Federal student loan borrowers in Southern California facing wildfires can access temporary payment relief due to natural disasters. The Education Department may automatically enroll eligible borrowers in a forbearance lasting up to 90 days.
Federal student loan borrowers affected by the wildfires raging across Southern California have options if they're concerned about making payments. 'Borrowers impacted by natural disasters may qualify for temporary relief from student loan payments,' said Carolina Rodriguez, director of the Education Debt Consumer Assistance Program, based in New York. It's advisable for borrowers to understand the available relief in case they need it, experts stated.
According to the National Oceanic and Atmospheric Administration, by November 2024, there were 24 confirmed weather and climate disaster events with losses exceeding $1 billion each. The Heroes Act of 2003 provides 'several forms of relief' to certain student loan borrowers residing in or working in areas affected by a natural disaster, said higher education expert Mark Kantrowitz. Likely one of the most beneficial options will be a natural disaster forbearance. 'Climate change has increased the frequency and severity of natural disasters, making these waivers and forbearances increasingly important,' Kantrowitz said. In many cases, the U.S. Department of Education will automatically place qualifying borrowers into a natural disaster forbearance, Kantrowitz said. 'Borrowers generally don't need to apply for this,' he added. However, borrowers who wish to ensure their payments are paused might contact their loan servicer. The natural disaster forbearance lasts up to 90 days, according to the Education Department. In some instances, borrowers will be granted 30-day extensions
STUDENT LOANS WILDFIRES CALIFORNIA NATURAL DISASTERS STUDENT LOAN RELIEF
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