Private Student Loan Late Fees

Q: I made a private student loan payment a few days late, and was notified by the company that handles my loans that I would be charged a late fee, which would be added to next months student loan payment. Is there any way to dispute this or get the late fee waved since it was my first time?

A: Unfortunately for private student loans, there is really little room for dispute. In the promissory note for your private student loan, you should find a section stipulating late fees. Late fee amounts, and what actions trigger the late fee should be included. For most private student loans there is very little the borrower can do to get the fee reduced or removed, but each private student loan does have different terms. You could try to contact your lender, or the company that services your private student loan to see if there is anything that they can do to remove or reduce the late fee, but typically there is not.

The best thing to do in this situation is to simply pay the late fee, and make certain to make timely private student loan payments in the future. Ignoring the late fee or not paying it, will just lead to larger problems and most likely additional late fees.

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