Student Loans & The CARES Act: Loans that are eligible for the CARES Act, should you make payments on these loans, and what you can do if you don’t qualify for the CARES Act w/Fox 5 San Diego.

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Student Loans | The Impact of the CARES Act

The soaring cost of education has made student loans an essential tool to access higher education for many individuals. However, these loans often burden graduates with years of debt payments, hindering their ability to establish themselves financially. Thankfully, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed by the United States Congress in response to the COVID-19 pandemic, has provided significant relief to students grappling with loan repayment.

The CARES Act, signed into law in March 2020, has introduced several important provisions aimed at alleviating the financial strain on borrowers. One of the most crucial aspects of this Act is the temporary suspension of federal student loan payments. Through September 30, 2021, borrowers are not required to make monthly payments on their federal direct student loans. This pause, known as the forbearance period, has provided students with much-needed financial breathing room during these uncertain times.

Another significant aspect of the CARES Act is the suspension of interest accrual during the forbearance period. Typically, interest accumulates on student loans, making it even more challenging for borrowers to repay their debt. However, thanks to the Act, borrowers are not accumulating any new interest on their loans during the specified timeframe. This means that the total amount owed is not increasing, and borrowers can redirect their resources towards other pressing financial matters.

Additionally, the CARES Act has provided loan forgiveness benefits for individuals employed in certain public service sectors. Previously, borrowers had to fulfill specific criteria to qualify for loan forgiveness. However, under the Act, monthly payments suspended during the forbearance period will still count towards the required number of payments for Public Service Loan Forgiveness (PSLF). This means that borrowers in eligible public service positions will not have to continue making payments to avail of the loan forgiveness benefits. This provision has been a great source of relief for individuals working in occupations such as healthcare, education, and government where public service loans are prevalent.

While the CARES Act has indeed been a lifeline for many borrowers, it is crucial to note that the provisions only apply to federal student loans. Private student loans, issued by banks and private lenders, are not subject to the same relief measures outlined in the Act. Therefore, borrowers with private loans must still continue fulfilling their repayment obligations unless their lenders provide alternative options.

In conclusion, the CARES Act has been instrumental in providing much-needed relief to borrowers burdened by student loan debt during these unprecedented times. The temporary suspension of payments and interest accrual on federal student loans have given struggling students financial respite, allowing them to prioritize other pressing needs. Moreover, the inclusion of these suspended payments towards the PSLF criteria has relieved numerous individuals working in public service sectors. While the Act primarily focuses on federal loans, it is a significant step in the right direction, highlighting the need for comprehensive student loan reforms to alleviate the financial hardships faced by students across the nation.