Big Picture: Borrowers of FEDERAL (not private) student loans will see a break in interest and payments amid the COVID-19 crisis as legislated by the March 26, 2020 CARES Act.
- Interest is reduced to 0% through September 30, 2020
- An automatic administrative forbearance has been placed on all accounts halting payments through September 30, 2020. After this date, automatic payments will resume as normal.
- This WILL NOT affect your payment history on your credit report or negatively affect your Forgiveness Program payments.
- You CAN still make payments on your student loans. If you choose to waive the forbearance, just contact your loan servicer to remove the administrative forbearance or make manual (not auto-draft) payments online.