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Additionally, each month of the temporary suspension will count as if a payment has been made for a borrower in a loan forgiveness or rehabilitation program, including those under the Public Service Loan Forgiveness Program. Even though you aren’t making any payments, the CARES Act requires the federal government and credit reporting agencies to count these months as though you are. If your employer pays your student loan obligations, they can do so tax-free up to January 1, 2021 for up to $5,250.
Please be advised that you can choose to pay your federal student loans during the temporary suspension; however, your monthly payment will not change. Each student loan payment will pay off any previously accrued interest first and then will reduce your principal balance, helping you pay off your loans faster.
While these provisions do not amount to complete forgiveness, they provide student borrowers with needed relief from their obligations now.
For more information on the efforts the Department of Education is taking to address the COVID-19 national emergency, visit: COVID-19 Information and Resources for Schools and School Personnel.
For the federal student aid FAQs pages on coronavirus, visit: