Federal Loan Repayment News and Updates
Updated February 22, 2022
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. The grace period for these loans will end on May 1, 2022. 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 information in the news about general federal student loan forgiveness
in recent weeks. There is some discussion among lawmakers as to whether the Federal
Family Education Loan Program (FFEL) (loans prior to June 2010, also called Stafford
Loans) should qualify for federal loan forgiveness. Even 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. 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 student loans. You can find information about your servicer, loan balance,
and payment information by logging into studentaid.gov.