A post in Goldenrod.
So, it's a time of crisis around the world. Lots of people, everywhere, can't make their student loan payments when they ain't got a paycheck. Not our fault. Mother nature, or, some lab somewhere in the world that 007 hasn't infiltrated yet, let loose a virus. So we're screwed. And the FedLoan people sent out a letter to all stating:
The Cares Act went into effect stating 0% interest rate until September 30th.
Everyone is in Administrative Forbearance. Meaning, ya ain't gotta make a payment.
If you DO make payments during that time, it goes towards the principle, and not the interest. After you've paid off the interest already there.
So this is a good move for those who have lost their jobs because of closings and furloughs and all kinds of crap like that. I can't see anything bad here. I just wanna know what the backlash will be....
