Registration/Payment Dates Fall 2024/Spring 2025
canvas link My VC2 Link Cares ACT Rport Link
 

Six Things to Know About Current Repayment Flexibilities and Your Federal Student Loans


Posted By: Jeanne Ballard - 2/2/2023 12:00:00 AM

On December 22, 2021, the secretary of education extended the 0% student loan interest rate and suspension of payments on federal student loans owned by the Department of Education (ED) until May 1, 2022. These relief measures began on March 13, 2020. 

Below, we have answered questions about these COVID-19 emergency relief measures and the resulting flexibilities for federal student loans. 

Which loans qualify for the COVID-19 suspension of payments and the 0% interest rate?

The suspension of payments and 0% interest rate applies to the following types of federal student loans, but only if they are loans owned by the U.S. Department of Education (ED):

  • Defaulted and nondefaulted Direct Loans
  • Defaulted and nondefaulted FFEL Program loans
  • Defaulted and nondefaulted Federal Perkins Loans
  • Defaulted HEAL loans

If my loans are owned by ED, do I need to do anything to suspend my payments or for the interest on my loans to be set at 0%?

No, ED has automatically adjusted your account so that your payments are suspended and interest does not accrue (i.e., accumulate).

How long will the suspension of payments and 0% interest rate last?

These flexibilities are currently extended until the U.S. Department of Education is permitted to implement the debt relief program or the litigation is resolved. Payments will restart 60 days later. If not resolved by June 30, 2023 payments will resume 60 after that.

Tip: If you can afford to make payments during this period, you will pay off your loan faster and lower the total cost of your loan over time.

I am currently in school. How does the 0% interest rate impact my loans?

Direct unsubsidized loans normally accrue interest while you are in school. However, from March 13, 2020, through the end of the COVID emergency relief period, the interest rate on all ED-owned loans has been temporarily lowered to 0%, even while you are in school. That means your student loans will not accrue (i.e., accumulate) interest during this time.

When the COVID emergency relief period ends, regular loan interest rates will apply.

How will I know when I will have to start making payments again?

The 0% interest period and suspension of payments are currently scheduled to end no later than 60 days after June 30, 2023. Both Federal Student Aid and your servicer will contact you ahead of time to remind you that you will need to start making payments again. Make sure your contact information is up to date in your loan servicer account profile.

What if I want to continue making payments?

Continuing to make payments during the payment suspension could help you pay down your loan balance more quickly because the full amount of a payment will be applied to principal once all interest accrued prior to March 13, 2020, is paid.

As long as your payments are suspended, you can make a payment that is less than your usual monthly payment. Any payment you make on your loan will make progress toward reducing your balance. Contact your loan servicer or visit your servicer’s website to make a payment or to find out how you can continue or start auto-debit payments.

REMEMBER, there is no fee for this payment suspension or 0% interest period—not from the federal government and not from your loan servicer. Some companies may charge a fee to give you repayment help for federal student loans during the COVID-19 emergency. These companies are not affiliated with or endorsed by ED. If someone asks for money for either of those reasons, it is a scam. Your loan servicer provides free help with your questions or concerns about your loan payments. There is no coronavirus-related loan forgiveness for federal student loans. Learn more about avoiding student aid scams.

Recent Posts

Financial Aid


vernon college logo

TEACHING. LEARNING. LEADING.

Monday-Thursday 8:00 a.m. - 5 p.m. // Friday - 8:00 a.m. - 12 p.m. 
  • Vernon Campus
    4400 College Drive
    Vernon, TX 76384
    940.552.6291
  • Century City Center
    4105 Maplewood
    Wichita Falls, TX 76308
    940.696.8752
  • Skills Training Center
    2813 Central Expressway East
    Wichita Falls, TX 76302
    940.766.3369
Legal Information / Texas Veteran Portal / House bill / Site Map / Online Resume / Login / Emergency Procedures / Cyber Security
©2025 Vernon College
1970 marked the beginning of Vernon College. Throughout this decade the College continued to grow and more students enrolled in both on- and off-campus courses. On January 20, 1970, a majority of the citizens of Wilbarger County voted to create the Wilbarger County Junior College District. Following that decision, Vernon Regional Junior College was established and on April 9, 1970, the newly elected Board of Trustees appointed Dr. David L. Norton as the College’s first president. Campus construction began in May 1971, and included an Academic Science Center, Administration-Fine Arts Center, Applied Arts Center, Library, and Student Center. The following year, on September 5, 1972, classes met for the first time on the Vernon campus with a total of 608 students. On August 1, 1974, Dr. Jim M. Williams became the College’s second president. In the fall semester of that year, combined on- and off-campus enrollment exceeded 800 students. During the 1975-76 academic year, the College expanded its services to include a learning center on Sheppard Air Force Base. During this year, enrollment in credit courses, both on- and off-campus, rose to a level of 1,199. The scope of the Vocational Nursing Program was enlarged during the 1976-77 academic year with the assumption of the Bethania School of Vocational Nursing in Wichita Falls. In August 1976 the Physical Education Center was dedicated in honor of Dr. and Mrs. Thomas A. King longtime benefactors of Vernon College. Growth and changes continued during the 1980s. In August 1980 a Student Residence Center, designed to house 128 students, opened for occupancy. Further expansion of program offerings in the Wichita Falls area was accomplished through absorption of an existing proprietary school that was renamed the Vernon College Technical Center and the integration of the nursing program from the Wichita Falls Independent School District. On March 22, 1982, Dr. Joe Mills took over the leadership of the College as the third president. That fall, the College fielded its first intercollegiate rodeo team. During 1983-84, the Department of Cosmetology and the Career Development Center (previously known as the North Texas Skills Center) were established in Wichita Falls. On the Vernon campus, the Chaparral Center was completed, and the Pease River farm purchased through a state land trade. The following academic year, 1984-85, Vernon College reached a record credit enrollment of 1,863 and a record continuing education enrollment of 7,056 registrations. A Vocational Nursing Program opened in Seymour, and the Board of Trustees established a college foundation and approved an agreement to allow construction of the Red River Valley Museum on the Vernon campus. In February 1987 the College played its first intercollegiate baseball game on the Vernon campus. During May of that year, the new Natatorium was opened in the King Physical Education Center. A newly constructed Athletic Dormitory opened to house 28 athletes in August 1988. In October, Trustees voted to add women’s volleyball as a varsity sport, effective with the fall 1989 semester. In May 1989 Vernon College moved all Wichita Falls programs to one centralized location—Century City Center. Since the College opened its doors 38 years ago, many individuals, corporations, foundations, and organizations have made an investment in our students through the creation of endowed and annual scholarships. As of this year, more than 100 scholarship funds are available to help students pursue their educational dreams.VERNON COLLEGE PHILOSOPHY: Vernon College is a constantly evolving institution, dedicated primarily to effective teaching and regional enhancement. With this dedication to teaching and to the community, the College encourages open inquiry, personal and social responsibility, critical thinking, and life-long learning for students, faculty, and other individuals within its service area. The College takes as its guiding educational principle the proposition that, insofar as available resources permit, instruction should be adapted to student needs. This principle requires both flexibility in instructional strategies and maintenance of high academic standards. Strong programs of assessment and accountability complement this educational principle. VC accepts the charge of providing a college atmosphere free of bias, in which students can exercise initiative and personal judgment, leading to a greater awareness of personal self-worth. It strives to provide every student with opportunities to develop the tools necessary to become a contributing, productive member of society. Vision VERNON COLLEGE VISION: Vernon College will promote a culture of success for our students and communities through learner-centered quality instructional programs and exemplary services. Values VERNON COLLEGE VALUES: Vernon College promotes a culture of success through our shared values and commitment to: Accessibility Accountability Building Relationships Diversity Inclusion Innovation Leadership Quality Student Success Teamwork Our values define who we are and guide us in conducting our business every day. Our values are our morals – what is important to us at our college. Mission VERNON COLLEGE MISSION The mission of Vernon College is teaching, learning, and leading. Vernon College is a comprehensive community college that integrates education with opportunity through our instructional programs and student support services by means of traditional and distance learning modes. Therefore, to fulfill its mission, the College will provide access, within its available resources, to: Career technical/workforce programs up to two years in length leading to associate degrees or certificates; Career technical/workforce programs leading directly to employment in semi-skilled and skilled occupations; Freshman and sophomore courses in arts and sciences, including the curricula leading to associate and baccalaureate degrees; Ongoing adult education programs for occupational upgrading or personal enrichment; Compensatory education programs designed to fulfill the commitment of an admissions policy allowing the enrollment of disadvantaged students; ; A continuing program of counseling and guidance designed to assist students in achieving their individual educational goals; Career technical/workforce development programs designed to meet local and statewide needs; Support services for educational programs and college-related activities; Adult literacy and other basic skills programs for adults; and Other To help prospective and current students, faculty, and staff locate important information about Vernon College, this webpage provides links to helpful information on a variety of government mandated and consumer information. Examples are academic programs, cost of attendance, financial aid, safety and security, and institutional financial reports. Vernon College’s presentation of this information complies with the Higher Education Act, as amended, and implementing regulations.