C.A.R.E.S. Act (Coronavirus Aid, Relief, and. Economic Security Act) and Stimulus Checks: Student Loans and the CARES Act

NEW INFORMATION

• If you made a Student Loan payment after the president signed the CARES Act on March 27, 2020, you can receive a refund.  Contact your loan servicer to request that your payment be refunded.
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• Student loan payments will automatically stop from March 13, 2020, through Sept. 30, 2020.  Contact your loan servicer. 

On March 27, 2020, the president signed the CARES Act into law, which, among other things, provides broad relief for federal student loan borrowers.

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.

From March 13, 2020, through Sept. 30, 2020, the interest rate is 0% on the following types of federal student loans owned by Education Department:

• 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.

More information:https://studentaid.gov/announcements-events/coronavirus