New rules let borrowers skip two months of federal student loan payments.
Lynnette Khalfani Cox: Here’s some good news for those of you out there who’ve been making student loan payments. The federal government just announced a suspension of all federal student loan payments for the next 60 days, and they’re waiving the interest charges as well.
This is really big because 44 million Americans have federal student loans, and the average student loan repayment is $383 a month. Those of you who are already struggling even before the coronavirus hit and wrecked the whole economy, you should really take advantage of this.
Here’s how you got to do it. You have to get on the phone and call your loan servicer and let them know that you do in fact want to suspend or put off making your payments for these 60 days. It does not happen automatically, so it does require a little bit of legwork on your part.
Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.
Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.
All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.