Would I be able to suspend my monthly payments as I am without work as a result of COVID-19?
To provide relief to students during this time federal student loan borrowers are automatically being placed in an administrative forbearance which allows you to temporarily stop making your monthly loan payments. This suspension of payments will be from March 13, 2020 through September 30, 2020.
Yes. You can learn more about deferment and forbearance on our website.
Okay. Now, about these administrative forbearance and suspension of payments, what options do I have if I had a decrease in income?