The Department of Education announces the expansion of Emergency Flexibilities Covid-19 to additional federal loans from default students March 30, 2021 Contact: Press Office, (202) 401- 1576, press@ed.gov
  • Today, the Department Education of the United States (department) announced an expansion of The Mouseon interest of federal student loans and collections to all predetermined loans in the Federal Family Education Loans Program (FFEL). This action will help more than one million additional borrowers loaded by debt during the Emergency Covid-19.

    "At a time when many student loan borrowers have faced economic uncertainty, we are ensuring that relief has already provided the borrowers of the department's loans are available for more borrowers who need the Same help so that they can focus on satisfying their basic needs, "said Secretary of Education, Miguel Cardona. "Our goal is to allow us to be brought to be fighting for non-compliance to obtain the same protections previously available for tens of millions of people from other borrowers to help solve the uncertainty of the pandemic".

    Under the FFEL program, private lenders made federal loans for students and guarantee agencies assured to these funds, which, in turn, resumed by the federal government. After these loans enter by default, the warranty agency is transferred from the lender. While some loans from the FFEL program are now occupied by the Department because they were purchased by the Federal Government during the financial crisis more than a decade ago, many others remain with private entities.

    Today, the department is announcing it, it will expand the interest rate of 0% and the pause of the activity of the collections to 1.14 million borrowers that fail to comply with a FFEL program loan in private. This action will protect more than 800,000 borrowers that run the risk of their federal fiscal reimbursements seized to pay a predetermined loan. This relief will be retroactive as of March 13, 2020, the beginning of the National Emergency Covid-19.

    The department will work to automatically return any reimbursement of seized taxes or adorned salaries during the past year. Borrowers who made voluntary payments on any of these loans during the past year will have the option of requesting a refund of those quantities. The department will also work with the guarantee agencies, which maintain these loans from FFEL programs in non-compliance, to implement the interest rate of 0% for these borrowers.

    In addition, any of these loans that will be complied with since March 13, 2020, will be returned to a good position. The guarantee agencies that support those loans will assign them to the department and will request that credit agencies will eliminate the non-compliance record.

    This action is based on the steps already taken by the Biden-Harris administration to help the borrowers of federal student loans. Those steps include the pause of student loan activity, reimbursement and activity of collections for tens of millions of borrowers with loans held by the Department until September 30, 2021. The department also requested an exemption from the administration Of Small Businesses For individuals despite today's previously, federal loans of student loans or are previously being criminals in payments, they will continue to be eligible for a loan from the payment check-up program and the pardon of the related loan . The exemption immediately helped almost 30,000 small business owners.

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