01 Apr UPDATE COVID-19: Student Loan
All collections on defaulted loans have stopped, that includes wage, social security, and other garnishments
- Talk to your employer
- Automatic payment suspension until Sept
- Borrowers should turn off their autopay – contact servicer or go online so they aren’t
paying when they don’t owe anything
- As long as borrowers are not in forbearance, they don’t lose their credit
- DoE is hosting a call this afternoon
- Do not choose the emergency forbearance and turn off your autopsy
- Commercial loans are not included
- No coverage for Perkins loans
- Private student loans not included
Turn off your autopay – no one is in the offices to help, so do it online!
Q: On emergency forbearance?
- The forbearance was the immediate solution, we have a longer-term solution now
- Reach out to your borrower on social media or email and have them stop the
Q: Any upside to continuing payment?
- The upside is if you’re paying off your loan
- If you’re working for loan forgiveness, you’re better off saving your money
- If your wages are being garnished, you have to contact your employer to lift the