On March 27, 2020, The $2 Trillion Stimulus Package known as The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted.
The Stimulus Package impacts many Americans, including those with student loan debt. Under the CARES Act, all student loan borrowers with eligible federal student loans, will have their monthly payment obligation automatically suspended through September 30, 2020.
This means these borrowers may take a break from making their required monthly payments, without incurring interest or penalties until September 30, 2020.
Which loans does the CARES Act apply to?
Will this affect progress toward loan forgiveness?
Reduce your monthly payments
If you can still make payments, but need to lower your monthly payment, consider enrolling in an income-driven repayment plan. These plans will cap your required monthly repayment in proportion to your income. And, depending on your financial situation, you may pay as little as $0. Use our Discover Tool to find an income-driven repayment plan that is right for you.
Help spread the word by sharing this with everyone you know that could benefit from paused or lower student loan payments. Stay Chipper and healthy!