Federal student loan relief measures are scheduled to expire September 30, 2021. Take steps now to prepare.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and subsequent COVID-19 emergency relief measures currently include federal student loan debt relief through September 30, 2021. While student loan forbearance may be extended, repayment will eventually resume.
While repaying student debt may seem overwhelming, having all the facts and knowing your options can help make payments more manageable and keep you from defaulting on your loan(s).
If you have a federal student loan, you will receive a billing statement at least 21 days before your payment is due. Make sure you don't miss important communications by reviewing and updating your contact information on your loan servicer's website and in your StudentAid.gov profile.
Then, gather information about your student loan debt (monthly payments, interest rates, balances, and loan types) so you can review repayment options and consider new strategies. Fidelity Investments (Retirement Savings Plan of the Presbyterian Church [U.S.A.] recordkeeper) offers a Student Loan Calculator that computes the payoff year, interest paid, and remaining cost of your current repayment plan. It also lets you explore the impact of making extra payments, refinancing, or switching to an income-driven repayment plan. If you have medical coverage* through the Board of Pensions, you can earn 25 Call to Health points for completing the Student Loan Calculator challenge (July 5 through August 29).
Fidelity's workplace education series includes a workshop to help you Get a Handle on Your Current Student Debt Loan (NetBenefits login required). This 12-minute, on-demand workshop will guide you through the process of assessing how much you owe, understanding your repayment options, and developing an action plan for tackling student debt.
You can also use the U.S. Department of Education's Loan Simulator to find repayment strategies, consolidate debt, get help with loan payments, or consider the effect of borrowing more to pay education expenses.
Schedule a complimentary one-on-one consultation with a Fidelity representative to discuss student loan debt repayment or any other financial concerns you may have. Call 800-642-7131, Monday through Friday, 8 a.m. to 9 p.m. ET, or use the online appointment scheduler to select the date and time that is convenient for you. (Enter The Board of Pensions of the PC(USA) as the employer, choose virtual appointment, and use the calendar icon to select an appointment date and time.) If you have medical coverage* through the Board of Pensions, you can earn 25 Call to Health Points when you complete the Virtual 1:1 Consultation challenge.
* Call to Health is not available to members enrolled in Triple-S, GeoBlue, or the Medicare Supplement Plan.