Student loan borrowers who are being treated for cancer will have the opportunity to defer interest and payments for up to six months while receiving treatment for their condition under the new federal law enacted in 2018. It’s important to keep up on any new changes – they could pose either a positive or negative impact on you. Educating yourself will allow you to get the most out of the change.
Relief for Student Loan Borrowers
With the help of Minnesota Congresswoman Betty McCollum, Congress passed and the President signed into law what’s known as the Deferment for Active Cancer Treatment Act. This change helps federal student loan borrowers who are being treated for cancer. The law now gives these borrowers the ability to have the interest and payments on their student loans deferred for up to six months.
The Major Goal
The goal of the law was to give people who are receiving cancer treatments the opportunity to focus on their health relief for financial struggle while they’re doing that. If you have a federal loan and are active cancer treatment, contact your loan servicer to apply for this deferment.
This can be a major stress reliever to those going through cancer treatment. If you have any questions, send me an email at [email protected]