releases: https://mcadams.house.gov/news/documentsingle.aspx?DocumentID=305
Data license: MIT · Data source: dwillis/congress-press
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| https://mcadams.house.gov/news/documentsingle.aspx?DocumentID=305 | McAdams: CARES Act offers financial relief for student loan borrowers | 2020-05-06 | 2020 | 2020-05 | Democrat | House | UT | Ben McAdams | M001209 | mcadams.house.gov | legacy | West Jordan, Utah Congressman Ben McAdams joined a Salt Lake Community College (SLCC) administrator and two student loan borrowers this week to highlight a federal government break for student loan borrowers during the coronavirus public health crisis. McAdams and SLCC Vice President for Student Affairs and Enrollment Management Dr. Chuck Lepper met with reporters at SLCC's South Campus. McAdams said that the CARES Act, which was signed into law the end of March, included specific relief for most federal student loan borrowers. It automatically reduced interest to zero and suspended monthly loan payments through Sept. 30, 2020. The interest suspension started on March 13th. Eligible borrowers did not have to do anything to receive the relief. It was automatic and appears on their loan servicing documents. Congress wanted student borrowers to focus on staying safe and staying healthy, not to be worrying about their growing student loan balance. Recent college graduates carrying federal loans are dealing with the uncertainty of the economic shutdown. This relief offers one less financial obligation to juggle as they grapple with such things as childcare, employment and concerns about getting the virus, said McAdams. We thank Rep. McAdams for his support of students during this difficult time, said Dr. Lepper. Eligible borrowers are those with federally-held student loans, such as Direct Loans, Family Federal Education Loans, Perkins Loans, Parent Plus and Grad Plus. More information is available at the U.S. Department of Education's Federal Student Aid website. Student loans that are privately held are not eligible. Nationally, the average interest rate on federal student loans is about 5.5 percent. A typical monthly student loan bill is about $400. In Utah, students carry less student loan debt than in other states, but approximately 38 percent of Utah students have some loans to pay off. McAdams noted that since no interest is accruing through Sept. 30, some borrowers who can afford to do so may continue making payments or even making extra payments. During this time the entire payment will go toward principal, helping them payoff their debt faster. The CARES Act also halts all involuntary collection of federal student loan debt, including wage garnishment and tax refund offset. It also halts negative credit reporting relating to federal student loans. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |