Private Student Loan Relief – Frequently Asked Questions

1. I have a private student loan. Are there any relief options available for me at this time?

Governor Newsom led a coalition of states to secure relief options for borrowers who have private student loans. All borrowers must call their servicer to see what relief is the best fit for them. Options include:

  • 90 days forbearance
  • No late payment fees
  • No negative credit reporting
  • Your loan servicer must work with you to explain different repayment options, such as income-based repayment, and enroll you in the program that best fits your circumstances.

2. Will I be automatically enrolled in any relief option?

No. You need to call your loan servicer immediately to secure relief.

3. Am I guaranteed to receive the four relief options?

No. Each loan contract is slightly different. Your servicer can explain the various options so you can determine what is best for you.

4. How is this different from the student loan relief provided under the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act?

The CARES Act only covers loans owned by the federal government. That’s 93 percent of all borrowers, but it still left out as many as 1.1 million Californians with either commercial Federal Family Education Loan Program (FFELP) loans or other private student loans. The DFPI’s initiative provides much-needed relief to most of these outstanding borrowers.

5. I do not know who my servicer is. How do I find out?

Your loan servicer is who you send your payment to every month. Check for the name and contact information on your last billing statement. If you are still unsure, you can call the Federal Student Aid Information Center at 1-800-433-3243.

6. What loan servicers said they will provide relief options?

Almost 20 servicers have agreed to offer relief options. Please refer to this list of participating student loan servicers.

If your servicer is listed, you should contact them immediately to ask for relief.

7. I think my loan servicer is not acting in my best interest, and they’re giving me trouble. Is there anyone I can contact?

Yes! Borrowers experiencing difficulties with their servicers are encouraged to contact the Department of Financial Protection and Innovation at 1-866-275-2677 or, to file a complaint, at

8. Which states are involved in the is initiative?

There are nine state involved in the initiative.

  • California
  • Colorado
  • Connecticut
  • Illinois
  • Massachusetts
  • New Jersey
  • Vermont
  • Virginia
  • Washington

Last updated: Feb 8, 2021 @ 6:33 pm