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Financial Relief Resources
- 6-Month Federal Student Loan Payment Suspension – Under the federal CARES Act, signed into law on March 27, 2020, federal student loan payments are being automatically suspended without the accrual of interest through Sept. 30, 2020. The law does not affect private loans. Please check to see which type of student loans you have (federal or private) and reach out to your loan provider to see if they are making any accommodations related to COVID-19. See the full details and how it could affect you.
- Laurel Road Resources and Modification Options – AAPA partner Laurel Road also continues to see strong interest from AAPA members in refinancing right now as a result of extremely low rates. While refinancing during this time brings borrowers certain benefits, including historically low rates, applicants who are looking to refinance federal loans should also consider the benefits they will be waiving under those loans. More information to help borrowers holding federal loans understand those benefits can be found on Laurel Road’s COVID-19 response page.
For existing Laurel Road customers that are experiencing an impact to their income as a result of COVID-19, they have simplified the forbearance approval process allowing customers to take advantage of this with just a simple phone call to request it. You would get three months of forbearance with the opportunity to extend this up to 12 months in three-month increments. You can find more information here.
- National Health Service Corps Extension – The federal CARES act also extends the National Health Service Corps scholarship and loan repayment programs for students and recent graduates through November 2020. PA students and graduates make up about 10 percent of the student pipeline and the practicing NHSC workforce that provides care to patients in underserved communities. The current application is open until April 23. See full details here.
- SoFi Student Loan Modification Options – If you have refinanced your loans through AAPA partner SoFi, keep in mind that these loans are considered private loans and are not covered by the suspended payments mandated by the federal CARES act.
SoFi is offering loan modification options for those directly or indirectly impacted by COVID-19. Read the SoFi FAQs Special Topic – COVID-19 Considerations. Depending on your situation, this time may also prove to be a good time to explore refinancing your student loans since interest rates are currently at historic lows.