Defer Private Student Loans Until September 2020

Defer Private Student Loans Until September 2020

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Jessica Kagansky started this petition to Social Finance Inc. a/k/a "SoFi"

The worldwide disruption caused by COVID-19 has sent shockwaves throughout the U.S. economy. This unforeseen disaster leaves millions of people burdened by student loans in fear of massive layoffs and not being able to pay their debt. While the government is much more forgiving when it comes to forbearance and deferment, SoFi, like other private lenders, maintains strict rules when it comes to delaying or suspending student loans. 

As of right now, SoFi offers two forbearance options: the natural disaster forbearance option and the economic hardship forbearance option. The natural disaster option is a nonrenewable forbearance without interest accrual for 60 days; the economic hardship option lasts 3 months, though interest continues to accrue during the forbearance period. Both options require proof of loss of income; in other words, the anticipation of being laid off or having one's salary cut is not enough to immediately qualify for either forbearance option.

Neither of these options are sufficient. Most borrowers have more than one loan, along with rent and a myriad other expenses. Hardworking, educated U.S. taxpayers deserve the opportunity to conserve their financial resources as much as possible in these uncertain economic times.

Sign this petition if you think SoFi should follow in the U.S. government's footsteps and offer forbearance to each member until September 2020, with no accrual of interest.  

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