Student loan deferrals are happening, in many cases automatically! Here’s the details, but the tldr; is that loans are at 0% and you may stop paying through September 30.
Each individual lender is treating this somewhat differently about whether they’ve stopped automatic payments.
It’s a very good idea to stop your automatic payment when you’re being offered a 0% loan. Some people – those who are eligible for loan forgiveness – will just be paying principle for no reason if they don’t stop their payments!
On the other hand, some people will prefer to keep paying even if it’s at 0%, as the principle payments will go farther. They may be irked to discover their automatic payments were turned off.
In either case, I recommend you go login and adjust accordingly. Here’s a quick assortment of loan links:
- FedLoan link: https://myfedloan.org/borrowers/postponing-payments/
- Great Lakes: https://mygreatlakes.org/educate/covid-19.html
- Nelnet: https://www.nelnet.com/covid-19
- Navient: https://navient.com/covid-19
- Mohela: https://www.mohela.com/
- Granite State: https://gsmr.org/
- Sallie Mae: https://www.salliemae.com/landing/coronavirus/
- VSAC is NOT covered; here’s what they say: https://www.vsac.org/covid-19-updates-ways-vsac-can-help