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“These Phones Rock!” Voice & Data Solutions Designed for You
What Else Is In the Bill? Despite the stimulus deal’s shortcomings on student loan relief, the bill will nevertheless contain other important provisions, including the following: • $600 stimulus checks for people who made under $75,000 in 2019, and smaller stimulus checks for those who made between $75,000 and $99,000. Like the stimulus checks that were issued under the CARES Act, the new stimulus checks should not be counted as taxable income for purposes of federal student loan income-driven repayment plans, although this has not yet been confirmed. • An extension of federal unemployment benefits of up to $300 per week, starting Dec. 27 and running through mid-March 2021. • Additional funding for small businesses through the Paycheck Protection Program. • $25 billion in emergency rental assistance, and an extension of the eviction moratorium to January 31, 2021. What Should Student Loan Borrowers Do? For now, student loan borrowers should expect to enter repayment in February, after the moratorium expires January 31. Under the current provisions governing the moratorium, the months of suspended payments will continue to count towards loan forgiveness programs (such as Public Service Loan Forgiveness), as well as loan rehabilitation programs for borrowers making efforts to cure defaulted federal loans. Borrowers who are concerned about affording their payments in February should consider their repayment plan options, even if Biden may further extend the relief via executive order. For borrowers who have experienced a reduction in income, an income-driven repayment plan can often provide affordable monthly payments. Borrowers already on an income-driven repayment plan can apply to have their monthly payments recalculated at any time due to changed circumstances, such as a reduction in income, job loss, or change in marital status. In addition, many student loan servicers have voluntarily pushed annual recertification deadlines for income- driven repayment plans well into 2021, meaning many borrowers already on an income-driven plan may not have to take action on their loans for several more months. Borrowers should contact their loan servicers for additional information. Update, Dec. 21, 2020: Text of the stimulus bill released on Monday confirms that it does not include an extension of student loan relief.
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The Business Review | January 2021
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