What The CARES Act Means For Your Student Loans
Student loans can be a burden, and the current coronavirus pandemic is not making it any easier. With unemployment at record highs, Americans are struggling to pay for necessities such as rent or groceries.
Enter the CARES Act. It's the Coronavirus Aid, Relief, and Economic Security Act, which was passed by Congress and has supplied $2 trillion of relief. Part of the CARES Act includes automatic suspension of principal and interest payments on federally held student loans through Sept. 30, 2020.
Of course, there is the fine print. Student loans come in all different shapes and sizes. How do you know for sure that you qualify for this type of relief? What about private loans? Life Kit and WNYC Studios' Death, Sex & Money teamed up to bring you answers. Anna Sale, host of Death, Sex & Money, sat down with Betsy Mayotte, who runs the Institute of Student Loan Advisors, to get the answers to common questions about student loan relief during the pandemic.
The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual.