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April 8, 2021 12:30 PM Kat Tretina - Forbes Advisor
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April 8, 2021 6:50 PM
If you cannot afford your federal student loan payments, you may qualify for a deferment program that allows you to postpone your payments temporarily. As of the first quarter of 2020 the latest reported data before the CARES Act suspended loan payments approximately 90,000 borrowers were enrolled in economic hardship deferment, holding $3.5 billion in outstanding student loans.
If your loan servicer approves your economic hardship deferment request, you can stop making payments for up to three years.
Here’s what you should know about this deferment option and how to apply.
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Vermont Business Magazine Scott Giles, president and CEO, Vermont Student Assistance Corp commented today on the US Department of Education’s expanded ‘pause’ on federal student loan interest and collections for defaulted FFEL loans.
“COVID-19 has created significant challenges for many Vermont students and their families. Over the past year, we have worked with thousands of Vermonters to help them obtain the help they needed to manage their student loan debt.
“We have also been actively advocating with the Vermont delegation and with the Department of Education to provide additional relief to borrowers in the legacy FFEL program. This past week the US Department of Education made the decision to provide additional support to FFEL borrowers who have defaulted on their student loans.
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15 labor unions called on the DOE to fully cancel student debt for public service workers through executive action.
They cited problems with the Public Service Loan Forgiveness program, in which 98% of applicants were rejected.
This follows Biden s request for the DOE to prepare a memo on his authority to cancel up to $50,000 in debt per person.
Student-debt cancelation was a major theme of the 2020 presidential campaign, and the issue is only gaining momentum. On Thursday, 15 of the largest labor unions in the country called on Education Secretary Miguel Cardona to fully erase debt for borrowers who have worked in public service for more than a decade.