Federal Student Loan Payments Will be Suspended Until 2021

Recently, the Trump Administration announced that all federally-held student loans will be suspended until the end of this year. This comes as yet another way in which the Trump Administration is attempting to assist all those who have been harmed by the impacts of the new coronavirus. Additionally, interest on any federal loan regarding student loan payments will be set at 0% interest. That being said, if you are a borrower and wish to continue making student loan payments during this time, you absolutely can. Additionally, by making payments during this time, they will be allocated to the principal of the loan, meaning that by making such payments now, you will be able to save money and time.

For many individuals attending college, as well as their family, if they are paying these loans on their behalf, this is very welcome news. Fortunately, with this announcement, many families across the United States, including in New York, can breathe a sigh of relief, at least for the time being.

As you may know, under most circumstances, student loans cannot be discharged under bankruptcy, however, recent legislation has been signed that may accommodate those who do own student loans under certain circumstances. That being said, if you have any additional questions about bankruptcy or student loans, please do not hesitate to reach out to our knowledgeable Rockland County bankruptcy attorney today to learn more about how our firm can help you through every step of the process ahead. We are always here to assist you–all you have to do is pick up the phone and give us a call.

Contact our experienced New York firm

The Law Offices of Allen A. Kolber, Esq. effectively represents clients facing Bankruptcy in Rockland County and all of New York State. Our firm understands the stress one can feel when facing a difficult financial future. Our compassionate staff will work to ease your fears and help you make a new start. If you need quality legal support, contact The Law Offices of Allen A. Kolber, Esq.