A break from federal student loan payments

The Department of Education has announced that temporary federal student loan repayment relief has been extended to May 1. The program applies automatically to any qualifying federal loan, placing them into administrative forbearance. Consumers can find out if their federal loans qualify by contacting their federal loan servicers. If your loan qualifies, you can stop payment immediately and even get a refund for any payments processed since March 13, 2020.

In addition, for consumers whose loans are in default, the DOE has stopped making collection calls and sending billing statements through May. If your employer garnishes wages for a loan in default, you should receive a refund.

Of course, consumers who are able to continue making their loan payments may wish to do so to pay off the loan faster. But this extended program should help consumers who may be struggling financially through the pandemic.

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