Do I need to keep paying my monthly payments?
If you have private loans, you may have options to waive or stop payments, however, you are still responsible for your regular monthly payments until otherwise stated or agreed upon. If you have federal loans, the Federal Government has allowed borrowers to pay towards their Federal loan with no accrued interest through January 31, 2022 due to COVID-19. All Federal loan interest reduction will retroactively be applied to March 13th, 2020. Borrowers also have the option to freeze payments for up to 6 months with certain servicers. We suggest contacting your servicer directly to find if you qualify.
Interest during this time will automatically be waived, however, if you are interested in freezing your payments you will need to reach out to your loan servicer for confirmation that your loan qualifies to avoid being classified as delinquent. You can read more about this in our blog post here: President Biden Extends Student Loan Relief
Please reach out to your loan servicer to ensure that you qualify for interest being waived and how to freeze your payments. You can find contact information here.
For more information, please visit the Federal Student Aid website.
If you have any questions about how you can utilize our platform and tools during this time to make an impact on the principal of your loan, please contact us via Live Chat or through email at email@example.com