Managing Your Student Loans During the Coronavirus Pandemic

Updated August 26, 2020, with information from the Department of Education.

On March 20, 2020, the Secretary of Education directed the office of Federal Student Aid to provide the following relief on ED-held federal student loans: suspend loan payments; stop collections on defaulted loans; and set interest rates to 0% for a period of 60 days. 

On March 27, 2020, Congress passed, and the President signed into law, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which provides for the above relief measures through Sept. 30, 2020.

On Aug. 8, 2020, President Trump directed the Secretary to continue to suspend loan payments, stop collections, and waive interest on ED-held student loans until Dec. 31, 2020. Borrowers can find more information at https://studentaid.gov/announcements-events/coronavirus. Keep in mind that this ruling does not apply to private student loans.

Not sure what types of student loans you have? Now is an excellent time to review your loan servicers and loan terms, whether you are in school or have graduated and entered repayment. You can access your federal student loan information by logging in with your FSA ID at https://studentaid.gov.

Private student loan information is available through your servicer’s website; if you have a Credit Union Student Choice education line of credit, University Accounting Service (UAS) is the loan servicer for your account. UAS provides 24/7 access to view your loan information and make payments at www.uasecho.com.

If you aren’t sure who your servicer is, you can also find the information on your credit report. (For a free copy of your credit report, visit www.annualcreditreport.com.)

Need personalized guidance? Our College Access and Repayment Counselor is available to answer any questions you may have - send an email or schedule an appointment for a time that's convenient for you.

 

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