Student debt resource platform Student Loan Hero just released the findings of a survey that polled more than 1,000 private student loan borrowers on whether they were granted any type of payment relief from their lenders amid the pandemic.

With the recent passing of the CARES Act, private borrowers found themselves with very few relief options. This new legislation granted millions of federal student loan borrowers a 0% interest, six-month reprieve from repayment, but failed to address those with private student loans, leaving millions uncovered.

Fortunately, however, findings indicate that about 70% of private loan-holders who have requested relief directly from their lenders have received it. Full report: https://studentloanhero.com/featured/survey-private-student-loan-relief

Additional Key Takeaways

-Approximately 54% of private loan borrowers requested a reprieve from their lender due to COVID-19. Male borrowers (65%) were significantly more likely to seek help than female borrowers (42%).

-Nearly 3 of every 10 respondents with private education debt have “strongly considered” filing for bankruptcy over the last three months as a means to loan discharge. Another 24% considered a bankruptcy proceeding, but only as a fleeting thought.

-About 51% of private student loan borrowers have seen their wages or hours cut, or they were laid off or furloughed due to the coronavirus’s effect on the economy.

-About 8 in 10 of these private loan borrowers believe it’s unfair that their debt was excluded from federal government-granted relief.