VIDEO: Coronavirus and Student Loans –What You Need to Know
The coronavirus crisis has caused millions of Americans to lose their job or have their income impacted. Many people are struggling to make ends meet right now and are unable to pay student loan payments. Fortunately, there are options available for those impacted by coronavirus with student loan debt. Learn what you need to know about student loans and the coronavirus pandemic.
Key Takeaways include:
- Federal student loans, including Parent Loans, are automatically and temporarily paused and interest is waived until September 30, 2020.
- Private student loans, Federal Perkins Loans held by colleges and FFELP loans do not qualify.
- There will be no more wage garnishments for defaulted student loans during this time.
- Private student loan lenders are offering options if you need to pause your payments.