Keeping you informed: Student Loan Debt Relief!! Please read the entire article.
Christine Roebuck/CEO/Financial Strategist
According to USA Today (2020), the government has already set the interest rate on federal student loans to zero for at least two months. Borrowers with federal loans also may suspend their payments for at least two months.
Private collectors working for the government have also been told to stop collection calls and letters.
The federal government will no longer withhold portions of borrowers’ tax returns and Social Security payments, the Education Department said Wednesday. And borrowers whose paychecks were garnished will be entitled to their full wage — although their employers must make the change to their paycheck.
The wage garnishment relief isn’t automatic, however. Employers will have to make the changes to borrowers’ paychecks, the Education Department said Wednesday. Borrowers should contact their human resources department if their wage continues to be garnished.
If you can afford to continue making your payments, take advantage of the measures in place and pay down the principal on your student loan debt. Remember, if you have a wage garnishment, contact your human resource department to stop the garnishment until this restriction lifts.