How to Write a Student Loan Goodwill Letter

Student loan goodwill letters, also known as goodwill forgiveness removal letters and goodwill adjustment letters, require some thought before drafting. In your letter, you don’t want to appear rude, misinformed, or secretive.

Use these tips to write the perfect goodwill letter:

Be Polite and Personable

Debt and credit worries are stressful. It’s easy to lose your temper over the phone or even with a person if you’re discussing something that worries you. Make a conscious effort to maintain a neutral, polite tone with your creditor or servicer, even if they were the ones who made an error. And, make sure to address a specific representative or department instead of the generic “to whom it may concern” opening. This channels a more personable voice

Be Accountable

Describe your overlooks or wrongdoings early in the letter. Take responsibility for late payments, but also explain your situation and how it made it harder for you to make your payments. Additionally, take this time to assure your lender or servicer that you are capable of making future payments. Include proof like bank statements to demonstrate your financial capability, and to gain their trust.

Keep It Short and Sweet

Explain your situation and include pertinent details, but don’t write an elaborately long letter. Your loan servicer will appreciate it!

Student Loan Goodwill Letter Sample

Drafting a goodwill letter might feel intimidating at first. It’s always helpful to refer to a goodwill letter student loan example. Use this student loan template to draft your student loan goodwill letter:

[Your name]

[Your address]

[Account number]

[Last four digits of your Social Security number]

[Date]

To [Student loan lender/servicer],

Thank you for this opportunity to discuss my issue with you. My name is [Your Name], and I’m writing to discuss a late/missed payment I noticed on my credit report.

It has always been a pleasure working with your organization, and I appreciate your support over the months/years in helping me manage my student loans. I have always maintained a good repayment record up until now, and rarely, if ever, paid anything late.

Recently, I experienced a sudden [insert personal issue] which severely impacted my ability to make payments on time. Had it not been for [[insert personal issue], I would have made my payments on time as I have for the past [insert time period].

I’m hoping you could help me by removing this late/missed payment from my record, and asking the credit bureaus to remove it from my report.

I plan to [insert credit activity, like getting a mortgage] and with this blemish on my credit report, I’ll be faced with high interest and fees, which will set me back. I also believe my credit report isn’t an accurate representation of how creditworthy I am, or of my dedication to repaying my loans.

I value punctuality and am confident that I will do better in the future. I’ve attached bank statements to demonstrate my ability to make my payments going forward. I would really appreciate a goodwill adjustment to help me move on with life, without having a past mistake hold me back.

Thank you for your time and consideration. Feel free to reach out with any questions. I hope you have a great day.

Sincerely,

[Your name]

How to Send a Student Loan Goodwill Letter

Wondering how to send a student loan goodwill letter? Loan providers offer a few options:

Hard copies via mail
Online
Customer Service

Conclusion

Student loan goodwill letters aren’t guaranteed solutions to your late or missed payments. But, you certainly don’t have anything to lose by writing a goodwill letter. When drafting your goodwill letter for student loan late payment, remember to include all important information about your account and situation.