index page

How much interest do I have to pay for federal and private student loans?

Date: Mon, 04/20/2020 - 01:34
Submitted by Walter Scott on Mon, 04/20/2020 - 01:34
Posts:
Credits:
[Donate]

Trump has announced relief on federal student loans. This I know. But I have a few other questions. For instance, what will happen to the interest rate for both private and federal student loans?


Hi Walter,

Welcome to forums.
Trump has issued a few federal student relief programs, which includes suspension of payments for 60 days, The interest rate for federal student loans will be set at 0% during this period. So, you can get relief here. Unfortunately, the CARE Act is not applicable to the private student loans. So, not much relief there. However, in the wake of CoronaVirus pandemic, you can ask your private student loan lenders to allow you to pause your payments for a few days, but the interest rate will accrue during this period.


Submitted by David Martin on Mon, 04/20/2020 - 02:10

David Martin

( Posts: 394 | Credits: 3933 )


In case of private student loan, it is better you contact your private lender and explain your situation. Most likely, at this time, the lender will agree to a plan which will be beneficial for you.
Have your lost job or going through any hardship? You can opt for unemployment benefits in that case.


Submitted by Good Nelly on Fri, 04/24/2020 - 06:29

Good Nelly

( Posts: 2846 | Credits: )


Hello, Walter!

Mr. President has said he would waive the interest rate for the federal student loan.

Unfortunately, private loans are not eligible to get any kind of interest-waive but you may ask your lender to do so.


Submitted by Ryan Miller on Thu, 04/30/2020 - 09:54

Ryan Miller

( Posts: 249 | Credits: 2769 )