Student loan borrowers will see coronavirus relief from wage garnishments, collections

for at least two months. Borrowers with federal loans also may suspend their payments for at least two months.

The latest directive on collecting on defaulted loans will last at least 60 days, and it's backdated to start on March 13. More than 830,000 borrowers will also receive a refund of $1.8 billion in money already in the process of being seized as of March 13 by the federal government.The new relief is mostly for people who have been missing payments for months. A borrower's wages or tax returns aren't immediately seized when a payment is first missed.

Private collectors working for the government have also been told to stop collection calls and letters. The wage garnishment relief isn't automatic, however. Employers will have to make the changes to borrowers’ paychecks, the Education Department said Wednesday. Borrowers should contact their human resources department if their wage continues to be garnished.

Senate Democrats had been pushing the federal government to pay off at least $10,000 worth of borrowers' loans, while Republicans advocated for a six-month pause on payments.

The good news is that the magic of compound interest will ensure that you owe more ... not less ... when this is all said and done!

They were far behind before the coronavirus.

Drop the loan interest rate to 0% for those who consistently pay. Would be a good rewards program for those who are responsible. At least then, the loan would not grow faster because of interest than required payment

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