The CARES Act recently passed by Congress includes important provisions for our graduates currently repaying their loans. It provides financial relief of loan payments from April through September 2020. Your federal loan servicer may have already implemented this change.
Unless a borrower opts out, for all federal student loans owned by the US Department of Education:
- Loan repayments are suspended until September 30, 2020.
- Interest is waived through September 30, 2020.
- These months will count as qualifying months toward all forgiveness benefits including Public Service Loan Forgiveness (PSLF) for borrowers who maintain qualifying employment.
If you have any questions about the CARES Act, Public Service Loan Forgiveness, the Loan Repayment Assistance Program (LRAP), or what you should be discussing with your federal loan servicer during this time, please feel free to reach out to us at firstname.lastname@example.org and we’d be happy to work with you!