The L.A. wildfires have caused significant damage, but relief for student loans is available for affected borrowers.
If you have federal student loans and live in a FEMA-designated disaster zone, you can pause your payments for up to 90 days. This is called a natural disaster forbearance. Even if you’re not in a designated area, there are still options available for you.
To get started, keep an eye on your email and student loan accounts. Your loan servicer will reach out if you’re affected. If you’ve been displaced, don’t change your address in your loan accounts. You need to stay listed in a disaster zone to qualify for the forbearance.
If you miss a payment, your servicer will automatically put your loans in forbearance. You can also call them to request it. Just remember, if you can keep making payments, it might be better to do so. Interest will still accrue during the forbearance period.
For those with private loans, reach out to your lender. They may offer temporary relief options, but terms can vary. It’s crucial to communicate with them to find out what’s available.
If you’re currently a student, contact your school’s financial aid office. They can help reassess your aid eligibility if your family’s finances have changed due to the wildfires. They might even extend your “in-school” status to delay loan repayment.
If you have more questions, start with your loan servicer. There are also resources like California’s Student Loan Empowerment Network that can provide one-on-one support. Just be cautious of scams; legitimate help is always free.
