Tuesday, April 7, 2020

Borrowers are entitled to Temporary Relief from Federal Student Loan Payments and Collections – Coronavirus Stimulus Bill 2020

Section 3513 of the Coronavirus Stimulus Bill suspends student loan payments through September 30, 2020. Monthly interest will not accrue while the suspension is in effect. During the suspension, the student loan borrower’s credit report will not reflect missed payments.

Section 3513 suspends all collection actions involving a student loan including the suspension of wage garnishments, reductions of tax refunds or any other reduction of a federal benefit payment.

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