Student Loan Assistance During COVID-19 Pandemic
Under the CARES Act, the following applies to federal loans only:
0% interest rate
Suspension of payments
Suspension of garnishment of wages, Social Security benefits, and tax refunds.
For how long?
The protection has been extended to September 30, 2021.
What do I need to do?
Nothing. The suspension of interest, payments, and garnishments is automatic.
Can I still make payments?
Yes. You can contact your servicer directly and make payments if you would like.
Can I get a refund if I already made a payment after March 13, 2020?
Yes. You must contact your servicer - this is not automatc.
What types of loans are covered?
- Defaulted and nondefaulted Direct Loans
- Defaulted and nondefaulted FFEL Program loans
- Federal Perkins Loans
Will suspended payments count toward Public Service Loan Forgiveness (PSLF)?
If you have a Direct Loan, were on a qualifying repayment plan prior to the suspension, and work full-time for a qualifying employer during the suspension, then you will receive credit toward PSLF for the period of suspension as though you made on-time monthly payments.
Does this apply to private student loans?
- No. If your loan is not through the Department of Education (not federal), you must contact your loan servicer directly for any available options.