The COVID-19 emergency has affected the ability of many people to make their debt payments, including those with student loans. In recognition of this, the Department of Education announced terms for student loan payment relief.

Marc A. Hebert's Money Sense column sig

It should first be noted that this relief is for federal student loans. If you have a private student loan, you will need to speak with your lender about your options. Only certain federal loans are eligible for relief, including Direct Loans, Federal Perkins Loans, and Federal Family Education Loans (FFEL) that are held by the Department of Education.

Marc A. Hebert, MS, CFP, is a senior member and president of the wealth management and financial planning firm The Harbor Group of Bedford. Email questions to Marc at mhebert@harborgroup.com. Your question and his response might appear in a future column.

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