On 12/4/20 the U.S. Secretary of Education Betsy DeVos announced an extension on the federal student loan forbearance period. Federal student loan borrowers will not be expected to make payments through January of next year, 2021. Non-payments will continue to count toward the number of payments required under an income-driven repayment plan, a loan rehabilitation agreement, or the Public Service Loan Forgiveness program.
During this forbearance period any payments will go directly to the loan principal which will lower your interest payment in the future. We urge our clients to take advantage, if financially feasible, of this opportunity and pay down the principle on your loans.
This article was posted by the U.S. Department of Education:
If you or anyone know anyone you know needs help understanding their student loan status please feel free to contact us.
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