Student loan borrowers are getting a break amid the coronavirus. Here's what you need to know about the policy.
"Forbearance, which is usually a mixed blessing due to the accrued and capitalized interest, is now, well, just a blessing," aid Betsy Mayotte, president ofShould everyone put their loans on pause then?You shouldn't stop paying your student loans unless the pandemic has hampered your ability to do so, Mayotte said. That's because your payments could now go more toward your debt's principal, meaning you'll be lowering the amount you owe in the long run.
These plans could be a lifeline for borrowers struggling amid COVID-19, said Will Sealy, the co-founder and CEO ofIf your income has dried up as of late, you should let your lender know so it canSealy said these plans can be preferable to a forbearance or deferment since they lead to debt forgiveness, and because the financial relief will last beyond the fallout of COVID-19.
By the end, you need to have made 120 qualifying, on-time payments in an income-driven repayment plan or the standard repayment plan. That means if you lose your job over COVID-19, you should "immediately seek a new public service job," Kantrowitz said. Or, if you still have your current job, it'll behoove you to keep up your payments if you want to limit your repayment timeline to those 10 years.
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