{"id":3807,"date":"2020-03-20T12:12:00","date_gmt":"2020-03-20T16:12:00","guid":{"rendered":"https:\/\/framinghamsource.com\/?p=3807"},"modified":"2020-03-20T12:15:12","modified_gmt":"2020-03-20T16:15:12","slug":"government-offers-2-month-suspension-and-0-interest-on-federal-student-loan-payments","status":"publish","type":"post","link":"https:\/\/framinghamsource.com\/index.php\/2020\/03\/20\/government-offers-2-month-suspension-and-0-interest-on-federal-student-loan-payments\/","title":{"rendered":"Government Offers 2 Month Suspension and 0% Interest On Federal Student Loan Payments"},"content":{"rendered":"\n

The following is a press release from the U.S. Department of Education.<\/em><\/p>\n\n\n\n

***<\/p>\n\n\n\n

WASHINGTON DC \u2014 U.S. Secretary of Education Betsy DeVos announced today, March 20, that the office of Federal Student Aid is executing on President Donald J. Trump\u2019s promise to provide student loan relief to tens of millions of borrowers during the COVID-19 national emergency.<\/p>\n\n\n\n

[broadstreet zone=”53230″]<\/strong> <\/p>\n\n\n\n

All borrowers with federally held student loans will automatically have their interest rates set to 0% for a period of at least 60 days. <\/p>\n\n\n\n

In addition, each of these borrowers will have the option to suspend their payments for at least two months to allow them greater flexibility during the national emergency. <\/p>\n\n\n\n

This will allow borrowers to temporarily stop their payments without worrying about accruing interest.<\/p>\n\n\n\n

[broadstreet zone=”53820″]<\/strong> <\/p>\n\n\n\n

\u201cThese are anxious times, particularly for students and families whose educations, careers, and lives have been disrupted,\u201d said Secretary DeVos. \u201cRight now, everyone should be focused on staying safe and healthy, not worrying about their student loan balance growing. I commend President Trump for his quick action on this issue, and I hope it provides meaningful help and peace of mind to those in need.\u201d<\/p>\n\n\n\n

Secretary DeVos has directed all federal student loan servicers to grant an administrative forbearance to any borrower with a federally held loan who requests one. <\/p>\n\n\n\n

[broadstreet zone=”59982″]<\/strong> <\/p>\n\n\n\n

The forbearance will be in effect for a period of at least 60 days, beginning on March 13, 2020. <\/p>\n\n\n\n

To request this forbearance, borrowers should contact their loan servicer online or by phone. <\/p>\n\n\n\n

The Secretary has also authorized an automatic suspension of payments for any borrower more than 31 days delinquent as of March 13, 2020, or who becomes more than 31 days delinquent, essentially giving borrowers a safety net during the national emergency.<\/p>\n\n\n\n

[broadstreet zone=”59983″]<\/strong> <\/p>\n\n\n\n

Some borrowers may want to continue making payments, like those seeking Public Service Loan Forgiveness (PSLF) or those enrolled in a repayment plan with a manageable monthly payment. <\/p>\n\n\n\n

For borrowers continuing to make payments, the full amount of their payment will be applied to the principal amount of their loan once all interest accrued prior to the president\u2019s March 13 announcement is paid. <\/p>\n\n\n\n

The Department will work closely with Congress to ensure all student borrowers, including those in income driven repayment plans, receive needed support during this emergency.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Any borrower who has experienced a change in income can contact their loan servicer to discuss lowering their monthly payment.  <\/p>\n\n\n\n

Visit\u00a0StudentAid.gov\/coronavirus<\/a>\u00a0for forthcoming details. <\/p>\n","protected":false},"excerpt":{"rendered":"

The following is a press release from the U.S. Department of Education. *** WASHINGTON DC \u2014 U.S. Secretary of Education Betsy DeVos announced today, March 20, that the office of Federal Student Aid is executing on President Donald J. Trump\u2019s promise to provide student loan relief to tens of millions of borrowers during the COVID-19 […]<\/p>\n","protected":false},"author":2,"featured_media":3808,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[55],"tags":[609,692,691],"class_list":["post-3807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education","tag-coronavirus","tag-student-loans","tag-u-s-department-of-education"],"yoast_head":"\nGovernment Offers 2 Month Suspension and 0% Interest On Federal Student Loan Payments - Framingham Source<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/framinghamsource.com\/index.php\/2020\/03\/20\/government-offers-2-month-suspension-and-0-interest-on-federal-student-loan-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government Offers 2 Month Suspension and 0% Interest On Federal Student Loan Payments - Framingham Source\" \/>\n<meta property=\"og:description\" content=\"The following is a press release from the U.S. Department of Education. *** WASHINGTON DC \u2014 U.S. Secretary of Education Betsy DeVos announced today, March 20, that the office of Federal Student Aid is executing on President Donald J. 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