October 16, 2014
Private Student Loan Inquiry
You’re saying: “I may be eligible for a lower
monthly payment. What are my options?”
You may use the sample letter on the next page to ask your loan servicing company
for more information about how to lower your monthly payment.
H o w to u s e th i s sample letter :
1. Read the background below.
2. Fill in your information on the sample letter and edit it as needed to fit your
Delete any information that doesn’t apply to you, or isn’t information you’re
looking for. You may also wish to complete the attached worksheet to help
you determine how much you can afford to pay each month. You may choose
to send the letter by certified mail or another method by which you can
establish when the letter is received by the intended recipient. You may also
cut and paste the text below into the “Send a Message” or “Contact Us”
feature when you log into your account on the servicer’s website.
3. Keep a copy for your records.
After listening to you and to the student loan industry, we’ve developed some advice
for borrowers who want accurate information on alternative repayment plans and
loan modification options, including a set of instructions that you can consider
sending to your private student loan servicer (the company that sends a bill each
Although some companies are willing to help borrowers during a time of financial
distress, unfortunately, not all private student loan companies offer assistance when
consumers are struggling to repay their loans. Using this letter may help you get a
clear answer and avoid long hold times and transfers from one call center
representative to another.
These instructions may help you get valuable information on repayment options to
reduce your monthly payment or to temporarily postpone making payments. You can