The onset of COVID-19 has pushed individuals, businesses, and corporations worldwide into uncharted territory, creating financial uncertainty and distress. With many losing their jobs or facing significantly reduced hours, paying the essentials—typically housing bills and groceries—has been the primary focus.
The government has been doing its part to try to alleviate some of the stress associated with this crisis. On March 27, 2020, President Trump passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the Act), with overwhelming bipartisan support. In addition to providing economic support for individuals, businesses, and corporations, the Act arranges for immediate relief for cash-strapped student loan customers.
The following PDF article includes some commonly asked questions to help you determine if the provisions of the CARES Act apply to your student loans:
Disclosures:
This article is for informational purposes only. It is not designed or intended to provide financial, tax, legal, investment, accounting, or other professional advice since such advice always requires consideration of individual circumstances. Please consult with the professionals of your choice to discuss your situation.