As part of a multistate initiative to provide student loan relief during the pandemic, Coloradans with private loans or commercially-held federal loans will have options to reduce payment burdens.

“I am pleased that several states and student loan servicers have come together to provide relief to more borrowers,” said Attorney General Phil Weiser. “We all need to do our part to provide grace to those who are struggling, and I applaud these student loan servicers for stepping up.”

Weiser’s office explained that loan servicers that take “reasonable actions” to assist borrowers will not see regulatory action from the state. Borrowers who do not receive accommodations from their services should file a complaint with the attorney general.

The $2.2 trillion CARES Act suspended monthly payments, interest, and involuntary collection activity on federally-held loans until September 30. However, it did not cover those federal loans that are privately owned or loans from private lenders.

Now, borrowers in those categories could receive 90 days of forbearance, waivers of late fees, prohibitions on negative credit reporting, a 90-day moratorium on debt collections or income-based repayment plans.

The servicers participating in the initiative include:

• Aspire Resources Inc.
• College Ave Student Loan Servicing LLC
• Earnest Operations LLC
• Edfinancial Services LLC
• Kentucky Higher Education Student Loan Corporation
• Lendkey Technologies Inc.
• Higher Education Loan Authority of the State of Missouri (MOHELA)
• Navient Corp.
• Nelnet Inc.
• SoFi Lending Corp.
• Tuition Options LLC
• Utah Higher Education Assistance Authority (UHEAA)
• Vermont Student Assistance Corporation (VSAC)