COVID-19 Relief for Student Loan Borrowers

The recently issued Coronavirus Aid, Relief, and Economic Security (CARES) Act provides relief for most student borrowers (Section 3513 of the Act). Effective March 13, 2020 and through September 30, 2020, all interest on qualified student loans is waived and payments are suspended for six months.

1. Eligible Loans:

Most federal loans are eligible for relief. These covered loans include

• Subsidized and Unsubsidized Direct Stafford loans

• Direct Plus loans for parents and students

• Perkins loans