Still Have a Student Loan? Some Relief
Federal Student Loan Relief
How does it work? What should you do?
Provided by William Edward Blanken Jr
Are you or someone you know currently making federal student loan payments? Considering the COVID-19 pandemic, some welcome relief may be on the way.
Thanks to the recent passage of the CARES Act, the U.S. Department of Education will allow you to temporarily halt your federal student loan payments from March 13, 2020 until September 30, 2020.1
What should you do next?
Currently, no action is necessary. As part of this relief initiative, all federal student loans will be placed in an administrative forbearance and automatic payments will be paused from March 13 to September 30, 2020.
What about the interest?
Good news! During this same time period, interest rates are being set to 0% on the following types of federal student loans:2
- Defaulted and non-defaulted Direct Loans
- Defaulted and non-defaulted FFEL Program loans
- Federal Perkins Loans
What if I want to keep making payments?
It might be important to keep in mind that payments are still being accepted during this time period, but they will not be automatic or required. Depending on your situation and goals, continuing to pay down your federal student loans may make sense, even during this challenging time.
Contact Blanken Management if you would like more information.
William Edward Blanken Jr may be reached at 850-660-1164 or email@example.com
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1 – Ed.gov, 2020
2 – Studentaid.gov, 2020