The Consumer Financial Protection Bureau under the Coronavirus Aid, Relief and Economic Security (CARES) Act has released information regarding Penalty-Free Student Loans Forbearance & Interest Forgiveness.
CARES Act provides automatic suspension of principal and interest payments on federally-held student loans through September 30, 2020. These suspended payments will count towards any student loan forgiveness program. According to the U.S. Department of Education, unpaid interest won’t be capitalized during or after the forbearance period. For more information, click here.
The Consumer Financial Protection Bureau advises everyone to be aware of potential scams and has provided an online guide and mobile banking tips for beginners. Click the highlighted links for more information.