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Federal Loan Repayment News

Federal Loan Repayment News and Updates

Updated April 7, 2021

The Office of Financial Aid wanted to share resources for alumni in repayment on federal loans.  Some federal loans have been eligible for 0% interest and $0 repayment since last March.  These loans will go back into repayment on October 1, 2021.  At that point if you are having trouble making payments on your loans you do have options including forbearance and income-based repayment. To find out more visit https://studentaid.gov/h/manage-loans

If you have been working in a public service field (non-profit, teaching, government) you may be eligible for Public Service Loan Forgiveness and/or Teacher Loan Forgiveness.  Check out these links to learn more about requirements.

You may have seen in the news discussions about general federal loan forgiveness. It has not been finalized if the Federal Family Education Loan Program (loans prior to June 2010, also called Stafford Loans) will qualify for federal loan forgiveness, if legislation is passed.  If FFEL loans do not qualify for forgiveness, there may be a period of time where FFEL loan borrowers can apply for loan consolidation under the Direct loan program which would allow their loans to be eligible for forgiveness.  Consolidation is also something to consider if you are interested in Public Service Loan Forgiveness.  To learn more about consolidation visit https://studentaid.gov/app/launchConsolidation.action.

As always, you should contact your loan servicer if you have questions about your federal loans.  You can find information about your servicer, loan balance, and payment information by logging into studentaid.gov.

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