Vermonters do not have to pay their federal student loans due to the weather events from July 9th. A State of Emergency was declared for Vermont. As a result, federal law mandates forbearance. The specific law is part of the Higher Education Act and the regulations, 34 CFR 682.211.
While most federal loans are paused due to the pandemic (which ends August 31, 2023), ALL federal loans are subject to this mandatory forbearance. If you have federal loans with VSAC or any other servicer, this forbearance is automatic and there is nothing you need to do. This forbearance will last as long as the emergency exists, including clean up.
Not sure who to call or where to get information about your loans? Start at www.studentaid.gov. There you’ll find a list of your federal loans. Your servicer will be listed with contact information.
If your loans are not listed at student aid, they are not federal loans. Private loans are not subject to the mandatory forbearance. However, if you contact your lender and request a forbearance because you’re recovering from the disaster, they should give you one.
If you’re having difficulty with your loans, or wondering about the federal forgiveness efforts going on and if your loans qualify, I’m happy to help. Start with a free review of your loan situation. Click the link, register, then complete the intake. I’ll respond with a free review. I’ll also include a link to book time if you want to discuss my response, have more questions, or just need more clarity.