By: Mary Jones
Borrowers in need of assistance should immediately contact their student loan servicer to identify the options that are appropriate to their circumstances.
Federal Student Aid Information Center at 1-800-433-3243 or 1-800-730-8913 (TDD). Borrowers with private student loans can check the contact information on their monthly billing statements.
– Aspire Resources, Inc. – College Ave Student Loan Servicing, LLC – Earnest Operations – Edfinancial
The temporary 0% interest rate on all federally held student loans will also continue.
Months during the pause will continue to count toward the 120 payments required by the Public Service Loan Forgiveness program
Students who are married with no children will receive a total $2,400 if their combined income is $150,000 or less. Those with children can receive an additional $500 per child.
If you worked part-time or full-time while enrolled, and you were laid off — or if you’re a gig worker whose work is affected by the pandemic — you may be eligible for unemployment benefits.
If your school or employer closes and you lose your federal work-study job, you may be eligible to receive multiple payments or a one-time grant for the remaining period you were set to work.
– Aspire Resources, Inc. If you had to leave campus and are now learning remotely, you may be able to get some of your money back. Most schools are reimbursing students for some of their non-tuition costs
If your dorm is your primary residence, contact your college housing and financial aid offices to find out your options for remaining on campus.
Colleges may have emergency funds already available, and the CARES Act provides $7 billion in funds to colleges specifically designated for emergency financial aid.
For those who don’t complete college this semester, the CARES Act calls for colleges to waive lifetime limits on certain aid, including Pell Grants