coronavirus student loan assistance

With the continued presence of the coronavirus pandemic, certain types of assistance have been extended further to help citizens better manage financially during these difficult times. One of the recent updates following Biden’s inauguration includes an extension to the coronavirus student loan assistance. At this time, it has been extended through September 30, 2021, and here are some things to remember regarding this assistance:

  • These deferments are still automatic for qualifying federal student loan borrowers. The 0% interest rate has also been extended.
  • Collections on defaulted federal loans will remain paused as well. For anyone who has had wages garnished during this time, they will receive a refund for the garnished amounts.
  • If you have made any qualifying federal student loan payments since March 13, 2020, you can also request that these be refunded if needed.
  • As originally provided through this assistance, every month of these deferred payments will still qualify towards any loan forgiveness or rehabilitation programs you may be part of.

If you are unsure if your loans qualify for this assistance, be sure to contact your student loan servicer or login to your online account. Although some types of loans do not qualify, please contact your servicer if you are in need of assistance. You may be able to apply for emergency forbearance or other income-driven repayment options. 


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