The US Department of Education realizes the financial strain that is being placed on everyone in the nation by the COVID-19 outbreak. Therefore, relief has been provided to help those who have existing federal student loans.
Of course, calling at this time is going to mean really long wait times. That’s why we wanted to summarize the announcement so that our readers could know how the latest legislation will affect their loans.
According to studentaid.gov, there is currently a stop on all payments through the end of September. Of course, if you are working online or have savings you want to dip into, you can continue to make your payments. Skipping payments will affect your end date. However, there will be no penalty if you choose to hold your payments from now until the end of September.
Keep in mind that if you want to retain your student aid for this semester, you need to complete and pass your classes. Hopefully, your school has made provisions for online instruction. However, you will need to contact your school to see how the funds will be handled. You would also want to call your school if they are continuing to hold class, but you cannot attend due to having the coronavirus or being in quarantine.
Stay Up to Date on Federal Student Aid Announcements
Obviously, the coronavirus outbreak is ongoing, and so there could be changes to information regarding existing or future grants and loans. College Planning Source is striving to help you stay up to date with the information you need. You can also get one on one assistance by calling 858.676.0700, or you can contact us online.