AS PART OF THE CORONAVIRUS RELIEF BILL PASSED ON FRIDAY, MARCH 27TH, LENDERS MUST STOP PAYMENTS FOR ALL FEDERAL LOANS.
In hopes to help ease some of the financial stress, a Bill has been put into place today that suspends Federal Loan payment for 6 months. During this suspension, interest will not accrue on the loans and your credit score will not be impacted if you do not make a payment. Each month of the suspension will be taken as if a payment was made.
If you defaulted on your loans this bill also suspends garnishing your wages or tax refunds.
Lenders have 15 days to notify you about the suspension and starting Aug. 1st to notify you about reinstating the payments.
It’s recommended that you contact your borrower for more info and instruction.
This unfortunately, it does not include private loans.