You're in the in-crowd. Close to 90% of student loan borrowers have federal loans. There are pros and cons to having federal student loans debt. During these uncertain times, let's focus on the pros. The US Government recently announced that ALL federally backed loans will carry a 0% interest rate until September 30, 2021.

Here's what that means for you:

• Interest will not accumulate on your federal student loans until at least 9/30/2021

• Payments are not required

• Auto-Payments (Auto-Debits) should be paused until your October 2021 statement (double-check with your servicer)

• ALL payments made during this time will be applied directly to your principal. (Take advantage of this)

• If you're on a Public Student Loan Forgiveness (PSLF) program, these suspended payments will count toward your 120 required payments. 

• If your loan is in default, all collection activity will stop until 09/30/2021 

• More answers to your questions HERE

So you have private student loans. This means you either borrowed from a private lender to supplement your education or you refinanced your loan to get a better rate. Either way, this is your time to shine. Refinancing interest rates are at all-time lows and taking advantage of them is in your hands. If you're having trouble making payments, reach out to your lender to negotiate a payment plan.

Here's what that means for you:

• You will have to continue making your regular monthly payments

• Your lender will most likely not adjust your interest rate

• Many loan servicers are offering and extending forbearance options

• You're able to refinance your private loan with a new lender to find a better rate

• Take advantage of ChangEd offers with our partners LENDKEY and SOFI

• Your ChangEd payments will continue to shorten your repayment and save you interest costs

• More answers to your questions HERE

If you have private and federal student loans, you have some choices to make. Pay down the principal on your 0% interest federal loans or pay more on your private loans that carry an interest rate. We suggest you pay down those interest-bearing loans while taking advantage of your 0% interest rate. Either way, ChangEd can help you automate that.

Here's what that means for you:

• You will have to continue making your regular monthly payments on your private loans but not on your federal loans (until 09/30/2021)

• Your private loan interest rate will stay the same, your federal loan will drop down to 0% (until 09/30/2021)

• Many loan private lenders are offering and extending forbearance options

• You're able to refinance your private loan with a new lender to find a better rate. It's probably best not to refinance your FEDERAL loans at this time.

• Take advantage of ChangEd offers with our partners LENDKEY and SOFI

• Your ChangEd payments will continue to shorten your repayment and save you interest costs

• More answers to your questions HERE

Your support couldn't be more important than right now! The fact that you're helping your loved one with this important part of their lives is a big deal. Thank you so much! That being said, you should know and share some options with your loved one.

Here's what that means for you:

• Your loved one will have to continue making your regular monthly payments on their private loans but not on their federal loans (until 09/30/2021)

• Private loan interest rates will stay the same, federal loans will drop down to 0% (until 09/30/2021)

• Many loan private lenders are offering and extending forbearance options

• You're able to refinance your private loan with a new lender to find a better rate. It's probably best not to refinance your FEDERAL loans at this time.

• ChangEd payments will continue to shorten your repayment and save you interest costs

• More answers to your questions HERE