Скачать или смотреть No Federal Student Loan Payments for Six Months?!

Useful Links

Student Loan Service Providers https://studentaid.gov/manage-loans/r...


Cares Act Full Text
https://www.congress.gov/bill/116th-c...


Coronavirus and Forbearance Info for Students, Borrowers, and Parents
https://studentaid.gov/announcements-...


Student Loan Debt Statistics for 2019
https://www.fool.com/student-loans/st...


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The Federal the Coronavirus Aid, Relief, and Economic Security Act CARES Act on March 27. This comprehensive $2.2 trillion bill is probably most known for the $1200 recovery relief payment. However, it covers
many other things as well. In this video, I want to talk to you specifically about the portion of the bill that covers federal students loans.


Section 4513 of the bill:
SEC. 4513. TEMPORARY RELIEF FOR FEDERAL STUDENT LOAN BORROWERS.
(a) In General.—The Secretary shall suspend all payments due for loans made under part D of title IV of the Higher Education Act of 1965 (20 U.S.C. 1087a et seq.) for 3 months.
(b) No Accrual Of Interest.—Notwithstanding any other provision of the Higher Education Act of 1965 (20 U.S.C. 1001 et seq.), interest shall not accrue on a loan described under subsection (a) for which payment was suspended for the period of the suspension.
(c) Consideration Of Payments.—The Secretary shall deem each month for which a loan payment was suspended under this section as if the borrower of the loan had made a payment for the purpose of any loan forgiveness program authorized under part D of title IV of the Higher Education Act of 1965 (20 U.S.C. 1087a et seq.) for which the borrower would have otherwise qualified.
(d) Extension.—The Secretary may extend the period of suspension described under subsection (a) for an additional 3 months.


This means all FEDERALLY held student loan payments are temporarily suspended and interest will not accrue through Sept. 30. And during this time, no reporting will be done on your account to the credit bureaus. The suspension is retroactive to March 13. Federally held student loans have automatically gone into forbearance and all automatic payment withdrawals stopped. Note that this does not include loans from private institutions. So what loans qualify?



Defaulted and non-defaulted Direct Loans
Defaulted and non-defaulted Federal Family Education Loan (FFEL) Program loans
Federal Perkins Loans


Some FFEL Program loans are owned by commercial lenders, and some Perkins Loans are owned by the institution you attended. Federal student loans taken out before 2010 are not Federal Direct Loans. Most loans issued before 2010 were either Perkins loans, where the school was the lender and the federal government was the guarantor, or Federal Family Education Loan (FFEL) where a private bank was the lender and the federal government was the guarantor.


The key here for automatic relief is that your lender is the federal government, not a bank or other commercial lender. I do not have information on private loans at this time and would recommend that you contact your individual loan provider to find out more on what options are available to you.


If you’re not sure what kind of loan you have, you can ask your student loan service provider or log in to StudentAid.gov and look at your lender.


You should already be on administrative forbearance and you should see no interest charges on your account. Additionally, if you had auto pay set up then this is gone too. If you still want to make payments you would manually make a payment.


If you are participating in the Federal Student Loan Forgiveness Plan -PSLF You don’t have to make payments during this time and it still counts toward those 120 payments.
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Disclaimer: Please note that this video is for informational and educational purposes only. Any advice given in this video is my own opinion. The information contained is based on sources I have researched between April 7 to 10, 2020 and interpreted to the best of my ability . In order to ensure that you make the best decision for you, you should do your own research and ask your student loan provider to see the status of your loans and obligations. Further, in order to make the best financial decision for you, seek the advice of a licensed financial adviser if needed.