{"id":45973,"date":"2020-08-13T15:25:00","date_gmt":"2020-08-13T12:25:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/what-no-student-loan-payments-until-2021-really-means-for-you\/"},"modified":"2020-08-13T15:25:00","modified_gmt":"2020-08-13T12:25:00","slug":"what-no-student-loan-payments-until-2021-really-means-for-you","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/what-no-student-loan-payments-until-2021-really-means-for-you\/","title":{"rendered":"#What no student loan payments until 2021 really means for you"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a37320aaacf0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a37320aaacf0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/what-no-student-loan-payments-until-2021-really-means-for-you\/#YOU_HAVE_FEDERAL_LOANS_AND_FACE_FINANCIAL_HARDSHIP\" >YOU HAVE FEDERAL LOANS AND FACE FINANCIAL HARDSHIP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/what-no-student-loan-payments-until-2021-really-means-for-you\/#YOU_CAN_STILL_MAKE_PAYMENTS_ON_YOUR_FEDERAL_LOANS\" >YOU CAN STILL MAKE PAYMENTS ON YOUR FEDERAL LOANS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/what-no-student-loan-payments-until-2021-really-means-for-you\/#YOUR_FEDERAL_LOANS_ARE_IN_DEFAULT_OR_REHABILITATION\" >YOUR FEDERAL LOANS ARE IN DEFAULT OR REHABILITATION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/what-no-student-loan-payments-until-2021-really-means-for-you\/#YOURE_PURSUING_PUBLIC_SERVICE_LOAN_FORGIVENESS\" >YOU\u2019RE PURSUING PUBLIC SERVICE LOAN FORGIVENESS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/what-no-student-loan-payments-until-2021-really-means-for-you\/#YOU_RECENTLY_GRADUATED_FROM_COLLEGE\" >YOU RECENTLY GRADUATED FROM COLLEGE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/what-no-student-loan-payments-until-2021-really-means-for-you\/#YOURE_TAKING_TIME_OFF_FROM_SCHOOL\" >YOU\u2019RE TAKING TIME OFF FROM SCHOOL<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/what-no-student-loan-payments-until-2021-really-means-for-you\/#YOU_HAVE_PRIVATE_STUDENT_LOANS\" >YOU HAVE PRIVATE STUDENT LOANS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/what-no-student-loan-payments-until-2021-really-means-for-you\/#YOU_HAVE_NON-GOVERNMENT_OWNED_FFEL_LOANS_OR_PERKINS_LOANS\" >YOU HAVE NON-GOVERNMENT OWNED FFEL LOANS OR PERKINS LOANS<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#What no student loan payments until 2021 really means for you<\/strong>&#8221;<\/p>\n<div>\n                        You don\u2019t have to make another federal student loan payment in 2020. Now is the time, though, to decide what to do before your bill arrives in January 2021.<\/p>\n<p>Federal student loan borrowers were already in an automatic interest-free pause on payments as part of the original coronavirus relief bill, known as the CARES Act. This pause was expected to expire Sept. 30, but an extension of the forbearance through Dec. 31 was directed in a memorandum signed by President Donald Trump on Aug. 8.<\/p>\n<p>However, it\u2019s uncertain that all the student loan relief measures included in the original CARES Act, such as a pause on collection activities, will also continue.<\/p>\n<p>\u201cThe language of the executive order is not clear,\u201d says Betsy Mayotte, president and founder of The Institute of Student Loan Advisors. It\u2019s also possible, she says, that Congress will make additional changes before the current automatic forbearance period ends.<\/p>\n<p>For now, the forbearance extension is to begin Oct. 1 and run through the end of the year, barring any legal challenge. The Department of Education is expected to issue additional guidance in the coming days on the details of the memorandum.<\/p>\n<p>Here\u2019s what the student loan payment relief extension is likely to hold for you, depending on your situation:<\/p>\n<h2><span class=\"ez-toc-section\" id=\"YOU_HAVE_FEDERAL_LOANS_AND_FACE_FINANCIAL_HARDSHIP\"><\/span>YOU HAVE FEDERAL LOANS AND FACE FINANCIAL HARDSHIP<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>January 2021 is just a few short months away, but it\u2019s enough time to make a change for your loan payments and avoid defaulting on your loans.<\/p>\n<p>\u201cThere is no harm or downside in talking to your servicer now,\u201d says Scott Buchanan, executive director of Student Loan Servicing Alliance, the trade association of student loan servicers. \u201cYou want to be well-prepared for whenever this does expire.\u201d<\/p>\n<p>If you know you\u2019ll have difficulty repaying the debt, contact your servicer now about enrolling in an income-driven repayment, or IDR plan \u2014 it caps payments at a portion of your income and extends the repayment term. If you don\u2019t have a job, your payment could be zero. If you\u2019re already enrolled in IDR, make sure to recertify your income if it has changed.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"YOU_CAN_STILL_MAKE_PAYMENTS_ON_YOUR_FEDERAL_LOANS\"><\/span>YOU CAN STILL MAKE PAYMENTS ON YOUR FEDERAL LOANS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If your finances haven\u2019t been affected by the economic downturn, you can use this time to prioritize financial goals.<\/p>\n<p>Consider making payments toward your principal on your federal loans to lower your overall debt. Since your loans are on automatic forbearance, you\u2019ll need to contact your servicer to do so.<\/p>\n<p>Alternately, you can make a dent in other financial goals, such as paying down credit card debt or padding your emergency fund.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"YOUR_FEDERAL_LOANS_ARE_IN_DEFAULT_OR_REHABILITATION\"><\/span>YOUR FEDERAL LOANS ARE IN DEFAULT OR REHABILITATION<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>All collection activities on federal student loans are suspended through Sept. 30, such as wage garnishment and collection calls. However, experts say, the new memorandum doesn\u2019t specifically indicate that collections would be suspended through the end of the year.<\/p>\n<p>Similarly, if you\u2019re currently rehabilitating defaulted student loans, the original six months of nonpayment counted toward the nine needed to complete the process. But the memorandum doesn\u2019t specify this would continue under the forbearance extension. Contact your servicer for more information.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"YOURE_PURSUING_PUBLIC_SERVICE_LOAN_FORGIVENESS\"><\/span>YOU\u2019RE PURSUING PUBLIC SERVICE LOAN FORGIVENESS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Federal student loan borrowers pursuing Public Service Loan Forgiveness don\u2019t need to make payments until Sept. 30. Those months of nonpayment still count toward the 120 payments needed to qualify for PSLF as long as you\u2019re still working full time for an eligible employer.<\/p>\n<p>However, there is no indication yet that the new memorandum <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lies to borrowers pursuing PSLF, experts say. Contact your servicer to find out if the additional months of forbearance would count toward PSLF. If not, consider making payments during this time to keep on track.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"YOU_RECENTLY_GRADUATED_FROM_COLLEGE\"><\/span>YOU RECENTLY GRADUATED FROM COLLEGE<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you were expecting to start making payments on your loan within the period of extended forbearance, your first payment won\u2019t be due until January. Usually, interest accrues during a grace period, but if your six-month grace period overlaps with the administrative forbearance period, interest won\u2019t grow.<\/p>\n<p>Use this time to find out who your servicer is and what your first bill will look like.<\/p>\n<p>If you think you can\u2019t make your minimum payment come January, you can apply for an income-driven repayment plan to cap payments at a portion of your income (it could be zero if you don\u2019t have a job). Apply for income-driven repayment at least two months before repayment starts.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"YOURE_TAKING_TIME_OFF_FROM_SCHOOL\"><\/span>YOU\u2019RE TAKING TIME OFF FROM SCHOOL<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Federal loans typically have a grace period of six months after you leave school. If you have student loans and last attended school in the spring, your payments would start to come due this fall. The extended forbearance period would delay your first payment until January.<\/p>\n<p>When you resume classes, you can defer payments until you finish school as long as you are enrolled at least half time. But student loans get only one grace period; you won\u2019t have another after you graduate or leave school again.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"YOU_HAVE_PRIVATE_STUDENT_LOANS\"><\/span>YOU HAVE PRIVATE STUDENT LOANS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Your lender may offer private student loan relief in the form of a payment pause or reduced payments. While a number of lenders structured relief plans to end Sept. 30, many are open to an extension or additional relief.<\/p>\n<p>Contact your lender to ask about additional deferments or payment reductions. You can also apply for existing loan modification programs for financial hardship. These will vary from lender to lender \u2014 but interest will continue to accrue, unlike with federal loans.<\/p>\n<p>You\u2019ll likely have to apply for private loan relief individually since most lenders aren\u2019t making payment pauses or loan modifications automatic, Mayotte says.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"YOU_HAVE_NON-GOVERNMENT_OWNED_FFEL_LOANS_OR_PERKINS_LOANS\"><\/span>YOU HAVE NON-GOVERNMENT OWNED FFEL LOANS OR PERKINS LOANS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Student loan borrowers with the Federal Family Education Loan (FFEL) Program or Federal Perkins loans not owned by the Education Department don\u2019t have access to the automatic forbearance.<\/p>\n<p>To take advantage of the forbearance, you\u2019ll need to combine your loans into a federal direct consolidation loan. Consolidating loans will cause any unpaid interest to capitalize, or be added to the principal balance. Contact your loan servicer to determine how consolidation will affect the total repayment amount, interest rate and loan balance.<\/p>\n<hr>\n<\/hr>\n<p><em>This article was provided to The Associated Press by the personal finance website NerdWallet. Anna Helhoski is a writer at NerdWallet. Email: anna@nerdwallet.com.<\/em>\n            <\/div>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more Living <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>if you want to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">watch Movies<\/a> or Tv Shows go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/dizi.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Dizi.BuradaBiliyorum.Com<\/a> <\/span> for forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2020\/08\/13\/what-no-student-loan-payments-until-2021-really-means-for-you\/\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#What no student loan payments until 2021 really means for you&#8221; You don\u2019t have to make another federal student loan payment in 2020. Now is the time, though, to decide what to do before your bill arrives in January 2021. Federal student loan borrowers were already in an automatic interest-free pause on payments as part&#8230;<\/p>\n","protected":false},"author":1,"featured_media":45974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[52872],"class_list":["post-45973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-what-no-student-loan-payments-until-2021-really-means-for-you"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/45973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=45973"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/45973\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/45974"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=45973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=45973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=45973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}