When Congress passed the CARES Act in 2020, it placed all federally-owned student loans in forbearance, freezing all payments, interest accrual, and income recertifications. That means if you have Direct, Perkins, PLUS, FFEL, or HEAL loans owned by the Dept. of Education, they’re on hold until the end of September 2021. Any privately-held loans, unfortunately, do not count.
If you have student loans and are on an IDR plan, you can likely benefit from the extension. Studentaid.gov says,
“You will not have to recertify your income before the end of the COVID-19 emergency relief period, regardless of whether your recertification date would have happened prior to the end of the relief period. As part of the payment suspension, your recertification date has been pushed out from your original recertification date. You will be notified of your new recertification date before it is time to recertify.”
Join us June 7, 14, 21 & 28 as Joy and Ryan navigate the muddy waters of student debt and how you can “flip the script on student debt.”
If you are unsure if you should choose to refinance your loans or pursue Public Service Loan Forgiveness (PSLF) follow these steps from the experts at Navigate Student Loans.