Students and Educators
The COVID-19 pandemic has changed our daily lives in many ways, and our students and educators have felt the brunt of that. Through the CARES Act, Congress has worked to help address some of the concerns of student loan barrowers, educators, and local school districts and higher education institutions. Below is some information that I hope answers some of your questions.
Student Loan Relief
• If you have student loan debt, Congress secured several options outlined below for borrowers that help provide relief through September 30, 2020. During this period, a borrower will be able to:
• Pause payments for federal student loan borrowers who have Direct Loans and Federal Family Education Loan (FFEL), which means these borrowers will not be required to make any payments toward outstanding interest or principal balance.
• Suspend interest accrual for such loans so that these balances don’t accrue.
• Avoid forced collections such as garnishment of wages, tax refunds, & Social Security benefits.
• Halt negative credit reporting.
• Ensure a borrower continues to receive credit toward Public Service Loan Forgiveness, Income-Driven Repayment forgiveness, and loan rehabilitation.
• For additional guidance on how to apply and learn about next steps as this critical relief becomes available, please refer to the U.S. Department of Education website.
• As more schools close due to coronavirus, Congress has provided emergency funding for Child Nutrition Programs to ensure students can still receive their free or reduced-price school meals during this time. To learn more, click here to learn more about what Ohio is doing during this time.
Stabilization Funding for Education
• Congress secured $30.75 billion in funding for school districts, states and higher education institutions to ensure state resources and investments are not diverted from life-long learning.
For additional guidance on how to apply and learn about next steps as this critical relief becomes available, please refer to the U.S. Department of Education website.