US Department of Education
Special Programs

COVID-19 Payment Suspension

In Response to COVID-19, the federal government has put in place relief measures for borrowers who have Government-owned loans (Direct Loans). The relief measures have been automatically applied to Government-owned Loans effective as of March 13, 2020 and, at this time, will extend through June 30, 2023 (with payments resuming 60 days thereafter, at the latest). For more specific information, visit studentaid.gov.

• Payments will be suspended (meaning no payments are due)
• Interest will not accrue

Commercial FFEL program loans and private student loans do NOT qualify for these relief measures.

The Brazos Student Loan, Brazos Parent Loan and Brazos Refinance Loan are private student loans that do not qualify for these measures. Further, if you refinance any of your Government owned loans in to a Private Student Loan, like a private refinance loan, the Government-owned loans you refinance will no longer be eligible for any federal relief measures or programs.

Federal Student Loan Forgiveness

On Aug. 24, 2022, the Biden-Harris Administration announced a Student Debt Relief Plan that includes one-time student loan debt relief targeted to low- and middle-income families.

The U.S. Department of Education (ED) will provide up to $20,000 in debt relief to Federal Pell Grant recipients and up to $10,000 in debt relief to non-Pell Grant recipients. Borrowers with loans held by ED are eligible for this relief if their individual income is less than $125,000 (or $250,000 for households). To be eligible, loans must be disbursed on or before June 30, 2022.

ED is assessing whether to expand eligibility to borrowers with privately owned federal student loans, including FFEL and Perkins Loans.

Private student loans are NOT eligible for this program. If you refinance your federal student loans, whether held by ED or privately held, into a Brazos Refinance Loan, your federal loans will not be eligible for this forgiveness program. Please consider your eligibility for the Student Debt Relief plan carefully before you proceed with refinancing any federal loans in to a private refinance loan product.

For more information, visit https://studentaid.gov/debt-relief-announcement/one-time-cancellation

Public Service Loan Forgiveness (PSLF) Program

On October 6, 2021, the Department of Education announced certain improvements to the Public Service Loan Forgiveness (PSLF) program, which includes waivers to certain program requirements that will be available temporarily through October 31, 2022. These waivers allow borrowers with either Federal Direct or FFELP Loans and who may not otherwise qualify for PSLF the ability to qualify and obtain loan forgiveness based on qualifying employment in the public service sector.

For more information on this limited PSLF waiver, including any actions you may need to take, visit https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service

If you would like information about your specific situation and whether or not you can take advantage of this limited waiver, contact your student loan servicer.

Private student loans, like the Brazos Student, Parent and Refinance Loans are not eligible for the Public Service Loan Forgiveness Program. Further, if you refinance any of your Federal Direct or FFELP Loans in to a private student loan, like the Brazos Refinance Loan, your federal loans will no longer be eligible for this program.

Income-Driven Repayment/Forgiveness

On April 19, 2022, the U.S. Department of Education announced several changes and updates that will bring borrowers closer to forgiveness under income-driven repayment (IDR) plans. These adjustments will be made to all Federal Direct and federally-owned FFELP Loans and will include conducting a one-time revision to the IDR counters to address past inaccuracies (including automatically discharging loans for eligible borrowers) and permanently fixing IDR payment counting by reforming ED’s IDR tracking procedures going forward.

Borrowers who have commercially-owned FFELP Loans may be eligible for these new changes by consolidating into a Federal Direct Loan prior to implementation, which is estimated to be no sooner than January 1, 2023.

For more information on these IDR changes, including any actions you may need to take, visit https://studentaid.gov/announcements-events/idr-account-adjustment

Private student loans, like the Brazos Student, Parent and Refinance Loans are not eligible for the federal IDR program, or these changes which have been announced. Further, if you refinance any of your Federal Direct, federally owned FFELP Loans, or commercial FFELP Loans in to a private student loan, like the Brazos Refinance Loan, these loans will no longer be eligible for this program.