Coronavirus: Student Loans
Update: April 2, 2020
The CARES Act, which passed Congress and became law last week, requires the Secretary of Education to defer student loan payments, principal, and interest for six months, through September 30, 2020, without penalty to the borrower for all federally owned student loans. This provides relief for over 95 percent of student loan borrowers.
The CARES Act also helps students, who drop out of school because of coronavirus, and it exempts employer-provided payments of student loans. More information is available through the Department of Education. Please contact your student loan servicer for additional information about your loan. If you’re still in school, you should also contact your institution’s financial aid office.
There is more work ahead. I am proud to support House Democrats' proposal, H.R. 6379, the Take Responsibility for Workers and Families Act, which would immediately relieve up to $10,000 of all student loans. This legislation also proposes much-needed additional funds and flexibility to schools and universities. In these challenging economic times, American families need all the help they can get to recover from COVID-19.