Here is the latest information applying to My Education Solutions Clients regarding your student loan program from the Department of Education Website as of 3-27-2020.
All Federal Student Loans in the country stopped accruing interest as of March 13, 2020 for the next 60 days. You do not need to do anything to get this benefit it has been applied for you.
Your quoted monthly payments will not change but the advantage is that 100% of the payment goes directly to the principal reducing the overall debt.
The Department of Education recommends if you have not been financially impacted by COVID-19 to not discontinue your Forgiveness Program. If you go on the COVID-19 Care Plan it is an Administrative Forbearance and will not apply to your Forgiveness.
If your income has been reduced:
Please contact MES so that we can lower your monthly payment immediately. This new lower payment will last until your next renewal period.
If you have lost 100% of your income:
MES can place you on the COVID-19 Care Plan which is an Administrative Forbearance of up to two months.
- You will not make payments for two months
- These two months will not count toward your Forgiveness plan.
- Two months payments will be added to the end of your existing plan.
For addition information or to modify your existing plan please contact one of our processing specialists at 210-812-3200 or Support@MyEduSolutions.com, so that we can discuss and address your specific situation.
Source: Department of Education Website
https://studentaid.gov/announcements-events/coronavirus#borrower-questions
