This website is for demonstration purposes only. Any information provided here does not constitute financial advice. All data, case studies, and testimonials are fictional and are presented solely for illustrative purposes. For personalized financial guidance, please consult a qualified professional.

Your Email Address  |  Your Phone Number

Newsletter Insights

Your Weekly Dose of Diverse Insights

Federal Student Loan Relief

Aug 28, 2021 | Unordered Content: Newsletters

How does it work? What should you do?

Are you or someone you know currently making federal student loan payments? In light of the COVID-19 pandemic, some welcome relief may be on the way.

Thanks to the recent passage of the CARES Act, the U.S. Department of Education will allow you to temporarily halt your federal student loan payments from March 13, 2020 until September 30, 2020.1

What should you do next?

At this time, no action is necessary. As part of this relief initiative, all federal student loans will be placed in an administrative forbearance and automatic payments will be paused from March 13 to September 30, 2020.

What about the interest?

Good news! During this same time period, interest rates are being set to 0% on the following types of federal student loans:2

Defaulted and non-defaulted Direct Loans
Defaulted and non-defaulted FFEL Program loans
Federal Perkins Loans

What if I want to keep making payments?

It’s important to keep in mind that payments are still being accepted during this time period, but they won’t be automatic or required. Depending on your situation and goals, continuing to pay down your federal student loans may make sense, even during this challenging time.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Citations.

Ed.gov, 2020
Studentaid.gov, 2020

Discover New Passions in Retirement

Discover New Passions in Retirement

Retirement marks a new chapter in life, one filled with opportunities to explore passions and interests that may have been on hold for years. With more free time and less daily pressure, retirees can now focus on activities that bring joy and fulfillment. Whether...

read more
Creating a Simple Weekly Routine in Retirement

Creating a Simple Weekly Routine in Retirement

One of the most freeing aspects of retirement is the open calendar. Gone are the packed workweeks and tight deadlines. But for many retirees, the lack of structure can be both a blessing and a challenge. Without a rhythm to anchor your days, time can begin to blur,...

read more
Heart-Healthy Meals That Don’t Sacrifice Flavor

Heart-Healthy Meals That Don’t Sacrifice Flavor

Eating for heart health doesn’t mean giving up the foods you love. In fact, many of the most flavorful ingredients—herbs, spices, fruits, vegetables, and healthy oils—play a key role in protecting your cardiovascular system. For retirees and older adults, prioritizing...

read more
Solo Travel: How to Stay Safe and Have Fun

Solo Travel: How to Stay Safe and Have Fun

Embarking on a solo travel adventure can be one of the most liberating and enriching experiences a person can undertake. Whether you're setting out to discover new cultures, escape your daily routine, or simply seek some much-needed solitude, traveling alone offers...

read more