Not all student loan borrowers were included in the coronavirus stimulus package, and those who were left out are wondering how they're going to make their payments
. That’s why the CARES Act — a $2 trillion stimulus package aimed at supporting individuals and companies alike through the financial crisis that was exacerbated by the pandemic — included an automatic suspension of all principal and interest payments on federally held student loans through Sept. 30.
That’s why a bipartisan team of legislators is trying to pass a new bill — the Equity in Student Loan Relief Act — that could potentially help some of those borrowers. On April 22, Representatives Elise Stefanik , Lori Trahan , Lloyd Smucker , Alma Adams , and Susie Lee introduced the bill which calls for temporary student loan relief until the end of September for borrowers who participated in the Federal Family Education Loan program .
According to Rep. Adams, 7.2 million borrowers took out loans under the FFEL program, which ended in 2010. If this bill passes, the U.S. Department of Education would cover payments to FFEL lenders through September 30.
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