On March 27, 2020, the CARES Act was signed into law, which, among other things, provides broad relief for federal student loan borrowers like yourself.
My Education Solutions (MES) is providing this information to you in order for you to understand your rights and obligations under the CARES Act.
Under the CARES Act, your student loan payment will go into an Administrative Forbearance, suspending your payments for the next six months, but you have the choice to make your regularly scheduled payments as well.
As an MES Client, you are currently enrolled in a Loan Forgiveness Program. The six-month payment suspension will count as a $0 payment toward your Loan Forgiveness Program, as long as you continue to stay in good standing by renewing your program on-time. If you are presently on a $0 monthly payment, the CARES Act does not change your program.
As an MES client, you will continue to receive our services which include keeping you aware of changes affecting your Loan Forgiveness Program, renewing your Loan Forgiveness Program, lowering your monthly payment if your income decreases, auditing monthly to ensure the suspended $0 payment is credited to your Loan Forgiveness Program, providing mortgage and credit assistance and answering your customer care needs. Your monthly fee of $49 will remain the same unless you request to withdraw from our program.
My Education Solutions is in the process of sending CARES Act Disclosure forms to all of our current clients so that you are informed of the impact on your programs. Clients, please sign and submit this disclosure immediately upon receipt so we can administer your program according to your wishes.
If you have not yet received your Docusign Disclosure in your email and spam folders then contact us immediately at 210-812-3200 Ext. 4200 so that we can resend the DocuSign so that we know your wishes.
With the signing of the CARES Act, we understand that its impact on your student loans may be unclear. My Education Solutions is here to answer your questions about your specific student loan situation to ensure you are equipped with the right information to make the best decision for you and your family while taking advantage of the valuable benefits brought about by the CARES Act. Call us today at 210-812-3200 to speak live with a My Education Solutions representative to see if you qualify for a Forgiveness program.