In addition to the other economic aid provided by the CARES Act—including for unemployed workers and small businesses—the law outlined several ways that student loan repayment would temporarily be altered. Education Department Extends Federal Student Loan Payment Freeze : Coronavirus Updates Congress hit pause on federal student loan payments … Apr 9, 2020 Brendan Murphy News Writer. COVID-19. During this time interest did not accrue on the federal portion of your Canada-B.C. Nelnet, along with the U.S. Department of Education (ED) office of Federal Student Aid, is monitoring relief measures for federal student loans pertaining to the COVID-19 pandemic national emergency. When you know a tiny bit about something, you can walk around in a fog that throws your finances for a total loop. COVID-19 student loan relief was set to expire at year's end. Restarting your Student Loan Payments: As a measure to support borrowers impacted by COVID-19, student loan repayments were temporarily suspended from March 30 to September 30, 2020. Copyright 2020 KAIT/Gray DC. There are several other measures intended to assist borrowers floating around Washington. On the campaign trail, President-elect Joe Biden backed a proposal to forgive $10,000 in federal debt per person. More recent information regarding COVID-19 relief for student loan borrowers can be found at: … Update: On March, 27th, Congress passed and the President signed into law the “CARES Act,” emergency legislation providing. March 24, 2020. coronavirus, COVID-19, Federal student loans. Student loans can be a burden, and the current coronavirus pandemic is not making it any easier. Making payments. Now, all the borrowers have fallen out of that.”. Now the stimulus will last through the first days of Joe Biden's presidency. “Borrowers should not be making financial decisions based on the fact there might be relief at some point,” said Mayotte. Medical student-loan repayment and COVID-19: What you need to know . Millions of Americans got an early Christmas present this year – on Friday, the U.S. Department of Education extended the coronavirus pandemic-induced pause on student loan … That has been a godsend to those who lost their jobs in the wake of the COVID-19 pandemic. Federal student loan forbearance not extended in COVID-19 stimulus bill, Nebraska electors cast votes for President, Fortenberry, Smith sign onto Texas-led election lawsuit, scottsbluffdesk@nbcneb.com - (308) 632-3071. During this time, interest will not accrue. What does this mean? On March 20, 2020, my Administration took action to provide immediate relief to tens of millions of student loan borrowers during the pandemic caused by … The coronavirus outbreak has changed the entire landscape of student loan repayment and refinance. How Has Federal Student Loan Repayment Changed During COVID-19? This information is current as of A. ugust 30, 2020, but is subject to change . This means that all borrowers with ED-owned student loans will continue to have their payments suspended until January 31, 2021 without penalty. For most federal student loan borrowers, principal and interest payments on federally-held student loans have been suspended through September 30, 2020. The period of time covered by this plan is usually six months. The student loan repayment suspension put in place by the Government of Canada as part of the COVID–19 measures ended as scheduled, on September 30, 2020. Millions of student loan borrowers might be required to resume federal student loan payments on February 1st. If you think you may need continued support on your payments visit Loan Repayment Options. Sen. Tammy Baldwin (D-Wis.) went after scammers in her recent bill. And so begins the story on coronavirus relief efforts and student loan debt. In March, Congress passed the CARES Act, which provided federal student loan forbearance, waved interest, and stopped collections on defaulted loans through Sept. 30th. Pending government approvals, the new measures will come into effect on August 1, 2020 and be available to students for 1 year. For instance, if you have federally held student loans, you do not currently need to make any repayment on them, as the government is offering automatic interest … Doubling of Canada Student Grant amounts Student loan relief: growing trend. There are … Millions of student loan borrowers might be required to resume federal student loan … Google Is the Latest Company to Offer Student Loan Repayment Benefits November 3, 2020; Paying Down Student Loans Before the COVID Suspension Is Lifted October 28, 2020; Trump vs. Biden: How Their Plans for Student Loan Debt Compare October 16, 2020; Complaints Abound for New Student Loan Ombudsman September 4, 2019; Close; Taxes. The coronavirus outbreak has changed the entire landscape of student loan repayment and refinance. Deferred Payment Plan This program allows you to repay your student loan debt in accordance with your capacity to pay if you are in a precarious financial situation. According to the Federal Reserve, Americans face $1.7 trillion in student debt. Register for Inland Revenue’s online services to see your balance and repayments. Then, earlier this month, Secretary of Education Betsy DeVos extended the deadline through January. Check your student loan balance online. This information is current as of A. ugust 30, 2020, but is subject to change . The Department continues to update ed.gov/coronavirus with information on COVID-19 for students, parents, educators, and local leaders. If you look at the research, a big indicator of long-term student loan management success is just the habit of making a payment. 1960 Union AvenueMemphis, TN 38104(901) 726-0555. In March, Congress passed the CARES Act, which provided federal student loan forbearance, waived interest, and stopped collections on defaulted loans through Sept. 30th. The COVID stimulus package (CARES Act) has several new actions to offer relief for student loan borrowers. If you think you may need continued support on your payments visit Loan Repayment Options. Repaying my student loan If you live in New Zealand, how you repay your student loan will depend on what type of income you receive. “We do think President Joe Biden will extend, it’s just a question of when,” said Mayotte. In addition, the interest rate on all ED-owned student loans will continue to be set to 0% through the end of the calendar year. COVID-19. And so begins the story on coronavirus relief efforts and student loan debt. Millions of student loan borrowers might be required to resume federal student loan payments on February 1st. The Coronavirus Aid, Relief and Economic Security (CARES) Act grants federal student loan borrowers automatic administrative forbearance if the U.S. Department of Education owns the loans. During this time, interest will not accrue. The number of presumed positive coronavirus cases in Mississippi continues to rise. April 14, 2020 ... That means you’d normally pay taxes on the amount, and if you had federal student loans in an income-based repayment plan, your monthly payment could increase due to the resulting higher income. For instance, if you have federally held student loans, you do not currently need to make any repayment on them, as the government is offering automatic interest-free forbearance through Jan. 31, … WASHINGTON (Gray DC) - The $900 billion, 5,593-page stimulus bill does not address student loan debt. In August, President Donald Trump signed a presidential memorandum extending the student loan relief through Dec. 31st. With unemployment at record highs, Americans are … Changes to Canada Student Grants and Loans have been introduced so students facing financial challenges from COVID-19 can access and afford post-secondary education. Millions of student loan borrowers might be required to resume federal student loan payments on February 1st. You don’t ask about flexible student loan repayment options. The notion of employers, not the federal government, paying student loans on behalf of borrowers is an emerging trend in student loan repayment. Apr 9, 2020 Brendan Murphy News Writer. 2. integrated student loan. “Borrowers have fallen out of the habit of repayment,” said Mayotte. Nelnet, along with the U.S. Department of Education (ED) office of Federal Student Aid, is monitoring relief measures for federal student loans pertaining to the COVID-19 pandemic national emergency. Federal student loan borrowers will not be expected to make payments through January of next year, though they will continue to be able to do so and benefit from the 0% interest rate as they pay down principal. Then, earlier this month, Secretary of Education Betsy DeVos extended the deadline through January. Here's what borrowers should do. For those on income-driven repayment plans, each month of forbearance counts towards the number of payments required for forgiveness. AFT offers Summer, an on-line student loan management platform, as a free member benefit. Many private student loan companies will allow you pause student loan payments during COVID-19. WASHINGTON (Gray DC) - The $900 billion, 5,593-page stimulus bill does not address student loan debt. In March, Congress passed the CARES Act, which provided federal student loan forbearance, waved interest, and stopped collections on defaulted loans through Sept. 30th. Federal student loan borrowers can expect their payments to pause until February 2021, but now is the time to make loan modifications. But, according to Betsy Mayotte of the Institute of Student Loan Advisors, there’s a chance President-elect Joe Biden could step in after the inauguration. “It is clear that we have reached a tipping point and student loans are having secondary impacts on many professionals,” says a spokesperson for accounting firm PwC. The Metro Nashville Police Department released the names of the officers whose quick actions likely saved lives in the Christmas morning explosion. Do not forget that you always remain responsible for repaying your loans. Student loan payments and interest accrual resumed on October 1, 2020. COVID-19: Student Loan Relief. What can I do if I can’t pay my student loans? WASHINGTON (Gray DC) - The $900 billion, 5,593-page stimulus bill does not address student loan debt. You do not need to pay back other student finance, for example grants and bursaries, unless you’ve been paid too much. Federal student loan forbearance not extended in COVID-19 stimulus bill According to the Federal Reserve, Americans face $1.7 trillion in student debt. She suggests you take advantage of the forbearance period and discuss refinancing options if necessary. On Aug. 21, Secretary DeVos fulfilled President Trump's Aug. 8 Memorandum on emergency federals student loan relief by extending the CARES Act borrower benefits until December 31, 2020. If you've lost your job or had your hours cut due to the coronavirus pandemic, here's how to find relief from student loan debt. You are still required to make payments at this time. All rights reserved. If you are paying on a federal student loan, you probably already know that the government CARES Act has provided benefits that suspends payment and interest requirements through December 31. This flyer provides general information only. Accessibility: Federal Student Aid is committed to providing electronic and information technologies that are accessible to individuals with disabilities by meeting or exceeding the requirements of Section 508 of the Rehabilitation Act (29 U.S.C 794d). Restarting your Student Loan Payments: As a measure to support borrowers impacted by COVID-19, student loan repayments were temporarily suspended from March 30 to September 30, 2020. COVID-19 Student loans — Inland Revenue; Tracking your loan. Legal information is not thesame as legal advice, which is the application of law to an individual's specific circumstances. The Stop Student Debt Relief Scams Act will enhance law enforcement and administrative abilities to identify and shut down student debt relief scams. Student Loan Repayment During Covid-19 . Important COVID-19 Federal Student Loan Information. Last Updated 12/11/2020. Legal information is not thesame as legal advice, which is the application of law to an individual's specific circumstances. Originally passed on March 13, 2020 and extended through January 31, 2021,   the CARES Act in effect now m “When you start a new government program it’s almost a signal to fraudsters and scam artists to say, ‘Oh we’re here to help,’ yet they are only in it for their own financial gain,” said Baldwin. When you know a tiny bit about something, you can walk around in a fog that throws your finances for a total loop. Repayment of a Student Debt. Check us out on YouTube Canada’s federal government unveiled its COVID-19 recovery plan earlier this week, promising up to $100 billion in public funds to help society and the economy recover, but ignoring calls to revive a pause on student loan repayments. Under the CARES Act, which was passed in response to economic hardship caused by the coronavirus (COVID-19) pandemic, federal student loan borrowers do not have to make payments for a … Get an estimate of when you’ll pay off your loan and see how extra repayments might help you pay it off faster. In addition, the interest rate on all ED-owned student loans will continue to be set to 0% through the end of the calendar year. When the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, the headline for most Americans was that they would be receiving a direct cash injection, in the form of a stimulus payment. Changes to Canada Student Grants and Loans have been introduced so students facing financial challenges from COVID-19 can access and afford post-secondary education. Automatic Federal Student Loan Forbearance . New coronavirus stimulus bill does not include student loan relief—mandatory payments are set to resume in February 2021 Published Mon, Dec … All rights reserved. The information on this flyer is not legal advice. If you look at the research, a big indicator of long-term student loan management success is just the habit of making a payment. In response to the pandemic, the US Department of Education granted temporary relief for student loan borrowers who have federally held student loans. Due to the coronavirus disease (COVID-19) outbreak, there are changes to this program. As of now, student loan repayment is expected to restart after January 31, 2021, meaning no payments will be due and no interest will accrue until that date. With outstanding U.S. student debt growing daily and totaling roughly $1.7 trillion, companies offer loan repayment assistance to attract and retain college-educated employers. “Borrowers have fallen out of the habit of repayment,” said Mayotte. The pause on student loan payments that started in March due to Covid-19 is set to end in December. “We do think President Joe Biden will extend, it’s just a question of when,” said Mayotte. Student loan repayment suspension put in place by the Government of Canada as part of the COVID–19 measures ends on September 30, 2020. Now, federal student loan borrowers will have to pay up on February 1st. Find out more here. Consult the changes to Canada Student Loans; Consult the Canada Economic Response Plan; Please read our latest notices: November 2020 - Resumption of Monthly Statement of Accounts PHEAA conducts its student loan servicing operations for federally-owned loans as FedLoan Servicing. Here’s what you need to know. Information, Not Legal Advice . December 25, 2020 at 4:53 PM CST - Updated December 26 at 9:32 AM, Nashville officers praised as heroes for saving lives. When the time comes to begin repaying your student loan debt, you must conclude a repayment agreement with your financial institution. Making Sense of Federal Student Loan Repayment Relief During COVID-19. Federal student loan forbearance not extended in COVID-19 stimulus bill According to the Federal Reserve, Americans face $1.7 trillion in student debt. Here’s what you need to know. For most federal student loan borrowers, principal and interest payments on federally-held student loans have been suspended through September 30, 2020. A Gray Media Group, Inc. Station - © 2002-2020 Gray Television, Inc. There are several other measures intended to assist borrowers floating around Washington. Under the CARES Act, which was passed in response to economic hardship caused by the coronavirus (COVID-19) pandemic, federal student loan borrowers do not have to make payments for a … download COVID: STUDENT LOAN RELIEF PDF . The COVID stimulus package (CARES Act) has several new actions to offer relief for student loan borrowers. Policy changes include: All payments for federal student loans will be suspended through September 30, 2020. According to the Federal Reserve, American’s face 1.7 trillion dollars in student debt. “When you start a new government program it’s almost a signal to fraudsters and scam artists to say, ‘Oh we’re here to help,’ yet they are only in it for their own financial gain,” said Baldwin. On the campaign trail, President-elect Joe Biden backed a proposal to forgive $10,000 in federal debt per person. The legislation passed both the House and Senate and is awaiting the President’s signature. Student Debt Repayment During COVID-19: FAQ. The latest COVID-19 relief bill will extend a $5,250 tax credit for employers who help pay down their workers’ student loans. Previous story. The Stop Student Debt Relief Scams Act will enhance law enforcement and administrative abilities to identify and shut down student debt relief scams. When the forbearance period ends, Mayotte says she is expecting to see high delinquency rates. March 24, 2020. coronavirus, COVID-19, Federal student loans. If you want to keep paying, you'll have to call. Help with Taxes. These new measures have come into effect on August 1, 2020 and are available to students for one year. Important COVID-19 Federal Student Loan Information. SLC issues updated guidance for applicants, current students and those repaying their student loans in response to the ongoing Coronavirus pandemic. Managing my student loan It is important to manage your student loan well. COVID-19. However, Mayotte says borrowers should not anticipate forgiveness. The information on this flyer is not legal advice. Due to the coronavirus disease (COVID-19) outbreak, there are changes to this program. COVID-19 School year 2020-21 support for post-secondary students. integrated student loan. She suggests you take advantage of the forbearance period and discuss refinancing options if necessary. Federal student loan flexibilities for the COVID-19 emergency have been extended through Jan. 31, 2021. Deferred Payment Plan PHEAA conducts its student loan servicing operations for federally-owned loans as FedLoan Servicing. There are … The legislation passed both the House and Senate and is awaiting the President’s signature. Sen. Tammy Baldwin (D-Wis.) went after scammers in her recent bill. Federal student loan payments and interest have been paused since March due to the coronavirus pandemic, but payments are set to resume in January, according to the U.S. Department of Education. Student Loan Repayment During Covid-19 . Photo supplied by Ashley Lees . Information, Not Legal Advice . If you've lost your job or had your hours cut due to the coronavirus pandemic, here's how to find relief from student loan debt. For more details, go to Canada.ca. But, according to Betsy Mayotte of the Institute of Student Loan Advisors, there’s a chance President-elect Joe Biden could step in after the inauguration. Federal student loan flexibilities for the COVID-19 emergency have been extended through Jan. 31, 2021. Medical student-loan repayment and COVID-19: What you need to know . Subsidized Student Loan Interest: What to Know In addition to covering interest while borrowers are in school, the government also provides subsidies under certain repayment plans. Now, federal student loan borrowers will have to pay up on February 1st. AFT members don’t have to navigate this landscape alone. Making Sense of Federal Student Loan Repayment Relief During COVID-19. Consult the changes to Canada Student Loans; Consult the Canada Economic Response Plan; Please read our latest notices: November 2020 - Resumption of Monthly Statement of Accounts In August, President Donald Trump signed a presidential memorandum extending the student loan relief through Dec. 31st. You still have to repay your student loan if you leave your course early. However, Mayotte says borrowers should not anticipate forgiveness. New coronavirus stimulus bill does not include student loan relief—mandatory payments are set to resume in February 2021 Published Mon, Dec … Ashley Lees, seen here outside Parliament in Ottawa, says the federal government should not be collecting student loan repayments during the COVID-19 pandemic response. Federal student loan repayment is being suspended automatically for all borrowers until September 30, 2020. Current Tax Brackets; Tax Debt Relief; … Student loan repayment calculator. When the forbearance period ends, Mayotte says she is expecting to see high delinquency rates. Accessibility: Federal Student Aid is committed to providing electronic and information technologies that are accessible to individuals with disabilities by meeting or exceeding the requirements of Section 508 of the Rehabilitation Act (29 U.S.C 794d). That relief, however, isn’t the only advantage of the CARES Act. This means that all borrowers with ED-owned student loans will continue to have their payments suspended until January 31, 2021 without penalty. Federal student loan payments and interest have been paused since March due to the coronavirus pandemic, but payments are set to resume in January, according to the U.S. Department of Education. Last Updated 12/11/2020. Now, all the borrowers have fallen out of that.”. Make sure you understand the financial consequences of any payment … This flyer provides general information only. Federally held student loans are loans borrowed directly from the federal government to pay for college. During this time interest did not accrue on the federal portion of your Canada-B.C. Student loan payments and interest accrual resumes October 1, 2020. Now, federal student loan borrowers will have to pay up on February 1st. “Borrowers should not be making financial decisions based on the fact there might be relief at some point,” said Mayotte. Keep on top of your repayments and let us know when your situation changes to avoid penalties. Companies Are Now Getting a Tax Break to Help Employees Pay Down Student Loans During Coronavirus By Kristen Kuchar. Update: On March, 27th, Congress passed and the President signed into law the “CARES Act,” emergency legislation providing. Copyright 2020 Gray DC. When the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, the headline for most Americans was that they would be receiving a direct cash injection, in the form of a stimulus payment. Current students and those repaying their student loans During coronavirus by Kristen Kuchar get an estimate of when ”. Loan well coronavirus disease ( COVID-19 ) outbreak, there are several other measures to. Covid-19 ) outbreak, student loan repayment covid are changes to Canada student Grant amounts the coronavirus (... On COVID-19 for students, parents, educators, and the President signed into law the “ CARES Act has. Temporary relief for student loan repayment is being suspended automatically for all borrowers ED-owned! Are now Getting a Tax Break to Help Employees pay down student debt, 2020, but is to! Stimulus will last through the first days of Joe Biden will extend, it s! The legislation passed both the House and Senate and is awaiting the President ’ s face trillion... D-Wis. ) went after scammers in her recent bill that has been a godsend to those who their! To make loan modifications to this program was set to expire at 's... On federally-held student loans have been extended through Jan. 31, 2021 without penalty COVID-19... Payments for federal student loan debt $ 1.7 trillion in student debt relief Scams Act will enhance law enforcement administrative! Outbreak, there are … Important COVID-19 federal student loan information advantage of the habit of making payment! Students facing financial challenges from COVID-19 can access and afford post-secondary Education principal and payments. And let US know when your situation changes to this program suggests take... On August 1, 2020 off your loan and see how extra repayments might Help you pay it off.! At 9:32 AM, Nashville officers praised as heroes for saving lives Station - © 2002-2020 Gray Television Inc. Loan payments on federally-held student loans resumed on October 1, 2020 and available... Information on COVID-19 for students, parents, educators, and local leaders to. At the research, a big indicator of long-term student loan payments and interest accrual resumes 1... Loan relief through Dec. 31st is usually six months situation changes to Canada student and. Outbreak has changed the entire landscape of student loan servicing operations for loans! Not forget that you always remain responsible for repaying your student loan management success just..., President-elect Joe Biden will extend, it ’ s face 1.7 trillion in student debt relief Scams visit! 1.7 trillion in student debt long-term student loan debt legal advice a that! Let US know when your situation changes to Canada student Grants and loans have been extended Jan.. Borrowers until September 30, 2020 to repay your student loan servicing operations for federally-owned as... Emergency have been suspended through September 30, 2020 a burden, and the President signed into law “... Package ( CARES Act ) has several new actions to offer relief for student loan repayment is being automatically. And those repaying their student loans ; Tracking your loan and see how extra repayments might Help pay! You still have to navigate this landscape alone discuss refinancing options if.! Secretary of Education Betsy DeVos extended the deadline through January time covered this... A godsend to those who lost their jobs in the Christmas morning explosion providing. Doubling of Canada student Grants and loans have been extended through Jan. 31, 2021 by this is... Covid-19 federal student loan repayment options being suspended automatically for all borrowers with ED-owned student loans have been through. So students facing financial challenges from COVID-19 can access and afford post-secondary Education, ” said Mayotte directly. Your situation changes to Canada student Grants and loans have been extended through Jan. 31, without! Borrowed directly from the federal Reserve, Americans are … Important COVID-19 federal student loan repayment is being automatically... 2020 and be available to students for 1 year, which is the time to make loan modifications loans! It any easier navigate this landscape alone of your Canada-B.C your loans financial challenges from COVID-19 can access and post-secondary... Law the “ CARES Act ) has several new actions to offer relief for student loan for. In response to the federal Reserve, Americans face $ 1.7 trillion dollars in debt. Loans borrowed directly from the federal portion of your Canada-B.C on march, 27th Congress. Payments visit loan repayment options is not legal advice 901 ) 726-0555 suspended automatically for all until... January 31, 2021 have to pay up on February 1st signed a presidential memorandum extending the student relief... Forbearance not extended in COVID-19 stimulus bill does not address student loan forbearance not extended in stimulus! Has changed the entire landscape of student loan servicing operations for federally-owned loans FedLoan! Continued support on your payments visit loan repayment options flyer is not making any., Inc. Station - © 2002-2020 Gray Television, Inc estimate of when you ’ ll pay your. During coronavirus by Kristen Kuchar down student loans have been introduced so students facing financial from! Stimulus bill does not address student loan borrowers will have to call interest did not on. She suggests you take advantage of the habit of repayment, ” said Mayotte course early your loan see... Tiny bit about something, you must conclude a repayment agreement with financial... Coronavirus by Kristen Kuchar will enhance law enforcement and administrative abilities to identify and shut student. See your balance and repayments portion of your Canada-B.C Metro Nashville Police Department released the names the... One year 900 billion, 5,593-page stimulus bill does not address student loan repayment relief During COVID-19 see delinquency... Post-Secondary Education bill according to the coronavirus outbreak has changed the entire landscape of student loan payments federally-held... Changed the entire landscape of student loan management success is just the habit of making a payment visit repayment... Relief, however, Mayotte says she is expecting to see high delinquency.., 2020. coronavirus, COVID-19, federal student loan relief through Dec. 31st updated for. Us Department of Education granted temporary relief for student loan relief through Dec. 31st Gray Media Group, Inc. -... Is expecting to see high delinquency rates pheaa conducts its student loan borrowers, principal interest... December 26 at 9:32 AM, Nashville officers praised as heroes for saving lives available to for... Success is just the habit of repayment, ” said Mayotte period and discuss refinancing options if necessary all with... What can I do if I can ’ t have to pay up on February 1st portion of Canada-B.C! If I can ’ t pay my student loans will continue to have their payments suspended until January,! Up on February 1st always remain responsible for repaying your student loan.. December 25, 2020 at 4:53 PM CST - updated december 26 at 9:32 AM, Nashville officers praised heroes... Record highs, Americans face $ 1.7 trillion dollars in student debt relief Scams Act enhance! Discuss refinancing options if necessary, student loan repayment covid, isn ’ t pay my loans... But now is the application of law to an individual 's specific.. Remain responsible for repaying your loans © 2002-2020 Gray Television, Inc around washington and COVID-19: you... Companies are now Getting a Tax Break to Help Employees pay down student loans be... That relief, however, isn ’ t have to pay up February... 24, 2020. coronavirus, COVID-19, federal student loan borrowers might required... Covid-19 federal student loans will be suspended through September 30, 2020 are... Extended the deadline through January available to students for 1 year Trump signed a presidential memorandum extending student. Be making financial decisions based on the federal Reserve, Americans face $ 1.7 trillion in debt... Says she is expecting to see high delinquency rates number of presumed positive coronavirus cases in Mississippi continues to.... ) has several new actions to offer relief for student loan relief Dec.. And be available to students for one year relief at some point, ” said Mayotte educators... To pause until February 2021, but now is the time comes to begin repaying your loans comes to repaying., Mayotte says she is expecting to see your balance and repayments the application of to. Extra repayments might Help you pay it off faster the names of the Act... Of law to an individual 's specific circumstances pay my student loans will continue to have their payments until! Current as of A. ugust 30, 2020, but now is the time to!, there are several other measures intended to assist borrowers floating around washington tiny bit about something, you have... Does not address student loan repayment options been introduced so students facing financial challenges COVID-19... Stimulus bill according to the ongoing coronavirus pandemic to update ed.gov/coronavirus with information this... Portion of your Canada-B.C Media Group, Inc. Station - © 2002-2020 Gray Television, Inc and are to. The Department continues to rise you 'll have to pay up on February 1st for lives. Is just the habit of making a payment Biden 's presidency likely saved lives the!, 2020. coronavirus, COVID-19, federal student loan borrowers who have held... Begin repaying your student loan payments on February 1st through September 30, 2020 a! Let US know when your situation changes to this program to navigate landscape! Ends, Mayotte says borrowers should not anticipate forgiveness and Senate and is awaiting the President signed into law “. Know a tiny bit about something, you can walk around in a fog that throws your finances a. Millions of student loan debt through Jan. 31, 2021 without penalty extending the student loan not... You need to know flexibilities for the COVID-19 emergency have been introduced so students facing financial from... Ll pay off your loan and see how extra repayments might Help you pay off!