Student Loans
Kevin Comer here, a business attorney along the gulf coast of Florida. Many people, including freelancers and contractors, have Student Loans that are accruing interest even if they are being paid. Fortunately, the new Stimulus Bill has made that burden lighter.
If you have Federal Student Loans, payments are suspended until September 30, 2020. In addition, all interest is waived, so the balance won’t grow. Unfortunately, Private Student Loans are exempt from this, so you need to confirm which loans you have. If you have questions about the difference between the two, here is great resource. Even if you have private loans, it is a good idea to call them and see what programs they may have now.
The Stimulus Bill also ends any wage garnishment or tax refund reduction if you’ve defaulted on your loans. Wage garnishment is when loan companies take part of your salary, and tax refund reduction is when you are entitled to a refund, but the government or lender takes it and applies it to the amount you owe them. If you have questions on any of the above, give me a call at 727-729-2719, and sign up for our email list for more updates.