Student Loan Debt During the Pandemic

In this week’s Show Me the Money, one way the federal government helped during the coronavirus pandemic was by passing the CARES act.

That put extra money in many of our accounts in the form of stimulus checks, but another benefit has been for those paying off student loans.

42.8 million people have federal student loan debt.

The CARES act suspends those payments through September. That means your loan is automatically placed in forebearance and there will be no interest accrual until October of this year. There will also be no debt collection for any defaulted loans during that time period.

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