Both the White House and Congress have taken action to provide federal student loan relief in light of the COVID-19 emergency. The full ramifications of those measures aren’t fully known. The U.S. Department of Education (DOE) is still working on guidance to indicate how they will be implemented.
While we await further clarification, there is important information that veterinary student loan holders should know now. The AVMA has put together a summary, which is available with our other COVID-19 resources, at avma.org/Coronavirus.
Key student loan provisions include:
- Interest on federal loans was automatically suspended as of March 13.
- Federal student loan payments and interest accrual are both suspended for six months. During this time, borrowers will receive credit for making payments to remain on track for loan forgiveness programs such as Public Service Loan Forgiveness (PSLF).
- Wage garnishment and other collection measures for defaulted borrowers are prohibited during the COVID-19 outbreak.
- Employers will receive an incentive to provide student loan support.
More details on student loan provisions are available on the AVMA’s COVID-19 legislation and regulations page, which also has a broad range of information about the other ways in which the federal COVID-19 measures affect veterinarians and veterinary practices.
We’ll continue to update this information as additional guidance on student loan provisions becomes available. We’re also developing numerous other resources to help veterinarians and veterinary practices understand and benefit from the provisions in the COVID-19 stimulus package. Subscribe to our daily blog digest to get emails about new blog announcements, and follow the AVMA on social media to stay informed as we release new tools and information.