CARES Act Financial Aid Updates

Please check back frequently for updates. We will post new information as it becomes available.

Loan Information for Both Current and Previous Student Borrowers

• Borrowers are automatically being placed in an “administrative forbearance” which allows you to temporarily stop making your monthly loan payment. This suspension will last until Sept. 30, 2020, but you can still make payments if you choose.

• Interest on some federal direct student loans is being temporarily set to 0%. Your loan servicer can tell you if your loans will have their interest rate temporarily reduced to 0%. You may contact (800) 4-FED-AID if you need to contact your loan servicer, but don’t know the name of your loan servicer. 

• Suspended payments will count towards forgiveness repayment plans such as Income Driven Repayment (IDR) and Public Service Loan Forgiveness (PSLF). 

• Auto-debit payments are suspended during the administrative forbearance. Any auto-debit payments processed between March 13, 2020 and Sept. 30, 2020 can be refunded to you. You will have to contact your loan servicer to request that your payment be refunded.

• Your loan servicer will begin to contact you no later than August to remind you that you will need to start making payments again when the administrative forbearance expires September 30, 2020.

Frequently Asked Questions 

Q – Where can I find information about how COVID-19 will affect my loan repayment?

A – Your best option is to contact your student loan servicer directly. If you do not know who your loan servicer is, please login to your account on the Federal Student Aid website to identify your loan servicer: 

Q – My family’s income has been impacted by the pandemic. Can I appeal my financial aid eligibility for the 2019-2020 academic year to receive more funds?

A – We understand that your family may have very recent and immediate changes to your financial circumstances related to the ongoing coronavirus (COVID-19) pandemic. The pandemic is quickly evolving, and we will work with you to answer your questions and provide as much information as possible. You may request by email a “Special Circumstances Request Form” based on a change in circumstances such as unemployment, loss of untaxed income, or a death of the parent or spouse. Changes or anticipated changes to income may not always result in a change to financial aid eligibility, but we will work with each student who has concerns about their individual circumstances. Specific questions may be directed to the Office of Student Financial Aid at finaid@eversity.edu.

Q – I read that loan payments are suspended from March 13, 2020 until September 30, 2020.  What if my payment has already been auto-drafted?

A – Any payment you made during the administrative forbearance period (March 13, 2020 through September 30, 2020) can be refunded. Contact your loan servicer to request that your payment be refunded.

Q – Will my aid be affected if I have to drop my course due to circumstances related to COVID-19?

A – The Department of Education is giving us some leniency in how dropping a class will affect your aid eligibility. We want to make sure we give you the most accurate information, so send us an email at finaid@eversity.edu with your name, student ID, and your question and we will be glad to give you more information.

*Reminder that eVersity will keep an updated list of FAQs here as the situation evolves and we begin to hear from students with questions.