By Ann Brown
Most student loan borrowers will get a six-month reprieve from making payments to the federal government as the coronavirus pandemic triggers widespread unemployment and economic hardship.
Through Sept. 30, 2020, your federal student loan payments are suspended and you don’t need to do anything. Payments will be automatically suspended with no late fees, Forbes reported.
During the six months, no interest will accrue so borrowers will not see their balances grow as the result of the six-month loan forgiveness.
The $2.2 trillion Congressional stimulus bill signed into law on March 27 suspends wage garnishment and reduced tax refunds for qualifying student loan borrowers who are in default.
However, the CARES Act only applies to federal student loans, not private student loans.
Listen to GHOGH with Jamarlin Martin | Episode 70: Jamarlin Martin Jamarlin goes solo to discuss the COVID-19 crisis. He talks about the failed leadership of Trump, Andrew Cuomo, CDC Director Robert Redfield, Surgeon General Jerome Adams, and New York Mayor de Blasio.
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