Governor Announces Student Loan Advisory Support Program
Governor Lamont announced today that Conecticut residents that have been economically impacted by COVID-19 can get free assistance in managing their student loans through a program called Summer.
One of the Federal government's first announcements when the crisis began was to pause repayments of Federal Direct loans, people with private loans have still had the responsibility to make their payments.
Summer is a social enterprise program where student loan experts work with their clients to find, compare and take advantage of student loan assistance and forgiveness programs. While this is usually a paid service, Connecticut residents that have become unemployed or experienced a significant salary reduction can now access the program for free.
Borrowers that meet the criteria can apply for a federal income-driven repayment plan. Under this plan, $0 or very low monthly payments are a possibility. Summer's platform works similar to online tax software in that it automatically checks to see if borrowers are eligible and can complete the paperwork automatically.
"Many of our residents are facing unprecedented financial hardship that is pushing those with student loan debt onto a financial tightrope," Governor Lamont said. Summer CEO Will Sealy added,
The flurry of federal and state announcements has left borrowers more confused than ever about how to navigate the repayment process. With our digital platform and team of student loan experts, we’re working to ensure Connecticut residents have a clear plan for managing their debt and reducing their stress. We hope other states will join Governor Lamont soon.
You can access Summer's resources by creating an account here.