Blog.
Student Loan Emergency Relief Extended until Sept 30, 2021.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was passed, suspending loan payments, stopping collections on defaulted loans, and setting a 0% interest rate. The CARES Act has since been extended on Federal students loans until...
Why you should stop refinancing your federal student loans and other recommendations
President Biden's administration has extended two major initiatives from now until September 30, 2021, which benefits employees and their family members. 1. Interest will stop accruing. 2. No repayment is required. The media reports the President will take the...
Employer Contribution Benefit Extended until 2025
The latest stimulus bill passed into law includes an extension on tax-free payments by employers to pay down employee student loan debt. This provision originally set by the CARES Act was due to expire on December 31, 2020, but last month’s passing of the Consolidated...
A Little More Relief – But Don’t Wait
CARES Act Relief Extended Until January 31, 2021 On December 4th, the Department of Education extended the deadline for the student loan relief program established under the CARES Act to January 31, 2021, giving America’s 42 million borrowers an extra month to prepare...
The #1 Thing to Do Right Now to Prepare for Student Loan Repayment
Nearly 45 million Americans—about 1 out of every 5 adults—are carrying some form of student loan debt. At the start of the COVID-19 pandemic, the CARES Act aimed to help those in debt by suspending payments, stopping collections, and waiving interest on all federal...
Federal Student Loan Payments, Collections, and Interest Now on Hold until Dec. 31 2020
On August 8th, President Trump released an executive memorandum extending the student loan payment relief outlined in the CARES Act until Dec 31, 2020. Last week, U.S. Secretary of Education Betsy Devos directed Federal Student Aid (FSA) to implement the president’s...
Are you in the right student loan repayment plan?
Millions of Americans are unemployed right now. Federal direct student loans are in a temporary forbearance due to the CARES Act, but that will end in September. Now is the time to review your current financial situation and determine whether or not you’re in the...
Nelnet and Great Lakes will no longer service federal student loans!
If you have Nelnet or Great Lakes for your federal student loan servicer, you will soon be receiving a new servicer. Nelnet and Great Lakes, which collectively manage federal student loans for approximately 13 million student loan borrowers, will no longer service...
What Happens October 1st with the CARES Act and My Student Loans?
Over 5.2 million student loan borrowers are in default. The CARES Act has several provisions to help struggling borrowers. Defaulted borrowers have a reprieve from wage garnishment and tax offsets until October 1st 2020. What happens October 1st? Wage garnishment and...
Whether or not to make payments during the CARES Act forbearance on direct federal loans
The CARES Act, signed into law on March 27, 2020, includes a broad range of provisions designed to help Americans whose everyday lives were dramatically altered by the COVID-19 pandemic. Among other measures, the Act provides relief for federal student loan borrowers,...