The Coronavirus Aids, Relief, and Economic Security (CARES) Act was designed to help ease stress caused by COVID-19 on everyone, including college students and those in the process of repaying student loans. That doesn’t mean there’s no stress in navigating what it all means.
The U.S. Department of Education Office of Federal Student Aid provides answers to your questions about federal student loans on studentaid.gov. In addition to offering a special program to assist you during this time, we’re also here to reduce confusion by answering your most frequently asked questions about private student loans and COVID-19.
What kind of relief am I eligible for?
U-fi From Nelnet is offering a special forbearance to help support borrowers who have been negatively impacted by COVID-19 due to loss of income, job uncertainty, and/or unexpected expenses. If you’re still experiencing financial difficulties after this period of forbearance, contact us to discuss further relief options.
If I don’t pay anything over the next few months, will my term be extended?
While you’re in the COVID-19 forbearance, loan payments will not be due, and your loan term will not be reduced. This means that, in the end, you’ll still make the same total number of payments over the life of the loan as originally planned.
How will forbearance affect my payment amount as soon as payments come due again?
With U-fi From Nelnet, your payments may or may not increase when your student loans return to a repayment status. Note: interest will continue to accrue.
Why am I not eligible for a 0% interest rate?
Your loans with U-fi From Nelnet are private student loans, so they are not eligible for the COVID-19 relief currently being offered through the CARES Act.
Will interest on my loan be deferred or waived while it’s in the COVID-19 forbearance?
No. Unfortunately, as this is not a federal student loan, it’s not eligible for the interest forgiveness mandated by the U.S. government at this time.
I don’t have a printer. Can I still apply for COVID-19 forbearance?
Yes. You can request a COVID-19 forbearance verbally, via email, or by completing our COVID-19 forbearance application.
U-fi From Nelnet is here to help you! That means being here with resources – and answering your questions about finances, loans, credit, budgeting, and more.