- Timeline of federal student loan extensions
- Student loan forbearance details
- Prepare now for federal student loan repayment
- Here’s what to do if you’re facing financial hardship
- Assistance for Private Student Loans
- The bottom line
Timeline of federal student loan extensions
- March 20th, 2020: Federal student loans were placed into temporary forbearance. A 0% interest rate was applied to all loans during this period. The federal government even halted collecting payments on loans that had defaulted.
- March 27th, 2020: The CARES Act (Coronavirus Aid, Relief, and Economic Security Act) is passed, extending the initial relief until October 1st, 2020.
- August 8th, 2020: The federal government extends the above relief through the end of 2020.
- December 4th, 2020: The federal government extends the above relief through the end of January 2021.
- January 20th, 2020: The federal government extends the above relief until October 1st, 2021.
Student loan forbearance details
Which loans are included in the freeze?
Prepare now for federal student loan repayment
Here’s what to do if you’ve not been financially impacted this past year
If you have other debt
If you do not have an emergency fund
If you can afford to make student loan payments
Here’s what to do if you’re facing financial hardship
If you can’t meet the minimum payment
- REPAYE (Revised Pay As You Earn) Payment Plan - available for direct loans only; this repayment plan typically sets your monthly payment amount at 10% of your monthly discretionary income.
- PAYE (Pay As You Earn) Payment Plan - follows the same terms as REPAYE, but is typically better for married borrowers when both spouses earn income; PAYE is harder to qualify for than REPAYE.
- IBR (Income-Based Repayment) Plan - available for direct loans and FEEL loans; this repayment plan typically sets your monthly payment amount at 15% of your monthly discretionary income (10% for new borrowers).
- ICR (Income-Contingent Repayment) Plan - available for most federal loans, including PLUS loans; this repayment plan typically sets your monthly payment at a fixed amount based on your income or 20% of your monthly discretionary income (whichever is less).
If you don’t qualify for an IDR
If you have loans in default
Here’s what you need to know if you’re working towards any of the student loan forgiveness programs
Assistance for Private Student Loans
Is it better to make payments on my loans while interest is low or pay down other debt?
What should I do if I’m unemployed when my student loans become due?
Is it worth paying student loans now if there’s a chance they’ll be forgiven in the future?
Will student loan forbearance be extended again?
The bottom line
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