Consumer Debt- COVID-19 Issues
Last updated April 3, 2020
Below are selected websites from reliable sources, vetted by our Law Librarians. This is not an exhaustive list of information available on this topic, but a starting point to provide you with basic information during this pandemic.
In addition to posing a threat to our physical health, CONVID-19 is affecting the financial health of many consumers. Below you’ll find information onFDIC response to COVID-19 for consumers and businesses, credit reporting, updates regarding student loans, and information on protecting your finances.
The FDIC has updated information for coronavirus (COVID-19) consumers and bankers: https://www.fdic.gov/coronavirus/index.html
If your finances have been affected by COVID-19, steps you can take to protect your credit score include continuing to make minimum monthly payments. If that is not possible, contact your creditors about making a payment plan. For more information on COVID-19 and your credit score, click the links below for updates from the three major credit reporting agencies.
- TransUnion: https://www.transunion.com/blog/credit-advice/managing-credit-through-financial-hardship
On Friday, March 20, 2020, President Donald Trump announced he is temporarily waiving interest on federally held student loans. At this time, it is unclear how federal loan providers will administer the interest waiver or how it will affect student loan payments. Below you find information about federally held student loans and links to federal government loan providers. Check back often as we will be adding new information as it becomes available.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. Among other things, this Act temporarily suspends payments for federal student loans. The link below provides a summary and full text of the Act:
Federal Student Loan Providers
Stay up to date with with information on federally held student loans at Federal Student Aid, an official website of the U.S. Government. Below is a list of federal student loan providers.
- Cornerstone: https://mycornerstoneloan.org/corona-virus-faq/
- FedLoan Servicing (PHEAA): https://myfedloan.org
- Granite State (GSMR): https://gsmr.org
- Great Lakes Educational Loan Servicing: https://mygreatlakes.org
- HESC/Edfinancial: https://edfinancial.com/home
- MOHELA: https://www.mohela.com
- OSLA Servicing:https://public.osla.org
Information from the Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) is the federal agency tasked with enforcing federal consumer financial laws and protecting consumers in the financial marketplace.
- The Consumer Financial Protection Bureau has prepared a resource guide for protecting your finances during the Coronavirus pandemic.
- What you need to know about student loans and the coronavirus pandemic https://www.consumerfinance.gov/about-us/blog/what-you-need-to-know-about-student-loans-and-coronavirus-pandemic/