Are We Required To Adjust Loan Period End Dates If We Extend Our Terms Due To Coronavirus?
Scenario: We have extended our spring term by several weeks in response to the COVID-19 outbreak. Most of our students have loan periods that end at the end of our spring term.
Answer: No. According to the U.S. Department of Education (ED), "No. Institutions that choose to extend terms that begin on or before June 1, 2020 as a result of the COVID-19 outbreak are not required to change loan period end dates if the loan period was scheduled to end on the term end date."
The above guidance has been excerpted from the COVID-19 FAQs document attached to ED's March 5, 2020 Electronic Announcement.
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Publication Date: 3/20/2020