The CARES ACT and Student Loans
During this time, people are looking for ways to help alleviate financial burdens. The CARES ACT that was passed on March 27, 2020, provides several ways of relief and one of those includes relief for those paying Student Loans. Federal Student Loan principal and interest payments are suspended until September 30, 2020.
What does this mean for you?
Most federal Student Loan Lending companies are suspending monthly payment requirements and setting the interest rate down to 0%.
Whether you are unable to pay your loans or if you can afford to pay off more of your loan- this is beneficial because either way it is a win.
Contact your Student Loan lending company
Ask them what all the options are for your loan and if monthly payments are suspended and if the interest rate is 0%
Payments made on or after March 13, 2020?
If you have made student loan payments on or after March 13, 2020, you can request a refund for those payments.
To do so, you will need to contact your Student Loan Lending Company and go through a refund request process. So this 6 month relief actually can turn into 7 months of relief due to the CARES ACT.
Additional facts you should know:
To read more on the benefits from the CARES ACT and how they apply to you, read our recent blogs found here.