Student loan payments suspended to ease burden during coronavirus
HARLINGEN – Millions of people with student debt benefit from the student loan relief plan. The US government has suspended payment plans and waived interest on student loans for six months.
UTRGV Associate Director of Financial Aid Jael Perez explained what this means for those with student loans.
“For the students who are currently paying off their student loans, they’ve actually suspended all requirements to pay off student loans right now,” Perez said. “So during this period no interest will accrue on any of the student loans.”
The relief plan was passed last week by the US Department of Education and automatically pauses student debt payments from March 13 through September 30.
Perez said this back-up plan only applies to direct government loans.
“There are student loans that don’t belong to the federal government,” Perez said. “There are private banking institutions that also offer student loans to students, and if students choose to go that route, that doesn’t apply to them. “
The debt relief plan will be automatically applied. Perez wants the people at Perez to know that there is no need to do anything and to be aware of any fraudulent calls you may receive regarding your student debt.
“These are unsolicited calls, these are advertisements on Facebook. So just know that this type of information is usually not the way it would be distributed, ”Perez said.
Perez also advises not to give out any account numbers regarding your student debt payments and to contact your loan service provider with any questions you may have.
If you are unsure who your loan service provider is, you can head to the National Student Loans Data System at https://studentaid.gov/.