Student loan debt and CARES
Robert Powell, CFP®
From the Military Consumer Blog
Under the CARES Act, if you have eligible federal student loans, the Department of Education has automatically placed your loans into “administrative forbearance.” That means you can stop making payments on those loans right away, up through September 30, 2020. If your payments automatically come out of your bank account, check if any payments have been processed since March 13. If they have, you may be able to get a refund as part of administrative forbearance.
Contact your federal loan servicer online or by phone to find out if your loans are eligible. (Some federal loans don’t qualify.)
Check out Federal Student Aid’s Coronavirus page to see if forbearance makes sense for you.
You don’t need to hire a company to help you get this student loan payment relief.
Watch this video to learn about debt relief scams: https://youtu.be/7TjSI4Q6ztQ