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How does the CARES act affect my student loan?
Payments on student loans held by the federal government have been automatically suspended through September 30, 2020. Call your loan servicer, or check your account online, to confirm the servicer has reset your account to show no payment is due.
How do I know if my student loan is eligible?
If you’ve borrowed money from the federal government —a so-called direct loan —in the past 10 years, you’re definitely eligible. Call or email your loan servicer to confirm.
Will my student loan servicer charge me interest during the six-month period?
No!
Will the six-month suspension cost me money, since I’m trying to qualify for the public service loan forgiveness program by making 120 monthly payments?
No. If you are currently working towards Public Service Loan Forgiveness, the payments you skip will still count for the required 120 monthly payments to have your student loan forgiven.
Is wage garnishment that resulted from being behind on my student loan payments suspended during this six-month period?
Yes. So is the seizure of tax refunds, the reduction of any other federal benefit payments and other involuntary collection efforts.
Our Experienced Nebraska Bankruptcy Attorneys Are Here To Help
The student loan provisions of the CARES Act will help Nebraskans that need to file bankruptcy afford to pay their regular monthly bills, and afford to file bankruptcy. Please call us at 308-872-8327 or fill out our form to prepare a custom plan for your fresh start.
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