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Resources to Help During COVID-19 Crisis: Student Loans

By March 30, 2020 No Comments

As of March 13, 2020, interest on all federally held student loans will be waived for at least 60 days. Privately held loans are not eligible.

For Members who can afford it, this is a great opportunity to pay down the balance you owe. We encourage you to pay as much as possible during this period of 0% interest. Contact your Cincinnati Works financial coach to discuss your options.

Monthly payments will stay the same and are expected to be paid if at all possible. The Department of Education will automatically adjust the interest, so it should show up on your next invoice.

You should contact your loan servicer to determine if your loans are eligible. (Loan servicers are to whom you make your monthly payment: Nelnet, Navient, etc.)

To suspend payments, you can ask for an administrative forbearance, which allows you to temporarily stop making payments without becoming delinquent. If you are in Public Service Loan Forgiveness or Income-Driven Repayment forgiveness, the time spent in administrative forbearance will not be counted toward the minimum payments you are required to make.

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