What is the CARES Act?
The "CARES Act" stands for ''Coronavirus Aid, Relief, and. Economic Security Act.'' It was passed to provide financial relief to Americans during the pandemic.
What does it do for my student loans?
- Your monthly federal student loan payments have been suspended until September 30, 2020 and no interest will accrue on your student loans.
Okay, what should I do?
The payment suspension will occur automatically, so you don't need to do anything. We recommend you continue making payments since all payments may pay down your principal balance faster now that there's no interest.
Does this apply to all of my federal student loans?
No, some FFEL Program loans and some Perkins loans owned by your school may not be eligible. However, you can consolidate your loans into a Direct Consolidation Loan
I'm on auto-debit for payments. Will that continue?
Your auto-debit payments will also stop and any payments made after March 13th can be refunded. You'll need to log into your account to resume your payments.
I have more questions but my servicer has a looooong wait time.
Call an IonTuition concierge loan advisor. We'll call your servicer for you and help you out with the wait time.