JACKSONVILLE, Fla. – The Coronavirus Aid, Relief, and Economic Security (CARES) Act aims to provides relief from the unprecedented issues created by the coronavirus pandemic. The President
signed the bill into law Friday night.
Included in the many components of this $2 trillion package is a six-month relief for student borrowers. The CARES Act suspended loan payments and accumulating interest through September 30 for borrowers of federal loans.
No action is required for the payment to be suspended The federal loan provider will automatically take care of it. Interest on the loan will not accrue.
If someone contacts you about paying a fee to suspend your loans, do not fall for it, it’s a scam.
Private loans, those held by banks, credit unions, schools or other private entities, are not effected and borrowers are still obligated to meet payment arrangements.
Have more questions? Find the answers to frequently asked questions here.