State of Connecticut Department of Banking

Small-owned Businesses: Join us for a “Meet the Bankers” event on Wednesday, May 8th at 5:30 p.m. at CT Community College Housatonic in Bridgeport. Click here for more information. Pequeñas empresas: Participe con nosotros en el evento “Conozca a los Banqueros” el miércoles 8 de mayo a las 5:30 p.m. en CT Community College Housatonic en Bridgeport. Presione aquí para más información.

COVID-19 Relief for Student Loan Borrowers

Student Loan Relief Under the CARES Act:

The federal Coronavirus Aid, Relief and Economic Security (CARES) Act applies only to student loans that are held by the federal government, which are the vast majority of student loans issued since 2010.  The CARES Act does not apply to federal loans that are not owned by the U.S. Government as well as loans made by private lenders.

Some federal student loans under the Federal Family Education Loan (FFEL) Program are owned by commercial lenders, and some Perkins Loans are held by the institution or school you attended.  In addition, the CARES Act does not apply to private (non-federal) student loans owned by banks, credit unions, schools, or other private entities. 

Connecticut Residents Receive Additional Relief

On April 21, 2020, Governor Ned Lamont and Banking Commissioner Jorge Perez, in collaboration with other states, announced that Connecticut has secured relief options with many private student loan servicers whose borrowers are not covered by the CARES Act. Under this new initiative, Connecticut residents with commercially owned FFEL Programs or privately held student loans who are struggling to make their payments due to the COVID-19 pandemic will be eligible for expanded relief. 

Borrowers in need of assistance should immediately contact their student loan servicer to identify the options that are appropriate to their circumstances. Relief options through the servicers listed below include:

  • Providing a minimum of 90 days of forbearance
  • Waiving late payment fees
  • Ensuring that no borrower is subject to negative credit reporting
  • Ceasing debt collection lawsuits for 90 days
  • Working with borrower to enroll them in other borrower assistance programs, such as income based repayment.

Additionally, if regulated student loan servicers are limited in their ability to take these actions due to investor restrictions or contractual obligations, servicers should instead proactively work with loan holders whenever possible to relax those restrictions or obligations.  The Department encourages prudent and reasonable actions taken to support relief for borrowers during the pandemic. 

How do I find out what type of student loan I have?

To determine the types of federal loans residents have and who their servicers are, borrowers can visit the Department of Education’s National Student Loan Data System (NSLDS) at or call the Department of Education’s Federal Student Aid Information Center at 1-800-433-3243 or 1-800-730-8913 (TDD). Borrowers with private student loans can check the contact information on their monthly billing statements. 

If a borrower is experiencing trouble with their student loan servicer, they are encouraged to ask to speak to a supervisor and then if still needed, contact the following and file a complaint:  

Connecticut Department of Banking - call 860-240-8170 or File an Online Complaint

Consumer Financial Protection Bureau 

Private Student Loan Servicers Providing Relief

As of April 21, 2020

  • Aspire Resources, Inc.
  • College Ave Student Loan Servicing, LLC
  • Earnest Operations
  • Edfinancial
  • Kentucky Higher Education Student Loan Corporation
  • Lendkey Technologies, Inc.
  • MOHELA
  • Navient
  • Nelnet
  • SoFi Lending Corp.
  • Tuition Options
  • United Guaranty Services, Inc.
  • Upstart Network, Inc.
  • Utah Higher Education Assistance Authority
  • Vermont Student Assistance Corporation

States joining this initiative include California, Colorado, Connecticut, Illinois, Massachusetts, New Jersey, Vermont, Virginia, and Washington.