Student loan payments are suspended to ease burden during Coronavirus

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HARLINGEN- Millions of people with student loan debt are getting a break through the student loan relief plan. The U.S government has suspended payment plans and are waiving interests on student loans for six months.

UTRGV’s Financial Aid Associate Director, Jael Perez explained what this means for those with student loans.

“For those students that are currently paying their student loans, they actually have suspended all requirements to pay student loans right now,” Perez said. “So, during this period no interest will be accruing on any of the student loans.”

The relief plan was passed last week by the U.S Department of Education and puts an automatic pause on student debt payments from March 13th through September 30th. 

Perez said this relief plan only applies for direct government loans. 

“There are student loans that are not owned by the federal government,” Perez said. “There are private banking institutions that also offer student loans to students, and if the students chose to go that route this does not apply to them.”

The debt relief plan will automatically be applied. Perez want’s individuals to know, there is no need to do anything, and to be aware of any fraudulent calls you might receive regarding your student debt.

“It’s unsolicited calls, it’s ads on Facebook. So, just kind of be aware of that this type of information typically that’s not how it would be distributed,” said Perez.

Perez also advises to not give out any account numbers regarding your student debt payments and to contact your loan service provider for any questions you may have.

If you are not sure who your loan service provider is you can head to the National Students Loan Data System at https://studentaid.gov/.

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