conditions vary widely across the board.
If you’re in the midst of paying off your private student loan and unable to make full payments there are usually options. Most lenders offer a varying degree of help for those facing financial hardship, though the information can be difficult to track down. Below, we’ve compiled a list of contact information, and links to online forms for deferment or temporary assistance for a few big names in the world of private student loans.
These links can also be useful to those researching or considering private student loans who are wondering what flexibility they may (or may not) have by taking out a particular student loan.
Phone contact: 888-272-5543
Direct to Private Student Loan Phone Help: 877-770-4157
Online contact form for inquiries and questions: https://www1.salliemae.com/content/customer/contact.asp
Payment option forms: http://go.salliemae.com/content/edServicing/forms/
Phone contact: 1-800-552-3006
Online contact form: https://www.suntrust.com/Microsites/contactus/ContactUs.html
Request for forebearance: http://www.eustatiusmed.edu/files/FSH/US/AES_Suntrust_Forb.pdf
PNC (Pittsburgh National Corp)
Phone contact: 1-800-762-1001
RePayReady Program, to guide and aid in repayment:
Online contact form: https://www.pnc.com/webapp/sec/Solutions.do?siteArea=/pnccorp/PNC/Contact+Us
Phone contact: 1-800-708-6684
Online contact form: “Login to Online Banking and send us a Secure Message with your questions, comments or concerns about any of our products and services.”
Phone contact: 1-877-728-3030
Direct line to repayment assistance: 1-877-321-5017
Online contact form inquiries/questions: http://www.discoverstudentloans.com/CompareApply/ContactUs.aspx
Deferment options: https://www.discover.com/student-loans/repayment/deferment.html
CU Student Loan
Phone contact: 1-888-966-9268
JP Morgan Chase
Phone contact: 1-800-489-5005
Online contact form: “Log in to send us a secure email.”
FAQ page: https://www.chase.com/snippets/student-loans/modular/student-loan-faq
Repayment options: https://www.chase.com/student-loans/servicing/student-loan-servicing-repayment#!slr:rho
Phone contact: 1-800-378-5526
Direct line to repayment options: 1-866-878-1083
Online contact form: https://www.wellsfargo.com/help/student/contact
Payment option information: https://www.wellsfargo.com/student/repay/
Please know that the information listed is intended as a tool for you to explore your options for repayment, particularly if you’re in repayment. ReadyForZero is an online tool to help you get out of debt, and we always encourage those looking to borrow or take on debt to explore all options before making a commitment to any loan.
Next week, we’ll be taking a look at the pros and cons of taking out private student loans to help you gauge if they’re a viable option for your financial future. In the meantime, you can check out “What is a Private Student Loan?” if you missed our first post, or browse ReadyForZero’s great Student Loan Debt resource center.
And as always, feel free to ask any questions in the comment section below and we’ll do our best to answer them.
Image Credit: ell brown