Consumer Debt- COVID-19 Issues
Last updated June 26, 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 on FDIC 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
The National Consumer Law Center has made the digital version of their popular publication, Guide to Surviving Debt, available for free during the COVID-19 pandemic. https://www.nclc.org/for-consumers/guide-to-surviving-debt.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
Article from National Consumer Law Center (NCLC) on Enforcing the CARES Act Credit Reporting Protections
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:
The Federal Trade Commission has published a blog post on the CARES Act and Student Loans: https://www.consumer.ftc.gov/blog/2020/05/coronavirus-and-your-student-loan-debt?utm_source=govdelivery
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.
- Coronavirus and dealing with debt: Tips to help ease the impact: https://www.consumerfinance.gov/about-us/blog/coronavirus-and-dealing-debt-tips-help-ease-impact/
- The Consumer Financial Protection Bureau has prepared a resource guide for protecting your finances during the Coronavirus pandemic.
- Tools to help when you can’t pay your bills: https://www.consumerfinance.gov/about-us/blog/tools-to-help-pay-bills/
- 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/
Major Consumer Protections in Response to COVID-19
The National Consumer Law Center (NCLC) has compiled a list of major consumer protections announced in response to COVID-19 (updated June 17): https://library.nclc.org/major-consumer-protections-announced-response-covid-19
Also from NCLC: Protecting Against Creditors’ Seizure of Stimulus Checks. https://library.nclc.org/protecting-against-creditor-seizure-stimulus-checks
The Federal Trade Commission has information for consumers on coronavirus and mortgages: https://www.consumer.ftc.gov/blog/2020/04/coronavirus-and-your-mortgage?utm_source=govdelivery
Consumer Financial Protection Bureau has prepared a guide to coronavirus mortgage relief options: https://www.consumerfinance.gov/about-us/blog/guide-coronavirus-mortgage-relief-options/