Here’s How To Contact Your Student Loan Servicer During Coronavirus

If you have student loans, this is probably one time when you’ll want to contact your student loan servicer.

Here’s what you need to know.

Student Loans

The CARES Act, which is the new $2 trillion stimulus bill to help those impacted by coronavirus, directly helps borrowers with student loans and provides financial relief. These student loan repayment efforts are in addition to President Donald Trump’s paid sick leave plan. The CARES Act allows you to stop paying your federal student loans from now through September 30, 2020. Federal student loans will be automatically suspended during this period, although you have the option to still pay them. Previously, Trump also announced that you have an option to stop paying your federal student loans for 60 days. The CARES Act also waives student loan interest on your federal student loans through September 30, 2020. Trump previously announced through executive action that he is waiving interest on federal student loans.

List of Major Federal Student Loan Servicers

More than ever, student loan borrowers are searching for ways to lower their monthly student loan payments. The Coronavirus crisis has led to a surge in student loan questions about how to pay your student loans and what this means for your student loans.

During this period, you can contact your federal student loan servicer to get answers on how to pay off student loans. Here is a list of student loan servicers for federal student loans. If you’re not sure who is your student loan servicer, you can call Federal Student Aid at 1-800-433-3243.

What To Remember

A few things to remember:

1. The CARES Act is brand new so it’s possible that your student loan servicer’s website is not updated yet with the latest information.

2. Similarly, customer service representatives at your student loan servicer may not yet be familiar with the new changes regarding your federal student loans. Be patient, my friends.

3. The interest rate on your federal student loans will automatically be set to 0% through September 30, 2020. You don’t need to request this.

4. Through September 30, 2020, your federal student loan payments will be automatically suspended. You don’t need to request this.

5. You can still your federal student loans if you’d like. The suspension of payment is optional.

6. Student loan debt collection was also halted through September 30, 2020. This means no garnishment of wages, tax refunds or Social Security benefits retroactive to March 13, 2020 for federal student loans in default. For example, if youe tax refund was garnished after March 13, 2020, you may get back your for tax refund.