This month many universities and colleges are welcoming students back to campus… kind of. Something feels different as many campuses are implementing an online curriculum. COIVD-19 has forced colleges and universities to change the way they operate, and the changes do not stop there.
The current administration has issued an executive memorandum that extends the temporary halt on all federal student loan payments originally granted by the CARES Act, until December 31, 2020. According to whitehouse.gov, this executive instructs the Department of Education to “continue the temporary cessation of payments and the waiver of all interest on student loans held by the Department of Education.”
The most recent executive action extends the 0% interest on the following types of federal student loans.
There nothing you need to do currently, except make sure you are aware of this important change. If you have any questions about how to best leverage this change or financially prepare for college, reach out to us.