I graduated and I’m responsible for making payments on my loan. What are my options?

The Department of Education is going to alleviate both student loan interest and payment requirements for borrowers impacted by COVID-19.

How do I request a forbearance to stop payments for 60 days?

Contact your loan servicer to request a forbearance due to COVID-19.

How do I find out who my loan servicer is?

Go to www.nslds.ed.gov to get that information.

Do I need to do anything to request the interest be waived on a student loan?

No, this is automatically done by the Department of Education.

Will my monthly payments go down because interest is being waived?

No, it will remain the same, but the full amount will be applied to already accrued interest and/or the principal.

How long will interest be waived?

For at least 60 days, beginning March 13, 2020. The Department of Education may extend that period depending on the status of the COVID-19 national emergency.

On March 20, the President said I can suspend payments on my loans. What do I need to do for this to happen?

Ask your loan servicer for an administrative forbearance due to COVID-19.

What if I am already more than 31 days past due on payments?

If you’re 31 days behind as of March 13 or become more than 31 days delinquent after that date, you’ll automatically be place in an administrative forbearance to give you a safety net during the COVID-19 emergency.

Are private loans eligible for those benefits?

No, Department of Education doesn’t have authority over private loans.

How long will the forbearance last?

For at least 60 days, but the Department of Education may extend this period depending on the COVID-19 status.

Is there any reason why I would not want to suspend payments?

Possibly, if you’re pursuing some types of loan forgiveness, you may not want to go in forbearance because the time spent in forbearance doesn’t count toward the required payments.

I was not affected financially by COVID-19. Should I still make payments if it is deferred?

Yes, if you can afford it, you may want to continue to pay off as much of your loan as possible while there is a 0% interest rate.

What if I am already in a forbearance?

It will still stop accruing interest starting March 13, for at least 60 days. However, any interest prior to March 13 will capitalize, which means it will be added to your principal balance.

My company closed due to COVID-19. I’m no longer employed and can’t pay the bill. Can I stop payments until working again?

Contact the loan servicer as soon as possible to discuss options.

I’m on an income based payment plan. What should I do if my income is less due to COVID-19?

Ask for your monthly payment to be recalculated at any time by your loan servicer.

Will my defaulted loan accrue interest?

Not for at least 60 days, beginning March 13, 2020.