Coronavirus Federal Student Loan Help
On March 27, a new federal law called Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed. This new law automatically suspends all federal student loan interest and principal payments until September 30, 2020.
Which loans does this new policy apply to?
Most federal student loans owned by U.S. Department of Education that were issued since 2010. If you have federal loans that are owned by commercial lenders it does not apply at this time. If you have private loans, then this suspension of payment does not apply to you. It is important to know which type of loan you have and understand the repayment requirements.
How to Proceed
If your loan meets the criteria mentioned above, no action is required to postpone your payment. If you have private loans and cannot manage making payments at this time, you can contact your servicer find out about setting up a forbearance, or postponement of payment. Interest may still accrue, therefore you should try to seek it out as a temporary solution to any financial hardship caused by this crisis.