Congress just passed a $2T stimulus bill which included certain provisions for Federal student loan borrowers. Here is a quick summary.

• Soon, your monthly payments should suspend automatically. This is scheduled to last until September 30, 2020.
  
• During that period, no interest will accrue.
  
• If you are going for Public Service Loan Forgiveness, this six month time period will count toward the 120 required payments.
  
• We suggest submitting another PSLF Employer Certification Form in October or November to ensure payments are counted appropriately.
  
• The bill does not provide relief for student loans held at private lenders such as Sofi and Laurel Road.
  
  
  

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WM

Weston is a Certified Public Accountant, Certified Financial Planner^TM, and holds the Chartered Financial Analyst designation. Weston earned his master’s degree in accountancy from the University of Missouri – Columbia. Weston is active in the St. Louis community and board member of the Anti-Defamation League.

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