Is Student Loan Forbearance Program Has Been Discontinued?
after the Biden govt came into force, It seems that the loan forbearance program had been withdrawn. As per the sources and business insider, Earlier it was decided that the Forbearance will be given to a minimum of 50% of graduates in the USA.
However, now it seems that the students have to take this burden on themselves. Not only this they alone have to prevent themselves from being their loan get capitalized.
before we go into the detail, Let's have a look at What actually the loan forbearance program is?
Student Loan Forbearance is a debt relief program. That has been introduced in 2021 by the Federal govt. to provide some relief to the students. Which are struggling to pay their study loan due to COVID 19 pandemic. So, let's have a look at a bit of the detail related to the Student Loan Forbearance plan.
However, some of the highlights of the program are:
1. 0% interest rate for the Student loan forbearance
2. Capitalization Rates had not been fixed yet.
To get the latest updates about the same.
Please refer: https://studentaid.gov/announcements-events/coronavirus
To get a better explanation of the subject: https://www.lendingleaf.mortgage/student-loan-forbearance-explained-2021/
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