The Biden Administration’s Student Loan Debt Relief Plan was announced. The link will take you directly to the details that have been released so far, although studentaid.gov has endured frequent crashes since the announcement.

• The Department has income information for only 8 million, out of 43 million borrowers. Which means they still need income information for 81% of the population.
• Borrowers who need to supply income information will be required to fill out an application. The administration has said this will be available in the coming weeks.
• Borrowers who made payments during the repayment pause may request a refund for payments made on or after March 13, 2020.

Due to the COVID-19 emergency, the 0% interest rate and payment is on pause.

Forgiveness is currently on hold and has the potential to be overturned in Federal courts; do you have a plan for repayment? Pending litigation outcomes, student loan payments may start as early as April or as late as August.

For more information view the following link:

https://studentaid.gov/announcements-events/covid-19

Are you ready for student loan repayment to resume? ECMC Solutions can help federal student loan borrowers navigate repayment options. Give us a call today; 1-844-782-2333.

3 Ways to Pay Down Federal Student Loans That Are in Forbearance Due to the Coronavirus
www.businessinsider.com/personal-finance/federal-student-loans-forbearance-coronavirus-how-to-pay-2020-4

How to be prepared for repayment

• Know your next payment due date by logging into your servicer’s website.
• Set up your auto-draft payments so you don’t miss a payment in the future.
• Remember that ECMC Solutions can help you determine the best path forward with all of your repayments options.

Scammers are taking advantage of people and those who are especially vulnerable right now. The following are some of the most common scams currently being reported:

Treatment scams: Offers to sell fake cures, vaccines, and advice on unproven treatments.

Supply scams: Fake shops, websites, social media accounts and email addresses are being created claiming to sell medical supplies currently in high demand, such as surgical masks.

Provider scams: People are being contacted by phone and email from fake healthcare providers who have treated a relative for COVID-19 and are demanding payment.

Charity scams: Scammers are soliciting donations for individuals, groups and areas affected by COVID-19.

Phishing scams: Posing as national and global health authorities, including the World Health Organization (WHO) and the Centers for Disease Control and Prevention (CDC), scammers are sending phishing emails designed to trick recipients into downloading malware or providing personally identifiable and financial information.

App scams: Scammers are creating and manipulating mobile apps designed to track the spread of COVID-19 to insert malware that will compromise users’ devices and personal information.

Investment scams: Scammers are offering online promotions on various platforms, including social media, claiming that the products or services of publicly traded companies can prevent, detect or cure COVID-19 and that the stock of these companies will dramatically increase in value as a result.

For more information or if you suspect you’ve become a victim of one of these schemes, please go to www.ftc.gov/complaint.

Entrance Counseling

Entrance Loan Counseling Guide (for use with offline loan counseling)

Exit Counseling

Exit Loan Counseling Guide (for use with offline loan counseling)