Important Updates on COVID-19 and Your Student Loans

Providing assistance to our customers and employees during the COVID-19 emergency is our top priority at this time. We are closely monitoring the latest updates from government and health organizations and will post any updates that may impact you on this page.

Disclaimer:  This information is subject to change, based on future guidance from the Department of Education. For more information, please visit StudentAid.gov/Coronavirus.

COVID-19 Emergency Information Regarding Federally Held Student Loans

NOTE:  If you have commercially held loans, view the options available for your loan type below under COVID-19 Emergency Information Regarding Commercially Held Student Loans.  If you are not sure of your loan type, contact your student loan servicer, or visit Finding Your Student Loans for more information. 

Temporary Interest Rate Reduction

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed by the president on March 27, 2020, in response to the COVID-19 emergency. Under the CARES Act, all federally held student loans (including Parent PLUS loans) will receive a temporary 0.00% interest rate effective 03/13/20. 

COVID-19 Emergency Forbearance

Under the CARES Act, all payments due on federally held student loans will be suspended (stopped) through 09/30/20. In order to suspend payments, your student loan servicer will be applying an administrative forbearance through 09/30/20 on all federally held student loans, with some exceptions.

WHAT DOES THIS MEAN FOR YOU? 

  • You do not need to request the administrative forbearance; your student loan servicer will automatically apply it to your account as directed by the U.S. Department of Education. 
  • You will not have to make payments on your loans through September 30, 2020. 
  • No interest will accrue while the 0.00% interest rate reduction is in effect (March 13, 2020 through September 30, 2020). 
  • You may request to opt out of the forbearance (tell your student loan servicer to end it) at any time. 
  • If you are enrolled in an automatic debit program, no payments will draft through 09/30/20. You may still choose to make a payment at any time. 

Time Spent in Forbearance Will Count Towards Forgiveness Programs

Good news! Time spent in this forbearance as a result of the COVID-19 emergency will still count as qualifying months towards loan forgiveness programs, such as Public Service Loan Forgiveness (PSLF) and Income-Driven Repayment (IDR) forgiveness, provided that you satisfy all other eligibility requirements for the applicable forgiveness program. 

COVID-19 Emergency Information Regarding Commercially Held Student Loans

NOTE:  If you are not sure of your loan type, contact your student loan servicer, or visit Finding Your Student Loans for more information. 

Commercially held student loans do not qualify for the temporary 0.00% interest rate reduction or suspension of payments under the CARES Act. However, there are other options available to assist you with your student loan payment. 

There are numerous repayment plans available, including Income-Based Repayment (IBR), as well as deferment and forbearance options to temporarily suspend payments.  

Private Student Loans

If you have a private student loan and need assistance, please contact your student loan servicer to speak with a customer service representative. 
 

Please visit this page for additional updates.