Information & Resources for Borrowers During the Coronavirus Pandemic
As of December 4, 2020, the payment suspension on federal student loans owned by the Department of Education has been extended through January 31, 2021.
Americans across the country are experiencing furloughs, layoffs, and other financial shock related to the coronavirus pandemic. Millions of student loan borrowers are struggling to manage their payments during this challenging time. The SPBC has created resources and information to help guide borrowers on their student loan repayment, as well as new research and analysis to advocate for borrower protections.
Presentation on Student Loan Repayment Options
To support borrowers, we have created a downloadable presentation on how to manage your student loans during this public health crisis.
- What to do if you are furloughed or out of work
- Tips for enrolling in an income-driven repayment plan
- How to get out of default and avoid federal tax refund offsets
- Options if you have private student loans
The content of this presentation was updated on August 25th and reflects updates related to the Presidential Memorandum on student loans.
Tips for Managing Your Student Loans
This interview with SBPC Executive Director Seth Frotman on Good Morning America has helpful tips for borrowers.
Frequently Asked Questions on Student Loan
Repayment Options During COVID-19
Follow the link below for answers to questions you may have about options for paying your student loans during this time.
Note: Income Driven Repayment recertification dates that occur during the payment suspension period have been extended by six months
Survey on Borrower Pain Points During COVID-19
We want to hear about the experiences of borrowers navigating student loan repayment during the pandemic.
Overview of Protections for Federal Student Loan Borrowers in the CARES Act
State-Level Student Borrower Support2020-State-Student-Loan-Ombuds-Resources
Advocating for Borrowers & Combating Predatory Practices
Policymakers and private companies have a critical role to play right now in providing relief to student loan borrowers. Our research and analysis below advocates for borrower protections and spotlights mismanagement and predatory practices in the student loan system related to COVID-19:
- Great Lakes, Equifax, TransUnion, and Experian Sued for Damaging Millions of Student Loan Borrowers’ Credit, Mishandling Pandemic Relief
- U.S. Department of Education and Secretary DeVos Sued for Illegally Seizing Student Borrowers’ Paychecks During Coronavirus Emergency
- As Coronavirus Pandemic Rages, ISA Companies Ramp Up to Reap the Reward
- Why Private Student Loan Borrowers Need to be Part of the Next Congressional Relief Package
- As Coronavirus Pandemic Rages, Americans Deserve More than a CFPB that Chooses to Bury its Head in the Sand
- A Default Every 26 Seconds: Why the Spike in Student Loan Defaults Should Serve as a Warning to Industry and Policymakers
- How Only Temporarily Pausing Student Loan Payments is Setting Borrowers Up for More Problems in the Near Future
- The Dangers of Leaving Student Loan Servicers Responsible for Handling Payment Pauses During the Pandemic
- How the Stimulus Relief Leaves Too Many Federal Student Loan Borrowers Behind
- Joining with Veterans and Military Groups to Urge Financial Institutions to Follow Consumer Protection Law During COVID-19 Mobilizations
- Joining with Americans for Financial Reform (AFR) to Urge Navient Board of Directors to Support Borrowers, Not Shareholders During Crisis
- Joining with Advocates to Urge Congressional Oversight Commission to Monitor CARES Act Funds Going to For-Profit Schools
- Joining with the American Federation of Teachers (AFT) to Urge Government and Industry Action to Protect Student Loan Borrowers During the Pandemic
- Joining with Americans for Financial Reform (AFR) to Urge Industry to Protect Private Student Loan Borrowers Left Out of the Stimulus