With the headlines reporting relief for federal student loans, many borrowers are likely unaware that they are still required to meet their monthly payment obligations. Moreover, borrowers commonly hold multiple loans, meaning some borrowers may have both federal loans that are suspended and other federal loans that are not, making the repayment status perplexing. While FFEL borrowers have the option to consolidate their loans into one to Government Lead Financing (which would be eligible for the payment and interest suspensions), there are significant disadvantages to this approach, such as administrative hurdles and paperwork, long processing times, and potentially higher interest rates. [Read more…] about Millions of Education loan Individuals Overlooked out of CARES Act Rescue
