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Federal Employees During the Shutdown

October 15, 2013 | Adam S. Minsky, Esq. Loan Forgiveness

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As the federal government shutdown drags out into its third week, furloughed and non-paid federal employees are beginning to feel the squeeze. Many employees have student loans and may have trouble paying their bills the longer this lasts. What can they do?

  • For federal loans, it is best to continue making your payments, but if you are unable to pay your bill, you can request a temporary economic hardship forbearance. Just keep in mind that interest continues to accrue during the forbearance period. Also, forbearance will not count towards loan forgiveness. So, it should only be used as a temporary, short-term fix.
  • Private loans are much more problematic. Forbearance options will be limited at best, and private lenders will likely be unwilling to work with borrowers or be flexible with payments. Borrowers should be prepared to continue making payments if they can, since missing even one or two payments can cause a private student loan to go into default. If you are unsure about your private student loan forbearance options, you can contact your private lender.

Meanwhile, as the country speeds towards default, I don’t have anything significantly new to report about federal student loan operations or federal student loan servicing. Check out last week’s post, as the situation is mostly unchanged since then. If the country breaches the debt limit this week, we might start to see more serious impacts. Hopefully it will not come to that.

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Loan Forgiveness

About Adam S. Minsky, Esq.

Adam S. Minsky founded the first law office in Massachusetts devoted entirely to assisting student loan borrowers, and he is one of the only attorneys in the country practicing in this area of law. He provides counsel, legal assistance, and direct advocacy for borrowers on a variety of student loan-related matters. He regularly speaks to students, graduates, and advocates about the latest developments in higher education financing.

Books by Adam S. Minsky

The Student Loan Handbook for Law Students and Attorneys

The Student Loan Handbook for Law Students and Attorneys

Student Loan Debt 101

Student Loan Debt 101: The Definitive Guide to Understanding and Managing Your Student Loans

Student Loans for Parents and Cosigners

The Student Loan Guide for Parents and Cosigners

617-936-2788
asminsky@minsky-law.com
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Boston, MA 02110

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