A New President and Student Loan Relief

The latest news on how the President Biden's executive orders affect federal student loans.

Juno Team

Mar 09, 2021

Joseph R Biden Jr. is now the 46th President of the United States of America and is getting right to work.

On January 20th, President Biden signed an executive order keeping federal loans at 0% interest through September 30th, 2021. With this, interest accrual and payment collections have ceased, continuing the pause that began in March of 2020.

There is also a lot of buzz surrounding the Biden administration working to cancel $10,000 dollars worth of federal loans for borrowers. There are a lot of questions that haven’t been answered about this plan, but as of right now, activists are calling on Washington to institute this relief as quickly as possible.

What does this mean for you exactly?

Federal Loan Holders:

If you have only federal loans, you could sit tight and not pay anything. But with your interest rate at 0%, this could be a great time to pay back only your principle if you have the financial means that enable you to do so, thus making a huge dent in your loan.

If you owe less than $10,000 in federal loans, you can wait it out and see what happens with cancellation. If you owe more than $10,000 in federal loans, you too can ride out the federal loan holiday and commence payments in October of 2021, but this really is a great opportunity to pay off your loan while not worrying about interest.

Private Loan Holders:

Unfortunately, the Biden Administration hasn’t said anything about private loans, which fall outside of the jurisdiction of the federal government. In this low-interest rate environment, you could look into refinancing and saving money on the loans you’re already paying.

Federal and Private Loan Holder:

The above applies to you on both fronts. This would be a really great time to get your loans organized, so start by using this checklist below if you’d like a fresh start at getting your loans in order:

Do I have Private Loans | Yes ☐ No ☐
Do I have Federal Loans | Yes ☐ No ☐
Do I owe less than $10,000 in Federal Loans | Yes ☐ No ☐
Do I know my Private Loan(s) interest rates | Yes ☐ No ☐
Do I know my Federal Loan(s) interest rates | Yes ☐ No ☐
Do I know where my Private Loan(s) are held | Yes ☐ No ☐
Do I know where my Federal Loan(s) are held | Yes ☐ No ☐

A final note on DACA Students:

We put together this guide to help DACA students with their financial aid journeys. Biden also signed an executive order to help preserve and fortify DACA – the LA Times reports that “Biden is calling on Congress to adopt legislation that gives DACA recipients permanent legal status and a path to citizenship.” We’ll keep our eyes peeled for news about DACA and anything student loan-related.

If you want more Federal Student Loan updates, be sure to check out our tracker, which can send you short updates handwritten by our team, straight to your inbox!

Juno's Exclusive Student Loan Refinance Deals

Best for Most

Cosigner:

Can’t be refinanced with a cosigner

Rates:

Fixed starting at 2.74% APR, Variable starting at 1.49% APR including autopay and Juno discount.

Juno benefit:

Rate reduction of 0.25%

Check:

Soft Credit Check to get rates; Hard Credit Check to refinance

Register for Earnest Deal (it’s free!)

Alternative Best for Most

Cosigner:

May be able to refinance with a cosigner

Rates:

Fixed starting at 2.29% APR, Variable starting at 1.74% APR. May include autopay discount.

Juno benefit:

Up to $1,000 cashback based on loan amount

Check:

Soft Credit Check to get rates; Hard Credit Check to refinance

Register for Splash Deal (it’s free!)

Best for Medical Professionals

Cosigner:

May be able to refinance with a cosigner

Rates:

Fixed starting at 3.24% APR, Variable starting at 1.64% APR

Juno benefit:

Rate reduction of 0.25%

Check:

Soft Credit Check to get rates; Hard Credit Check to refinance

Register for Laurel Road Deal (it’s free!)

Juno's Exclusive Student Loan Refinance Deals

	Rates	Juno Benefit	Check

Best for Most Can’t be refinanced with a cosigner	Fixed starting at 2.74% APR, Variable starting at 1.49% APR including autopay and Juno discount.	Rate reduction of 0.25%	Soft Credit Check to get rates; Hard Credit Check to refinance
Register for Earnest Deal (it’s free!)

Alternative Best for Most May be able to refinance with a cosigner	Fixed starting at 2.29% APR, Variable starting at 1.74% APR. May include autopay discount.	Up to $1,000 cashback based on loan amount	Soft Credit Check to get rates; Hard Credit Check to refinance
Register for Splash Deal (it’s free!)

Best for Medical Professionals May be able to refinance with a cosigner	Fixed starting at 3.24% APR, Variable starting at 1.64% APR	Rate reduction of 0.25%	Soft Credit Check to get rates; Hard Credit Check to refinance
Register for Laurel Road Deal (it’s free!)

Refinance Student Loans

Written By

Juno Team

Juno came into existence to help students save money on student loans and other financial products through group buying power by negotiating with lenders. The Juno Team has worked with 90,000+ students and families to help them save money.

View All Articles

Does Applying For Financial Aid and Student Loans Affect Credit Score?

Wondering if applying for financial aid and student loans affects your credit score? It depends on what loans you apply for. Read to find out more.

Sarah Li Cain

Jun 22, 2022

How to Use the FAFSA for Law School

If you plan to attend law school, you likely will need financial aid to help cover the cost. Here’s what you need to know about using the FAFSA for law school.

Miranda Marquit

Jun 14, 2022

Can I Transfer My Federal Student Aid to Another School?

If you're thinking of changing schools, you might be wondering, "Can I transfer my financial aid to another college?" Learn more here.

Miranda Marquit

Jun 14, 2022

How To Negotiate Your Financial Aid Offer

Not happy with your financial aid package? You can appeal. Here’s what you need to know about negotiating financial aid to get additional funds for college.

Miranda Marquit

Jun 14, 2022

Can I Be Denied FAFSA? What You Need to Know

While most citizens qualify for federal student loans, there are times you could be denied federal aid. Let's answer the question "Can I be denied FAFSA?"

Miranda Marquit

Jun 14, 2022