Discover, Wells Fargo To Offer Private Student Loan Modifications

Ashlee Kieler, The Consumerist
Thu, 11/20/2014 - 2:45pm

(Phil Jones)Consumers facing difficulty in paying back their private student loans often have a difficult time receiving any relief from lenders. While some smaller banks have relaxed their repayment terms for good borrowers in the past, two of the nation’s largest private lenders are set to make the same opportunities available to private student loan borrowers. The Washington Post reports that Wells Fargo and Discover Financial Services are currently ironing out the terms of modification programs that could begin before the end to the year. Officials with Wells Fargo, which has $11.9 billion worth of student loans outstanding, says the company plans to offer lower interest rates for eligible borrowers starting this month and extend repayment periods starting in February. The move, the company says, could save consumers thousands of dollars in interest payments over the life of the loan.

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Discover, Wells Fargo To Offer Private Student Loan Modifications

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