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Is there any relief measure for student loans now? I have private student loans too




Hi David!
Private lenders offering to pause payments for up to 12 months or longer with debt forbearance or debt deferment policies. But unlikely the federal loan; interest will continue to surge with private student loans.

The federal education department is offering options for student borrowers who need help with their student loans.
Automatic forbearance to all federal loan borrowers.
Automatically waiving interest on federal student loans.
Stopping all collection activities on federal student loans.
The following measures will continue until Sept. 30.
Thanks!

Sub: #1 posted on Thu, 05/14/2020 - 04:00

Ryan Miller Ryan Miller

(Posts: 249 | Credits: )

The CARES Act bring some relief to the people who have taken out student loans. But that's applicable if you have taken out federal student loans held by the Department of Education. According to the CARES Act, you don't have to make payments for your federal student loans for 6 months, starting from March 13 to September 30, 2020. And no interest will be accrued during this period!
In case you have taken out private student loans, you can seek some relief from your lenders. Because, many private student lenders are supporting to deal with the pandemic, like postponing monthly payments up to 90 days, waiving off late fees, not reporting to the credit bureaus, etc. So, if you need help with your private student loans, talk to your lenders about your financial hardship and and seek relief.

Sub: #2 posted on Thu, 05/14/2020 - 05:39

Craigh.terry Craigh.terry

(Posts: 273 | Credits: )

Yes, according to the Cares Act, federal student loan borrowers don't have to make payments for 6 month, starting from March 13 to September 30, 2020. And no interest will be accrued.

Sub: #3 posted on Fri, 05/15/2020 - 04:32

Sanders Patricia Sanders Patricia

(Posts: 1234 | Credits: )

THe relef is for the federal student. If you haveprivat student loan, then you can request your lenders to extend the payment plan.

Sub: #4 posted on Fri, 05/15/2020 - 05:04

Sanders Patricia Sanders Patricia

(Posts: 1234 | Credits: )


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