Federal student loan borrowers may receive loan relief, including suspended payments and zero interest
South Florida and beyond
U.S. Department of Education
Federal Student Loan Borrowers
The CARES Act includes relief that applies to approximately 95% of all federal student loans.
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- Loan payments are automatically suspended without penalty until December 31, 2020.
- Loan payments suspension started March 13th. If you made a payment after that date, you may be eligible to receive a refund. Contact their loan servicer for details.
- Interest will not accrue while loan payments are suspended.
- Collection of defaulted loans is suspended until December 31, 2020.
- For borrowers working towards loan forgiveness through the Public Service Loan Forgiveness program there is a special benefit: the 6 months of payments being suspended will count towards the fulfillment of the 10 year/120 payment plan.
- Relief applies mostly to Direct and Federal Family Education Loans (FFEL).
- Benefits do not apply to Perkins Loans, commercially-held FFEL loans or private student loans.