What can I do if I can’t pay my federal student loans?
Congress and the federal government have acted a few times since COVID-19 started to help people who can’t pay certain types of federal student loans. This may apply to you if your loan is currently owned by the U.S. Department of Education.
All payments on these types of federal loans are suspended (stopped) from March 13, 2020 until August 31, 2022. The suspension is automatic. This means you do not have to ask for it. During the suspension of payments, no interest will be added on these types of student loans. For more information, go to the U.S. Department of Education Office of Federal Student Aid website.
What if I am in default on my federal student loans? Will my wages be taken?
Because of COVID-19, the U.S. Department of Education is temporarily stopping collection efforts on defaulted federal student loans. This includes stopping wage garnishments, social security offsets, and seizing tax refunds until August 31, 2022. You can find more information on the U.S. Department of Education Office of Federal Student Aid website.
Are private student loans eligible for help?
If you have private student loans and can’t make payments, contact your loan servicer as soon as possible. Many student loan servicers are offering options that may help borrowers during this difficult time.
What about state-based scholarships or the Promise Scholarship?
If you are a West Virginia student with financial aid questions or if you need help with the FAFSA, you can also e-mail the West Virginia Higher Education Policy Commission at email@example.com.