Coronavirus (COVID-19) Relief Center
Coronavirus (COVID-19) Relief Center
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Virginia
These resources – like the public health crisis itself – are constantly evolving and are only current as to the date of publication. This page was last updated on September 9, 2020.
For more up-to-date information on the relief programs available in Virginia, we recommend that you visit the Coronavirus (COVID-19) in Virginia portal, the Virginia Chamber of Commerce's State Resources list or the USDA's COVID-19 Waivers & Flexibilities for Virginia.
Description of Program and Relief
Expansion of Payment Relief for Student Loan Borrowers
Virginia has secured relief options for student loan borrowers with loans from private lenders and federal loans not owned by the U.S. government, as these borrowers are not eligible for relief under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. Virginians who have commercially-owned Federal Family Education Loan (FFEL) loans, Perkins loans, or privately held student loans and are struggling to make payments due to the impact of COVID-19 are eligible for relief and must immediately contact their student loan servicer to identify their options. Relief options include:
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Providing a minimum of 90 days of forbearance
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Waiving late payment fees
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Ensuring that no borrower is subject to negative credit reporting
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Ceasing debt collection lawsuits for 90 days
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Working with borrowers to enroll them in other borrower assistance programs, such as income-based repayment.
These relief options will impact the terms and conditions of loans, so borrowers should consider the impact of interest that accrues during the 90-day forbearance and how it will extend the repayment schedule of the loans.
Government or Lead Agency
Office of the Virginia Governor
State Council of Higher Education for Virginia
Dates Available
Available now
Eligibility Requirements/Restrictions
Virginians who have commercially-owned Federal Family Education Loan (FFEL) loans, Perkins loans, or privately held student loans and are struggling to make payments due to the impact of COVID-19.
Application Deadlines (If Applicable)
N/A
Contact for More Information
List of Additional Information
© 2021 Paul, Weiss, Rifkind, Wharton & Garrison LLP. This does not constitute legal advice and does not create an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. Past representations are no guarantee of future outcomes.