Student loan payments getting suspended for six months

Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. UponArriving has partnered with CardRatings for our coverage of credit card products. UponArriving and CardRatings may receive a commission from card issuers. 

As many of you are aware, Congress is currently finalizing a package of aid worth $2 trillion that will be aimed at helping the economy recover.

We’ve already heard some specific details about the aid going to the airlines and airports. They will be getting close to $60 billion and that it will come with certain conditions like limiting bonuses to executives and preventing certain types of use of the funds like stock buybacks.

But there is another provision in there that would benefit a lot of people: students.

Federal student loan borrowers will likely get six months of reprieve from their loans. During this time, they will not have to make student loan payments and they will also get interest suspended for six months.

I’m still waiting to get the full details on any other student related benefits but I thought it was worth passing it along because this could amount to substantial savings for a lot of people.

H/T

UponArriving has partnered with CardRatings for our coverage of credit card products. UponArriving and CardRatings may receive a commission from card issuers. Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

Leave a Reply

Your email address will not be published. Required fields are marked *