April 06, 2020

COVID-19 Relief for Student Loan Borrowers

The CARES Act requires the Education Secretary to defer student loan payments, principal and interest for six months, through Sept. 30, 2020, without penalty to the borrower for the following types of federally-owned student loans:

This provides relief for over 95 percent of student loan borrowers. Student loan servicing companies should be working with the Department of Education to enact the relief efforts provided by the CARES Act immediately. These provisions do not apply to privately owned student loans.

0% Interest for Federal Student Loans

Temporary Suspension of Payments

Public Service Loan Forgiveness (PSLF) & Income-Driven Repayment (IDR)

More Resources:

Related News