Alachua: 352‑225‑3920 | Broward: 954‑423‑4469
Alachua: 352‑225‑3920 | Broward: 954‑423‑4469
Serving Northern, Middle & Southern Districts Of Florida

Student Loans & The CARES Act

Last Updated: Friday, April 24, 2020

The Coronavirus Aid, Relief and Economic Security Act (known as the CARES ACT) provides assistance to those with certain types of student loans.

The CARES Act allows for:

  • Suspension of payments and no interest accrual until September 30, 2020
  • Applies only to loans held by The Department of Education
  • Does not apply to private student loans, privately held Federal Family Education Loans (FFEL) or Perkins loans
  • These suspended payments are treated as paid in any loan forgiveness program or loan rehabilitation program
  • All collection activity on suspended loans is stopped and no negative credit reporting is permitted
  • The lender is required to provide six notices to the borrower before resuming collection activity