[Your name]
[Your return address]
[Date]
[Loan Company name]
[Correspondence Address on Your Bill]
Re: Request to lower my monthly payment [Account number for the loan, if you have it]
Dear [Loan Company Name]:
I am writing to you because I need to reduce my monthly private student loan payment due to a financial
hardship. I am requesting a payment that allows me to meet my other necessary living expenses.
Please conduct a review of my account to determine whether I am eligible for an alternative repayment plan.
[This paragraph is optional] I believe I can afford to pay $____ per month toward my loan(s). If you
require details on my monthly income and expenses, I have attached a worksheet which you can use to
make an evaluation.
If you require additional authorization in order to reduce the amount of my monthly payment, please
consider this letter a written request that you contact my lender or other authorized party to conduct a
review of my account and provide a response within 15 days of receipt of this letter.
If you do not grant this request for a reduced payment plan, I will be at risk of default. If I receive a reduced
payment plan, I may be able to avoid default, which is in the best interest of all parties.
If you determine that you are unwilling to provide a reduced payment plan, please provide the following
information:
•
What available reduced payment options do you offer other than forbearance?
•
For what reason(s) am I ineligible for these repayment programs?
•
If I am not eligible for these repayment programs, when will I become eligible?
•
What steps do I need to take to qualify for these repayment programs?
•
Do you anticipate modifying these repayment programs in the future?
•
Where on your website can I find additional information on these alternative repayment programs?
In addition, if you are unable to provide any of the information or documentation I have requested or
otherwise cannot comply with this request, please provide an explanation.
I hope we will be able to agree upon an acceptable repayment plan.
Thank you for your cooperation.
Sincerely,
[Your name]
[Your contact info]