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. On December 4, 2020, the Secretary of Education extended the temporary 0% interest rate through 01/31/21. COVID-19 Emergency Forbearance Under the CARES Act and the recent December 4, 2020 extension, all payments due on federally held student loans will be suspended (stopped) through 01/31/21. In order to suspend payments, your student loan servicer will be applying an administrative forbearance through 01/31/21 on all federally held student loans, with some exceptions. WHAT DOES THIS MEAN FOR YOU? You do not need to request the payment suspension; 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 January 31, 2021. No interest will accrue while the 0% interest rate reduction is in effect (March 13, 2020 through January 31, 2021). You may request to opt out of the payment suspension (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 01/31/21. You may still choose to make a payment at any time. Since interest is not accruing on your account through January 31, 2021, it is a great time to make payments to continue to reduce your principal balance. If you are currently on an Income-Driven Repayment (IDR) plan, you will not have to recertify your IDR plan before 03/31/21. As part of the payment suspension, your recertification date has been pushed out from your original recertification date. You will be notified of your new recertification date before it is time to recertify. TIME SPENT IN PAYMENT SUSPENSION MAY COUNT TOWARDS FORGIVENESS PROGRAMS Good news! Time spent in the payment suspension 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. Payments you would have made, but are no longer required to make, will count towards IDR forgiveness. Payments you would have made, but are no longer required to make, will count toward PSLF if you have a non-defaulted federally-held loan and work full-time for a qualifying employer during the payment suspension. You will need to submit an Employment Certification Form that includes this period to receive credit for your employment during the payment suspension period. For more information about PSLF, please visit StudentAid.gov/PSLF. 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 or extension. 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.