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.