BALTIMORE (WJZ) — Maryland Attorney General Brian Frosh joined a coalition of 28 attorneys general urging the U.S. Senate to provide relief for all federal student loan borrowers impacted by the COVID-19 pandemic.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act currently only covers federal student loans owned by the federal government, excluding nearly eight million borrowers whose federal student loans are owned by private entities.
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In a letter, the coalition urges the Senate to provide the same relief currently available to borrowers whose federal student loans are owned by the federal government, including a temporary suspension of payments, a 0% interest rate and the suspension of involuntary collections.
The coalition also calls on Congress to implement longer-term solutions for struggling borrowers. Such measures include extending the temporary suspension of payments past September 30, 2020, and requiring student loan servicers to evaluate borrowers for income-driven repayment plans once they resume payments.