Is interest still accruing on my student loan?
This is dependent on if you have private or federal loans. As of Tuesday, January 20th, 2021, borrowers have student loan payment relief on their federal loan payments. These payments have been waived through January 31, 2022. You can read more about this in our blog post here: President Biden Extends Student Loan Relief
This applies to all loans that are owned by the U.S. Department of Education (ED). This includes the following:
- Direct loans
- Federal Perkins Loans
- Federal Family Education (FFEL) Program Loans.
* Please note that some FFEL Program loans are owned by commercial lenders, and some Perkins Loans are held by the institution you attended. These loans are not eligible for this benefit at this time.
If you are not sure if your loans fall under this category, please contact your loan servicer to determine if you are eligible.
Keep in mind that all payments made towards qualified loans will be applied to your Principal during this relief time.
If you are looking for more information, please visit the Federal Student Aid website.
You can also contact us via Live Chat or through email at email@example.com for more information on how our platform and tools can help you during this time.