Federal CARE Act provides relief to student loan borrowers

A new law passed last month to provide aid to those impacted by the coronavirus provides direct relief to student loan borrowers.  AFT has a fantastic resource page with updated information on the Care Act’s provisions, which include:

  • Automatic suspension of most federal student loan payments from March 13 through September 30, 2020
  • Zero percent interest on federal student loans through September 30, 2020
  • Suspension of involuntary collections through September 30, 2020
  • Refunds of garnishments since March 13, 2020

The site also includes:

  • Link to the summer online student debt management platform, available as a free member benefit to AFT members
  • Templates for communicating with servicers on: Making continued payments during the payment suspension and requesting a refund
  • Student Borrower Protection Center webinar and documents on IDR and other borrower resources for managing student loan debt
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