Student Loan Law - Executive Order Suspends Interest until 2021
The White House announced an Executive Order from President Trump that will suspend federal student loan payments through December 31, 2020.
The President issued an executive order granting additional student loan relief and provide a payroll tax cut, enhanced unemployment benefits and an eviction moratorium. Congress passed the Cares Act, which is the $2.2 trillion stimulus bill that Congress, in March: Among other benefits, the Cares Act:
- paused all payments for federal student loans;
- set interest rates at 0%, so interest;
- halted collection of federal student loan debt; &
- “counted” non-payment of federal student loan debt toward the 120 required monthly payments for public service loan forgiveness.
What Are My Options?
Even if your student loans are paused, you will still owe student loan payments when the executive order ends. Additionally, private student loans are not paused and are still due. Fazzio Law is prepared to assist with relief measures including:
- Student loan refinancing
- Student loan consolidation
- Income-driven repayment plans
- Student loan forgiveness
If you are presently struggling with your student loan debt, please contact the trial attorneys at Fazzio Law, we are in your corner!
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