Americans are increasingly feeling the impact of the coronavirus, both on their everyday lives and their financial well-being. Here’s some information from the Consumer Financial Protection Bureau (CFPB) to help student loan borrowers navigate during this crisis.
A new federal law, also known as the Coronavirus Aid, Relief and Economic Security (CARES) Act, provides automatic suspension of principal and interest payments on federally-held student loans through September 30, 2020.
What this means to you:
- Student loan borrowers do not have to apply.
- The interest rate was set to 0% as of March 13.
- These suspended payments will count towards any student loan forgiveness program.