You almost certainly have observed records in the news mass media one to President Biden keeps signed a manager buy extending pandemic rescue (a temporary suspension of payment loans) for about 41 billion federal student loan borrowers through . Today, this buy is limited so you’re able to Head Government Loans.

Your loan having NMEAF (should it be inside a fees standing or even in an excellent defaulted status) is a commercial FFELP financing that isn’t as part of the introduce government buy and you may applications available for Direct Federal Fund. To participate men and women apps, you would need to consolidate their FFELP loans on the Government Mortgage Program. Financing combination isn’t a choice that should be generated rather than considering all of the possible consequences. The fresh new temporary suspension system from payments is just to own a short term (), while consolidation may result in a long lasting raise of rate of interest and an expansion of cost title. We’re ready to comment your account with you and you will answer questions you may have. Most program factual statements about Direct Government Financing is present on their site. (Hook lower than).Continue reading→