Hello SJCL Alumni,
I want to provide you with an update to what I know so far regarding the suspension of interest and payments on your federally held student loans. Click here for a question and answer section on the student aid website.
If you are on PSLF or on an income driven plan, these suspended payments count toward your minimum number of required payments for forgiveness. You may want to continue making your payments as they will go toward the principal balance during this time. This is not required, however.
All servicers were given the date of April 10, 2020, to have all the changes put into place. You may have already noticed that your interest has been set to zero, depending on your servicer. There may also be more information on your servicer’s website that is specific for their clients.
If you have any questions please don’t hesitate to send me an email.
Stay Safe,
Lisa Nilmeier
Director of Financial Aid
lnilmeier@sjcl.edu
Repayment Plan Options for Direct Loans and Federal Family Education Loan (FFEL) Program Loans
The repayment plan options do not include PLUS loans made to parents, Direct Consolidation Loans and FFEL Consolidation Loans, or Federal Perkins Loans. For information about repayment plan options for PLUS loans made to parents, see the brochure Direct Loan Basics for Parents at StudentAid.gov/resources#loan-basics-parents. For information about repayment of consolidation loans, see StudentAid.gov/consolidation.
Careers in Public Service
You may qualify for forgiveness of any remaining balance on your eligible federal student loans thanks to the Public Service Loan Forgiveness (PSLF) Program. Download the informational flyer below for more information.