 TITLE: How the CARES Act Stimulus Affects Your Student Loans CONTENT: Who Is Eligible for Student Loan Benefits?\n------------------------------------------\nThe CARES Act only offers suspended payments for student loan borrowers who have direct loans or FFEL loans that are held by the federal government. This means that if you have FFEL loans held by a commercial lender or federal Perkins loans, you're not eligible for the benefit.\nAccording to the Institute for College Access & Success, nearly 12% of federal loans don't qualify under the terms of the CARES Act. Additionally, private student loans, which often carry higher interest rates than federal loans, aren't included in the stimulus package.\nIf you do qualify, though, remember that you don't need to submit a request for help or even contact your loan servicer. The Department of Education will start the suspension period automatically.\nAs for the employer benefit, you may qualify if your employer decides to offer student loan repayment assistance as a benefit. According to the Society for Human Resource Management, 8% of organizations in the U.S. already offer this perk for employees. END