Managing Your Student Loans During the Coronavirus Pandemic
Updated March 30, 2020, with information from the CARES Act.
On March 27, 2020, the president signed into law a $2 trillion stimulus plan known as the CARES (The Coronavirus Aid, Relief, and Economic Security) Act, which will provide borrowers of federal student loans with substantial benefits. It will replace the March 20, 2020, federal mandate that no interest will accrue on federal student loans and that borrowers could suspend payments for up to 60 days.
With the CARES Act, no interest will accrue on federal student loans until September 30, 2020, extending the original interest freeze, and all borrowers will automatically have their payments suspended for six months through September 30, 2020. Borrowers can find more information at https://studentaid.gov/announcements-events/coronavirus. Keep in mind that this ruling does not apply to private student loans.
Not sure what types of student loans you have? Now is an excellent time to review your loan servicers and loan terms, whether you are in school or have graduated and entered repayment. You can access your federal student loan information by logging in with your FSA ID at https://studentaid.gov.
Private student loan information is available through your servicer’s website; if you have a Credit Union Student Choice education line of credit, University Accounting Service (UAS) is the loan servicer for your account. UAS provides 24/7 access to view your loan information and make payments at www.uasecho.com.
If you aren’t sure who your servicer is, you can also find the information on your credit report. (For a free copy of your credit report, visit www.annualcreditreport.com.)
Need personalized guidance? Our College Access and Repayment Counselor is available to answer any questions you may have - send an email or schedule an appointment for a time that's convenient for you.
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