Student Loan Covid 19 Care Act Guidelines

Student Loan Covid 19 Care Act Guidelines

Your payments will automatically stop from March 13, 2020, through Sept. 30, 2020.

To provide relief to student loan borrowers during the COVID-19 national emergency, federal student loan borrowers are automatically being placed in an administrative forbearance, which allows you to temporarily stop making your monthly loan payment. This suspension of payments will last until Sept. 30, 2020, but you can still make payments if you choose.

If our school closed has closed due to the coronavirus .Please contact your school. Many institutions are making arrangements (such as take-home assignments or online classes) so students can complete the term.

If you’re unable to work your scheduled hours because of coronavirus-related disruptions (such as school or employer closures or student quarantines), your school may pay you for any scheduled hours or allow you to work by another means—for example, completing work online or remotely, depending on the job. Contact your school for more information.

If your parents can’t go to their jobs because of the coronavirus, and you want to know if can get more financial aid? Talk to the financial aid office at your school. They have flexibility to work with students to ensure the students are able to stay in school.

If someone in my family has the coronavirus, and your whole family has self-quarantined, and you can’t attend classes. You should contact your school’s financial aid office,
as well as your academic advisor/coach or program coordinator, for additional guidance about your financial aid situation. Your school can tell you your options for continuing in your
program of study. Additionally, if you need to take a leave of absence as a result of the coronavirus outbreak, you should speak with your school’s financial aid office.

Many schools have provided detailed coronavirus-related decisions and guidance for students.You should also check your school’s website and verified social media accounts
for resources and the latest information about this rapidly evolving situation.

If your school has moved classes to an online format, you must continue to participate in the course work and follow your teacher’s or professor’s instructions to remain eligible for financial aid. If you have questions about the online format, contact your school.

Check your school’s website for resources and contact information. Your school’s verified social media accounts also may be a good source for the latest information about
how to contact your school during this time. While many schools have transitioned face-to-face courses to online instruction,
most remain open and available to assist their students with questions.

Questions About the 0% Interest Period

Interest is being temporarily set at 0% on federal student loans.
From March 13, 2020, through Sept. 30, 2020, Interest is being temporarily set at 0% on federal student loans.

Which loans does the 0% rate apply to?

  • Defaulted and nondefaulted Direct Loans
  • Defaulted and nondefaulted FFEL Program loans
  • Federal Perkins Loans

Please note that some FFEL Program loans are owned by commercial lenders, and some Perkins Loans are owned by the institution you attended.
These loans are not eligible for this benefit at this time.

If my loans are owned by ED, do I need to do anything for the interest on my loans to be set at 0%?
ED will automatically adjust your account so that interest doesn’t accrue (i.e., accumulate). The account adjustment will be effective March 13, 2020

 

 

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