Life Kit Juggling Student Loans During A Pandemic
Apr 27, 2020
Anna Sale, the insightful host of WNYC’s Death, Sex & Money, teams up with Betsy Mayotte, founder of the Institute of Student Loan Advisors, to tackle the complexities of student loans during the pandemic. They discuss the CARES Act and who qualifies for relief, including strategies for Public Service Loan Forgiveness and the impact on private loans. The duo also highlights financial tips, warns about potential scams, and emphasizes the importance of understanding your loan type to make informed decisions. A practical guide for navigating these challenging times!
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CARES Act Eligibility
- Determine if your federal student loans are federally held to qualify for CARES Act relief.
- Check your loan servicer or studentaid.gov to confirm lender details.
Making Payments During Relief
- If you can afford it, continue making student loan payments during the CARES Act relief period.
- This will apply payments directly to the principal, saving you money on interest.
PSLF and CARES Act
- Public Service Loan Forgiveness (PSLF) participants do not need to make payments during the CARES Act relief period.
- The paused months will still count toward the required 120 payments.