🚨 Important info on the repayment pause. 🚨
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Hey John,
We wanted to make sure you got the info on some of the latest updates that probably impact your student loans or the loans of someone you know!
TL;DR: the payment pause for federal loans will continue through September 30, 2021, and there’s no news on broad-based debt-free college, debt cancellation, or other relief yet.
This info comes from our Higher Ed, Not Debt partners at the National Consumer Law Center [[link removed]] .
You can also scroll to the bottom of this email ⬇️ ⬇️ FOR AN URGENT ACTION ITEM!
*
What’s
covered:
the
payment
pause
will
continue
to
apply
only
to
federal
student
loans
that
are
currently
owned
by
the
Department
of
Education.
This
includes
0%
interest
rate
for
federal
loans.
Commercially-held
Federal
Family
Education
Loans
(FFEL)
and
school-held
Perkins
Loans
are
not
getting
relief
on
those
loans.
(Find
more
info
in
the
post
to
figure
out
if
your
loans
are
federal.)
*
Time
in
suspension
counts
toward
IDR
(income-driven
repayment)
and
PSLF
(public
service
loan
forgiveness).
Note:
if
your
servicer
is
currently
not
allowing
you
to
enroll
in
IDR,
please
fill
out
this
form
from
our
partners
at
NCLC
[[link removed]]
.
*
For
federal
loans
that
are
in
default,
no
collection
activities
should
occur
through
at
least
September
30,
2021.
This
means
there
should
be
no
collection
calls,
no
wage
garnishment,
and
no
money
taken
out
of
borrowers’
tax
refunds
or
Social
Security
benefits
to
collect
on
defaulted
covered
loans
.
*
For
borrowers
who
enter
into
a
rehabilitation
agreement
to
get
their
covered
loans
out
of
default,
the
suspended
payments
will
count
toward
the
required
nine
payments
needed
to
rehabilitate
a
loan.
See the NCLC blog post for more info and suggested actions borrowers can take right now, including info on how to get out of default. [[link removed]]
GET THE INFO [[link removed]]
The payment pause still leaves millions of borrowers without relief, and does nothing to lower balances. Almost a year into the pandemic, Americans are struggling to make ends meet more than ever before.
College students will be graduating into a market where it will be nearly impossible to get a job. In the last year hundreds of thousands of women, largely women of color, have lost their jobs due to the pandemic. The economic fallout has deepened the racial wealth gap and economic inequity. Black borrowers continue to be disproportionately harmed by student debt without real relief.
That’s why we’re continuing to demand our leaders create a plan for debt-free college and to cancel student debt. [[link removed]]
Spread the word by forwarding this update to friends with student debt.
Your fellow borrower,
Ella Azoulay
Program Coordinator
Generation Progress
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