The Education Department (ED) is halting interest and debt collection on about 1.14 million defaulted loans in the Federal Family Education Loan Program (FFELP).
At a time when many student loan borrowers have faced economic uncertainty, were ensuring that relief already provided to borrowers of loans held by the Department is available to more borrowers who need the same help so they can focus on meeting their basic needs, Education Secretary Miguel Cardona said in a statement. Our goal is to enable these borrowers who are struggling in default to get the same protections previously made available to tens of millions of other borrowers to help weather the uncertainty of the pandemic.
The 0% interest rate and pause on collections will …
Read the full article at: https://au.finance.yahoo.com/news/student-debt-relief-defaulted-ffelp-loans-175359465.html
