All borrowers with federally held student loans will automatically have their interest rates set to 0% and be placed on administrative forbearance from March 13, 2020 through Sept. 30, 2020 for the following loans owned by the Dept. of Education:
- Defaulted and non-defaulted Direct Loans
- Defaulted and non-defaulted FFEL Program Loans
- Federal Perkins Loans
At this time, this does not apply to private student loans. Please contact your loan service provider for options.
During this period the full amount of your payments will be applied to the principal once all interested accrued prior to March 13 is paid. Auto-debit payments are also suspended during the administrative forbearance. Any auto-debits made within this period can be refunded to you. Please contact your loan service provider to request your payment be refunded.