Student Loan Help During Coronavirus Crisis

The federal government has taken action to help people paying off their student loans during the coronavirus crisis.

President Donald Trump announced that federal student loan interest will be waived for 60 days due to the pandemic.

The U.S. Department of Education says borrowers will automatically have their interest rates set to 0% for at least 60 days starting when the national emergency was announced on March 13.

The president also announced federal student loan payments would be suspended without penalty for two months, but that’s not an automatic action.

You’ll need to take some steps to postpone your student loan payments.

Contact your federal student loan servicer to request an “emergency forbearance.”

Once you’ve gone through your individual servicer’s process, you won’t be required to make any federal student loan payments for 60 days.

Again, this is an optional and not automatic action.

For more information on postponing your student loan payments, click here.

Categories: Coronavirus