Student Loan Borrower Relief
If you have student loan debt, Congress has passed several provisions outlined below for borrowers that help provide relief through September 30, 2020.
During this period, a borrower will be able to:
Pause payments for federal student loan borrowers who have Direct Loans and Federal Family Education Loan (FFEL), which means these borrowers will not be required to make any payments toward outstanding interest or principal balance.
Suspend interest accrual for such loans so that these balances don’t accrue.
Avoid forced collections such as garnishment of wages, tax refunds, & Social Security benefits.
Halt negative credit reporting.
Ensure a borrower continues to receive credit toward Public Service Loan Forgiveness, Income-Driven Repayment forgiveness, and loan rehabilitation.
For additional guidance on how to apply and learn about next steps as this critical relief becomes available, please refer to the U.S. Department of Education website here.
You can find frequently asked questions about COVID-19 forbearance information for students and borrowers here.