Talk to a debt counselor toll free:800-300-9550
Our Clients Rate Us Excellent
Based on 3234 reviewsTrustPilot Reviews
If you had to get private student loans to finance your education you were pretty much stuck until very recently. Private lenders such as Wells Fargo and Discover offered zero options. You had a fixed monthly payment, a fixed interest rate and a fixed term and that was it. However, as Bob Dylan has sung, "the times they are a changin." For example, Wells Fargo is lowering its interest rates to as little as 1% in a program that is now available to all eligible borrowers that are up to or around 120 days and 130 days behind in their payments. This new program is also available to those who had been on time with her payments but are in risk of falling behind because of unemployment, pay cuts or medical issues. If you have defaulted on your loan or are 130 days or more late with your payments, you would not be eligible for this program.
Discover has started allowing some borrowers to make interest-only payments for temporary periods of time. It has said that it will roll out permanent modification options early next year, which could include interest-rate reductions and even partial loan forgiveness. Right now, the interest-only option is only available to those that are less than 60 days late on their payments and were not previously in a similar repayment option.
Don't wait. Act now
If you’re struggling to repay a private loan or loans don't wait for these companies to come to you. Contact Wells Fargo or Discover immediately – especially if you are possibly headed for default.