If you are like more than half of Americans with student loan debt, you are probably wondering “what is happening to student loans during the coronavirus?” Luckily, if you are behind on your student loans payments or are unemployed, you will be happy to hear that president Trump signed a bill providing relief to struggling student loan borrowers in the wake of the coronavirus pandemic.
How Does The Bill Impact My Student Loans?
The bill has put a six month suspension on all student loan payments that are federally held. This bill is intended to help individuals who can’t make their monthly student loan payments because of the ongoing coronavirus pandemic. Normally, individuals who default on their student loans face garnishments, bank levies, and witholding tax refunds from their student loan creditor. This bill will provide a sense of relief while the pandemic is going on. Collection agencies won’t be able to call you or send you letters.
This bill also stops interest from accruing on the loan. Keep in mind, this bill will only prevent Federal student loans from collecting against student loan borrowers. If you are one of the