Payments for student loan borrowers pushed back to 2021

Payments for student loan borrowers pushed back to 2021

Student loan borrowers are getting another break.

A recent executive order signed by President Trump extends the suspension of payments and interest on federally-held student loans from September 30 to December 31, but certain details are still unclear.

ANOTHER BREAK.

WMAR-2 NEWSMALLORY SOFASTAII IS HELPINGYOU REBOUND.

SHE TELLS US WHENRE-PAYMENT WILL START UP AGAIN..

AND PROGRAMS THAT COULHELP YOU GET OUT OF DEBT.THE PANDEMIC HAS IMPACTED ALOTOF OUR FINANCES ..

INCLUDINGTHE ABILITY TO PAY BILLS ANDLOANS.

RELIEF PROGRAMS MAKE ITA LITTLE EASIER ..

TODAY WETAKING A CLOSER LOOK ATSTUDENT LOAN PAYMENTS.

UNDERTHE CARES ACT ..

PAYMENTS ANDINTEREST ON FEDERALLY-HELDSTUDENT LOANS WERE SUSPENDEDTHROUGH SEPTEMBER 30TH.PRESIDENT TRUMP'S EXECUTIVEORDER EXTENDED THE DEADLINETHROUGH THE END OF THE YEAR ..BUT THERE ARE STILL SOMEUNANSWERED QUESTIONS 6:15 thelanguage isnwe student loan nerds areanxiously awaiting theDepartment of Educationguidance which we areexpecting in the next coupleof weeks for sure :11 THATBETSY MAYOTTE WITH THEINSTITUTE OF STUDENT LOANADVISORS ..

OR TISLA.

Https://freestudentloanadvice.

Org/SHE SAID THE PANDEMIC HAS ALSOIMPACTED THE KIND OF LOANSGRANTED TO STUDENTS.

FOREXAMPLESUBSIDIZED LOAN ..

BUT BECAUSESHE NO LONGER HAS TO PAY FORHOUSING AND TUITION IS LESSNOW THAT ITHER LOAN SWITCHED TOUNSUBSIDIZED.

2:26 because thecost of attendance is lowerthe students no longer havewhat we call need :06 ANDHERETWO LOANS: SUBSIDIZEDGOVERNMENT IS PAYING THEINTEREST FOR YOU WHILE YOUIN SCHOOL AT LEAST HALF TIME..

FOR SIX MONTHS AFTERLEAVING SCHOOL ..

AND DURINGPERIODS OF DEFERMENTUNSUBSIDIZEDACCRUES FROM DAY 1 ..

HOWEVERYOU DONUNTIL AFTER YOUR GRACE PERIODENDS & OR 6 MONTHS OUT OFSCHOOL.

BETSY SAID SUSIE ..

ORBORROWERS WHOSE FINANCIALSITUATIONS CHANGE ..

CAN FILEA FINANCIAL AID APPEAL.

THISINCLUDES IF YOU LOSE YOUR JOB..

OR IF SOMEONE ELSE IN YOURHOUSEHOLD DOES ..

OR THERE ARENOW MORE PEOPLE IN YOUR HOMEAND THEREFORE MORE EXPENSES.SOMETHING ELSE BETSYRECOMMENDS DURING THIS TIM&10:58 Borrowers that are indefault taking advantage ofthis COVID period :05 WITH THELOAN REHABILITATION PROGRAM &IF YOU MAKE 9 CONSECUTIVE ONTIME PAYMENTS IN AN AMOUNTBASED ON YOUR INCOME ..

COULDBE AS LOW AS 5-BUCKS ..

NOTONLY ARE YOU TAKEN OUT OFDEFAULT BUT IT'S REMOVED FROMYOUR CREDIT REPORT AND THECOLLECTION COSTS ARESIGNIFICANTLY REDUCED AHERE12:51 theyperiod like youthose rehab payments eventhough you donthem SO IF TODD STARTED AREHAB PROGRAM BACK IN MARCH &9 MONTHS EVEN THOUGH HE DIDNPAY ANYTHING THROUGH SEPTEMBE30TH.

ITTREATMENT WILL CONTINUE UNDERTHE PRESIDENTORDER.

ANOTHER THING TO THINKABOUTBORROWERS MAY WANT TO CONSIDERREFINANCING NOW THAT INTERESTRATES HAVE GONE DOWN EVENTHOUGHBORROWERS HAVE BEEN SUSPENDED..

THIS DOESNSHOULDN&ESPECIALLY THOSE STILLEMPLOYED.

WITH INTEREST WAIVED..

ANYTHING YOU PAY NOW WILLGO DIRECTLY TOWARDS YOURPRINCIPAL ..

SO WHEN PAYMENTSRESUME ..

INTEREST WILL COLLECTON A LOWER BALANCE.

IF YOUHAVE QUESTIONS ABOUT YOUR LOAN..

OR NEED HELP WITH A DISPUTE..

TISLA OFFERS FREE ADVICE.ALSO CHECK OUT STUDENT AIDPANDEMIC DOT ORG FOR UP TO THEMINUTE GUIDANCE ON STUDENTLOANS AND FINANCIAL AID DURINGTHE COVID 19 PANDEMIC.FOR MORE STORIES TO HELP YOUMAKE IT THROUGH