Our Financial Aid Office has been asked, “Is it true that I don’t have to make payments on student loans right now? ” Here is the answer to that question:
This is true for Federal Student loans. Any federal loan payments, and interest accrual on the loans, is suspended until Sept. 30, retroactively going into effect on March 13, 2020. Your billing should update automatically — if it hasn’t, make inquiries.
Loans that don’t qualify are Federal Family Education Loans, Perkins Loans, and Private Loans.
Private loans can include loans that were refinanced through a private company (ex. SoFi). You should still check to see what services private lenders may be offering.
Keep in mind that any payments you make during this time will go entirely toward the principal amount, not split with interest.
Additionally, if you are working toward Public Service Loan Forgiveness – these suspended months will still count toward your required monthly payments.
DISCLAIMER: Information is changing daily, so make sure you are checking studentaid.gov regularly for any updates or amendments. If you have any questions, reach out to the Financial Aid Office: