Just the other day, the President suspended student loan payments for 2 months! No penalties, no interest.
Some people said “I’ll believe it when the loan company calls”, well…sorry to tell you this, but the loan company isn’t going to call. This is something you have to initiate yourself.
So just how do you do this?
Federal student loans will be able to be suspended by student loan borrowers without penalty and without accruing interest for 2 months! This is retroactive as of March 13th.
If we need more, we’ll extend that period of time,President Trump
You will need to contact your loan servicer and request that your loans be put in forbearance. They will not call you, trust me, they still want that money.
If you do not know who your servicer is or how to contact them, you can visit StudentAid.gov/login or call them at 1-800-4-FED-AID (1-800-433-3243; TTY for the deaf or hearing-impaired 1-800-730-8913) for assistance.
Fair warning: be prepared for long wait times.
Some loan servicers are even offering the option to apply for a forbearance online when you login to your online account. If you don’t see these options online, you’ll need to call your student loan provider instead.
If you have more questions please visit studentaid.gov. They have a ton of answers to your questions! You can even find the information to lower your payments during this time.
There are options for you! You just have to put in the work and get it done.