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UPDATE COVID-19: Student Loan

Student loans

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

Best tips

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
    forbearance

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
    garnishment

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