AFT - American Federation of Teachers - A Union of ...
LETTER TO SERVICER: TEMPLATE REGARDING INTEREST AND CHANGE IN INCOME FOR BORROWERS WISHING TO CONTINUE PAYMENTSDear [Loan Servicer Name], President Trump declared that the government is waiving interest on all federally held student loans as of March 13, 2020. I want to ensure that, as of March 13, any and all payments I make toward my federal student loan balance will be applied to my principal first. If my principal balance is paid off during this time, my payments should then be applied to any accrued interest or fees that have not been capitalized previously. Such payments should continue to be applied to my student loan balance in this order for at least sixty (60) days or until the government discontinues this waiver of interest.In addition, I want to confirm that any and all payments, including payments of $0 (based on a prior income certification or a new certification due to a recent change in income), made during this period will continue to count as qualifying payments toward Public Service Loan Forgiveness and/or general loan forgiveness after 20 or 25 years pursuant to an income-driven repayment plan. [IF INCOME SHORTFALL DUE TO COVID-19]Finally, I would like to report a change in my income since I last certified on [DATE]. Please send me instructions on how to provide documentation of this recent change. [IF NO INCOME DUE TO COVID-19]Finally, I would like to report a total loss of income since I last certified on [DATE]. I have completed the online application self-certifying that I do not have income at this time.Please confirm in writing that my payments will be applied to my principal balance as of March 13 and will continue to count for the purpose of Public Service Loan Forgiveness and/or general loan forgiveness based on 20 or 25 years of income-based payments. Please also confirm that you can assist me in re-certifying my income to re-calculate my monthly payment amount under my current income-driven repayment plan. Thank you,[Borrower Name]Account number: ................
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