Financial Aid/ Federal Student Loans
Financial Aid Forms
Application for COVID-19 Emergency Funds – Congress authorized Emergency Funds under the Coronavirus Aid, Relief, and Economic Security (CARES) Act to assist students at higher education institutions with expenses due to the disruption of campus operations from coronavirus, such as food, housing, course materials, technology, health care, and childcare. Funds have been allocated to institutions for distribution to affected students. To apply for funds, complete this form and submit to the Financial Aid Office by published deadlines.
Federal Student Loans
Roseman Students and Graduates,
The U.S. Department of Education has issued guidance on federal student loan interest and payments, as ordered by the President last week.
All borrowers with federally held student loans (i.e., Perkins, Subsidized, Unsubsidized, Grad PLUS, Parent PLUS loans, etc.) will automatically have their interest rate set to 0% for a period of at least 60 days, beginning on March 13, 2020.
If you are currently required to make a payment, the full payment will be applied directly to principle but will not stop automatically. If you cannot afford your payments and wish to temporarily stop your payment, you can contact your Servicer to request an administrative forbearance of at least 60 days. I would suggest requesting that online as I suspect Servicers will be overwhelmed with phone calls in the coming days!
If you can afford your payments, I suggest you continue to make them as scheduled, as 100% of the payment will go to principle. In addition, these payments WILL count toward any forgiveness program you may be working toward (i.e., Public Service Loan Forgiveness (PSLF), Pay as You Earn (PAYE), Revised Pay as You Earn (REPAYE), etc.). if you can afford to pay additional and are not working toward a forgiveness program, this is a great time to reduce your student loan debt! You will be required to pay any accrued interest first but anything additional will go toward your principle.
In addition, if you are in an Income-Driven Repayment (IDR) plan, and your income has changed significantly, you can submit a change in income application to reduce your “required” payment to a more manageable amount (or even $0) and have it count toward any forgiveness program you may be in. You must submit that application online. Once logged into your FSA Account, select Manage Loans > Apply for Income-Driven Repayment plan > Returning IDR Applicants > Recalculate my monthly payment > Update income Info.
While we have not heard from every private lender, some private lenders are also extending the 0% interest and administrative forbearance option for a period of 60 days. You will need to contact your private loan lender directly to determine if they have option to assist with that debt.
As always, don’t hesitate to contact our office if you have questions or need assistance with your student loans.
Sally Mickelson, BA
Roseman University of Health Sciences
Director of Financial Aid