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Private Student Loans – Little Change During Covid

Man with medical mask sitting with face in his hands

Man with medical mask sitting with face in his hands

COVID-19 brought many changes with it, with a devastating viral pandemic spanning the world, and affecting nearly the entire human race. The damage to the health of millions in the US would have been previously unfathomable, not to mention unemployment for tens of thousands of people and unexpected, abrupt financial insecurity. 

In the US, sudden restrictions, shutdowns, and lockdowns caused definite changes for young people, families, business owners, and workers of all ages. To hear that there would be little change for private student loan debt in terms of making payments and getting a respite, however, was not the type of consolation US citizens were looking for. While federal student loan borrowers received month after month of deferments via The CARES Act, private student loan borrowers were quite simply left out in the cold—along with millions of other federal borrowers who were also deemed ‘ineligible’ in regard to a number of different loan types. 

The best most private student loan borrowers could hope for was to speak with their servicers and ask if any other programs might be available, and sometimes this has proved true. In most cases though, a few months has been considered a generous break. With so many Americans unemployed and income a question mark, the student loan crisis deepened. The nasty economic blow dealt by COVID-19 could not have come at a more difficult time in terms of the student loan crisis. 

Are you worried about delinquencies or an outright default on a private student loan? If so, speak with an attorney as soon as possible. While you are probably dealing with other issues too like credit card debt and medical debt, private student loan servicers can be extremely aggressive and formidable to deal with—on par with mortgage companies. If you have already been served with a summons and complaint, the situation becomes even more dire. Attention to the matter may help you fend off the headaches involved with wage garnishments, loss of property, and levying of bank accounts. 

Speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible to examine your options. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issuesbankruptcy, and other debt management processes. We are here to help! Click here to schedule a free 30-minute consultation, call us at (844) 431-3851, or email us at info@debtorprotectors.com

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