13 juuni An incredible number of Student loan Consumers Put aside regarding CARES Operate Save
With the headlines reporting relief for federal student loans, many borrowers are likely unaware that they are still required to meet their monthly payment obligations. Moreover, borrowers commonly hold multiple loans, meaning some borrowers may have both federal funds that are suspended and other federal loans that are not, making the repayment status complicated. While FFEL borrowers have the option to consolidate their loans into one Government Direct Loan (which would be eligible for the payment and interest suspensions), there are significant disadvantages to this approach, such as administrative hurdles and paperwork, long processing times, and potentially higher interest rates.
Several says, including Nyc and Illinois, have announced plans to provide relief for those left out of the CARES Act provisions, and many are contacting Congress to provide all federal loan borrowers with equal support.