The CARES Act includes:

  1. No federal student loan payments will be due between March 13, 2020, and  January 31, 2022. No action needs to be taken on your part and auto-debits initiated by your loan servicer will cease during this time. No late fees will be charged. Loan payments can still be made to reduce your balance. This does not include non-federal loans, Perkins loans, and FFEL (2010 and prior) loans not owned by the U.S. Department of Education.
  2. No new interest will be charged on federal student loans until January 31, 2022. Your federal student loan interest rate will be 0% until January 31, 2022.
  3. Those in federal student loan default will not experience the garnishment of wages, tax refunds, and social security benefits. This is a perfect time to rehabilitate your defaulted loan, since your payments will be $0 until January 31, 2022.
  4. You will still receive credit towards Public Service Loan Forgiveness and income-driven loan forgiveness programs. The government will treat these months as if full-on-time student loan payments were made through January 31, 2022 for those who qualify. Non-federal loans, Perkins loans, and FFEL loans not owned by the Department of Education are excluded from these benefits.

Please make sure your federal student loan servicer has your current contact information so that you receive the latest personalized information on these benefits. To find out who your loan servicer is, call the Federal Student Aid

Information Center (FSAIC) at 1-800-433-3243.

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