Important Updates on COVID-19 and Your Student Loans

Providing assistance to our customers and employees during the COVID-19 emergency is our top priority at this time. We are closely monitoring the latest updates from government and health organizations and will post any updates that may impact you on this page.

Disclaimer: This information is subject to change, based on future guidance from the Department of Education. For more information, please visit StudentAid.gov/Coronavirus.

COVID-19 Emergency Information Regarding Department of Education (ED) Owned Student Loans

NOTE: If you have commercially held loans, view the options available for your loan type below under COVID-19 Emergency Information Regarding Commercially Held Student Loans. If you are not sure of your loan type, contact your student loan servicer, or visit Finding Your Student Loans for more information.

Temporary Interest Rate Reduction

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act became law, providing relief measures in response to the COVID-19 emergency. Under the CARES Act, all federally held student loans (including Parent PLUS loans) received a temporary 0% interest rate starting on March 13, 2020. On November 22, 2022, the COVID-19 emergency relief measures were extended through no later than 60 days after June 30, 2023. No action will be required from you to receive this interest rate reduction. The 0% interest rate will remain in effect through no later than 60 days after June 30, 2023. Any unpaid interest that accrued prior to March 13, 2020, will remain on the account.

COVID-19 Emergency PAYMENT SUSPENSION

Under the CARES Act and the recent November 22, 2022 extension, all payments due on federally held student loans will be paused through no later than 60 days after June 30, 2023. In order to pause payments, we have applied a non-capping administrative forbearance to your account. This means that no interest will be capitalized (or added to your principal balance) when the payment pause ends. This forbearance (payment pause) will be automatically applied through no later than 60 days after June 30, 2023, on all federally held student loans, with some exceptions.*

WHAT DOES THIS MEAN FOR YOU?

  • You do not need to request the payment suspension; your student loan servicer will automatically apply it to your account as directed by the U.S. Department of Education. 
  • Payments will resume 60 days after the repayment pause ends. The repayment pause has been extended to no later than June 30, 2023.
  • No interest will accrue while the 0% interest rate reduction is in effect (March 13, 2020 through December 31, 2022).
  • You will not receive monthly billing statements while you are on the payment pause.
  • You may request to opt out of the payment suspension (tell your student loan servicer to end it) at any time.
  • If you are enrolled in an automatic debit program, no payments will draft through December 31, 2022, unless you choose to opt out of the payment pause. Please note you may choose to remain in the payment pause and still make a payment at any time. Since interest is not accruing on your account through December 31, 2022, it is a great time to make payments to continue to reduce your principal balance.
  • If you are currently on an Income-Driven Repayment (IDR) plan, you will not be required to recertify your IDR plan before the end of the COVID emergency 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.
  • If your income has been impacted by the COVID-19 emergency, you may apply to recalculate your IDR monthly payment now, so that when the payment pause ends and you re-enter repayment, your monthly payment amount will reflect your current income situation. You may apply for an immediate recalculation of your IDR plan income online at https://studentaid.gov/idr.

*Exceptions: If you are currently in school, or in one of the following statuses, the payment pause will not be applied:

  • Grace period
  • In school deferment
  • Bankruptcy status, or
  • In the process of applying for Total and Permanent Disability (TPD).

If you do not receive the payment pause, you will still receive the 0% interest rate reduction through the end of the repayment pause. The repayment pause has been extended to no later than 60 days after June 30, 2023. Additionally, if your loans have not entered repayment yet, but will enter repayment prior to the end of the repayment pause, your loans will be placed on the payment pause at that time.

Time Spent in PAYMENT SUSPENSION MAY Count Towards Forgiveness Programs

Good news! Time spent in the payment suspension as a result of the COVID-19 emergency will still count as qualifying months towards loan forgiveness programs, such as Public Service Loan Forgiveness (PSLF) and Income-Driven Repayment (IDR) forgiveness.

Paused payments count toward IDR forgiveness and PSLF as long as you meet all other qualifications. You will receive credit as though you made on-time monthly payments in the correct amount while on a qualifying repayment plan.

To see these qualifying payments reflected in your account, you must submit a PSLF form certifying your employment for the same period of time as the suspension. Your count of qualifying payments toward PSLF is officially updated only when you update your employment certifications.

For more information about PSLF, please visit https://studentAid.gov/PSLF.

ONE-TIME DEBT RELIEF

Courts have issued orders blocking student debt relief. The Biden-Harris Administration is seeking to overturn those orders. For the latest information regarding the status of student debt relief, visit StudentAid.gov.

COVID-19 Emergency Information Regarding Commercially Held Student Loans

NOTE:  If you are not sure of your loan type, contact your student loan servicer, or visit Finding Your Student Loans for more information.

Commercially held student loans do not qualify for the temporary 0% interest rate reduction or suspension of payments under the CARES Act or extension. However, there are other options available to assist you with your student loan payment.

There are numerous repayment plans available, including Income-Based Repayment (IBR), as well as deferment and forbearance options to temporarily suspend payments.

If you have Federal Family Education Loans (FFEL) and/or Perkins Loans, you may be able to consolidate these loans into a Direct Consolidation Loan, which would allow you to take advantage of the 0% interest waiver and payment suspension currently offered on Department of Education-held loans through the end of the repayment pause. The repayment pause has been extended to no later than 60 days after June 30, 2023. Loan consolidation provides access to additional forgiveness options and repayment plans but may result in the loss of certain benefits so we encourage you to visit https://studentaid.gov/manage-loans/consolidation to learn about the pros and cons of consolidating your FFEL loans.

Private Student Loans

If you have a private student loan and need assistance, please contact your student loan servicer to speak with a customer service representative.

BEWARE OF SCAMS

You might be contacted by a company saying they will help you get loan discharge, forgiveness, cancellation, or debt relief for a fee. You never have to pay for help with your federal student aid. Make sure you work with the Department of Education and your loan servicer, and never reveal your personal information or account password to anyone. You can report scam attempts to the Federal Trade Commission by calling 1-877-382-4357 or by visiting reportfraud.ftc.gov.

Please visit StudentAid.gov/Coronavirus for additional updates.

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