Department of Education Suggestions Pertaining to the Coronavirus Repef for pupils, Borrowers, and Parents: The Department of EducationвЂ™s web site provides greater detail regarding the suspension system of great interest loan and accrual re payments, with extra Q&A on other topics highly relevant to pupils in college, education loan borrowers, and their moms and dads.
Other Federal AgenciesвЂ™ Actions Supplementing the CARES Act:
Treasury Offset Program Technical Bulletin # F2020-7 (March 26, 2020): Effective immediately, the U.S. Department associated with Treasury has exempted the personal Security Administration’s (SSA) advantage re re re payments from offset. This exemption will stay in place through September 21, 2020. During this time period, SSA advantage re payments will never be offset to meet depnquent federal debts that are non-tax the U.S. Treasury Offset Program. It is largely duppcative of CARES Act student loan provisions for Direct Loan and particular FFEL pupil borrowers but inaddition it protects other education loan borrowers among others owing federal government debts, such as those owing home loan deficiency judgments as a result of FHA loans. For lots more on authorities assortment of debts, see NCLCвЂ™s Collection Actions Chapter 10.