01 Apr CARES Act – Student Loans

All payments of principal and interest for certain federal student loans are suspended. The suspended payments are treated as if made for consumer credit reporting. The CARES Act also waives or modifies requirements with respect to the receipt of federal education grants, and allows deviations in the use and distribution of such grants. Further, provisions are made for students who have withdrawn from school or relocated due to the COVID-19 crisis.

OUR BOTTOM LINE: If you borrowed from a private institution and used the money for education, do not assume your payments are suspended under this law. Please check with the institution directly to make sure.