Federal Student Loans and Coronavirus Update

April 2, 2020

In this webinar, I review the latest changes to the way federal student loans are being handled during this coronavirus pandemic.

The government has offered two programs to help borrowers with their federal student loans:

  1. CORVID-19 emergency forbearance and
  2. CARES Act benefits

Of the two, the CARES Act benefits offer the most benefits to student loan borrowers.

IMO, you should contact your loan servicer to make sure the CARES Act benefits will be applied to your account. Given how new all of this is, I’d wait until the second week of April before I start contacting them.

Why you shouldn’t assume you’re getting benefits under the CARES Act

The key takeaway is to find out if your loans are owned by the Department of Education.

You can do that pretty easily by visiting studentaid.gov. Take note of any loan that has FFEL or Perkins in it. Those loans may be owned by the Department of Education or they could be owned by a guaranty agency or the school you attended.

Walk-through of how to find who owns your federal student loans

Lastly, here’s the screen share from today’s webinar.

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