Student Loan Assistance During COVID-19 Pandemic

Contents

UPDATE: 4/5/20

 
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?

March 13, 2020 to September 30, 2020

 

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.

Coronavirus and Forbearance Info from StudentAid.gov: studentaid.gov

Last Review and Update: Apr 06, 2020