See this article regarding the Department of Education’s press release clarifying the executive order regarding covid related student loan relief.
**Updated August 22** Hello TISLA friends! We’ve been waiting to post about the executive order issued on August 8th hoping we’d have additional guidance b
ut so far no such guidance has been issued. On Friday, August 21st, the Department of Education (ED) issued a press release stating that they are implementing the executive order as a full extension of the CARES Act provisions.
Those borrowers currently receiving a waiver on payments and interest will continue to receive those benefits through December 31st, 2020. Borrowers do not need to take any action to receive this extension. If you are getting the benefit now, you will continue to receive it. If you aren’t, it’s because your loans are not eligible. See guidance in our prior blogs or at www.studentaidpandemic.org for options if your loans are not eligible for these waivers.
The press release clarified that the benefits afforded those pursuing Public Service Loan Forgiveness or loan rehabilitation will also be extended. Defaulted federally held loans will also continue to be paused for collections.
Keep in mind that Congress may still pass a stimulus bill that could clarify or change what’s in the executive order. For more information please also see this news story https://www.wmar2news.com/matterformallory/payments-for-student-loan-borrowers-pushed-back-to-2021 [wmar2news.com]
We were so happy to work with CR on this important article! https://www.consumerreports.org/student-loans/new-student-loan-rules/
Check out these top tips for managing your loans during the pandemic! https://www.npr.org/2020/04/24/844048425/what-the-cares-act-means-for-your-student-loans
We were so excited to talk to Anna Sales from DSM again! Here how the CARES Act helps some borrowers – but not others https://www.wnycstudios.org/podcasts/deathsexmoney/episodes/pandemic-student-loans-death-sex-money