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Some Harvard students are struggling to repay their private student loans during the coronavirus crisis. Jenny M. Lou
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With millions facing financial hardship as a result of the COVID-19 pandemic, President Donald Trump last month signed into law a $2 trillion relief package, the Coronavirus Relief, Relief and Economic Security Act. The law offers federal student loan borrowers a six-month grace period until Sept. 30, with no interest accrual.
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Brian O. Buckley, an alumnus of the Harvard School of Public Health and president of the Harvard Graduate Student Council, said he has both government and private loans.
“My wife and I have student loans. All of her loans are federal loans and that’s why she got the deferral,” Buckley said. “For me, it’s both federal loans and private loans. But when I enter the job market, I have to start paying back the loans.”
“I have a lot of private loans and so far they haven’t taken any steps to help,” he added.
One such private graduate student lender is Harvard University Employees Credit Union, a nonprofit financial cooperative exclusively for university employees, students, and alumni.
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Eugene J. “Gene” Foley, president and CEO of HUECU, said the institution is probably the largest lender of student loans to Harvard students.
“We’re going to lower the rate, we’re going to delay the payment, we’re going to do a combination of things,” Foley said. “Our reps have been very busy with students calling for help, and we try to handle each case, rather than just releasing one program that’s a perfect fit.”
Noelle G. Graham — a Harvard law student who took out all of her student loans at HUECA — wrote in an email that she believes the credit union’s one-on-one approach can put unnecessary pressure on those struggling with finances.
“While granting aid on a case-by-case basis gives flexibility to the institution, it creates uncertainty for those who need it,” Graham wrote. “It also imposes a duty on every person to actively defend themselves. And those who need that relief the most are likely to feel the most exhausted and frustrated right now.”
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Graham said she hopes the credit union will provide the same assistance as the federal government because of the “extreme financial uncertainty” caused by the coronavirus pandemic.
Foley said the credit union offers “a lot” of student loan assistance comparable to federal programs. He advocated for an individualized approach, noting that solutions can be “better” if they are “tailored” to the needs of an individual student.
“We do a lot of what the federal government does, but we do it on a case-by-case basis to see if we can really help people and figure things out,” Foley said.
Graham, co-president of the law school’s student government, said that while she doesn’t have to pay until she graduates in 2021, graduating law students are especially concerned about paying off their loans.
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“Many HLS students work in private law firms after graduation, but if those firms decide to delay their start date, that could be a real challenge for some people,” Graham said. “Students entering the public sector are likely to find themselves in an even more difficult position.”
Foley said the “vast majority” of recent requests for help coming into the Credit Union are related to student loans and mortgages. HUECU also offered one-time skip payments and three-month payment deferral options for consumer and personal loans.
He said the credit union will adjust its financial support for Harvard students and staff as the pandemic progresses.
“I’m not sure what the scope and duration of this financial crisis is going to be, so we just wanted to get programs in place right away to help people,” Foley said. “And then we centrally triage the requests that come in so that we can have a very good pulse of where the issues are.”