Dealing with Student Loans During the Coronavirus Pandemic


The uncertainty brought on by the Coronavirus pandemic has touched every area of our lives. The income of so many has been reduced because of having their hours cut, or because of being laid off. With so many in this situation, what is being done to help those with student loans? The answer comes from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. 

         Those with student loans owned by the Department of Education will automatically have interest and payments paused until September 30, 2020 because of the CARES Act. Those who have Federal student loans through private lenders can have their payments and interest paused for up to 60 days. This is not automatic. They must reach out to the lenders to start this process. For those who have lost their jobs, unemployment deferment can be applied for. Another option is an economic hardship deferment. We are living in a time of unprecedented change. As we learn about more options, we will share them with you.

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