Due to COVID-19 and the impact that it will have on consumers financially, multiple businesses, banks and major corporations have announce measures to help those impacted the most. Among those that have laid out plans to help their customers during this pandemic are student loan providers.
Trump announced that federal student loan borrowers will be allowed to take a break from their monthly payments for at least the next 60 days. To obtain the 60-day reprieve, borrowers who have federally held loans will have to make a request of their loan servicers, such as Navient, Nelnet or FedLoan Servicing, over the phone or online.
Additionally it was announced that interest on federal student loans would be waived until further notice. This has never happened before and is an acknowledgement by the government of how tightly this pandemic could squeeze Americans’ finances.
Borrowers are not required to do anything for their interest to be waived on their loans. Account adjustment will automatically happen.
Wells Fargo is among the student loan servicers that is offering to put student loan payments on hold for up to 90 days for those who cannot pay their monthly payments during this pandemic.
Other loan providers have announced that they will be helping their borrowers during this worldwide pandemic, but they have not announced direct measures at this time.
If you have any questions about your specific loan, contact your loan servicer as soon as possible. Your servicer can provide information about deferment or forbearance options that allows you to temporarily stop making payments on your loans.
Our firm will be investigating to make sure that these student loan servicers stick true to their procedures to help protect their borrowers during this pandemic. If you or someone you know ends up being impacted negatively by one of these student loan servicers during COVID-19, Maginnis Law is here to assist you.
Maginnis Law’s consumer law attorneys are committed to help consumers like you who have been wronged by big corporations, banks, etc. You can reach our firm’s consumer law attorneys by phone at 919.526.0450, by email at email@example.com, or through our contact page.