Coronavirus and Student Loan Resource Center

We're here to help!

There's no doubt that the coronavirus has swept through the entire world and upheaved the course of how businesses and educational institutions operate forever.

Whether you're still in college or paying off your student loans, there's not a single area that coronavirus hasn't changed.

This is why we have committed to offering you the best and most up to date information regarding how colleges will proceed going forward and how to manage your student loan debt.

We're answering all your questions and keeping you in the loop.

In the meantime, our team at College Life Today extends well wishes for safety and well-being to you and your loved ones.

Frequently asked questions

Each college and university will use their own discretion whether or not they open based on state regulations and what they deem safe.

If you're not sure what your school plans on doing, be sure to check in with them individually.

For schools that have already declared they will open for fall semester, a COVID-19 recovery plan will likely be in place to limit exposure and maintain social distancing. Check out the recovery plan Boston University will be implementing when students come back to campus.

The SAT and ACT standardized tests have been postponed to August, with tests every month all the way through to the end of 2020. 

Some schools have announced that they will be “test-optional” for this upcoming year, removing the requirement for prospective students to take these tests. 

Check with the schools you wish to apply for to make sure before you decide to sign up for one of these standardized tests.

There are other colleges and universities that plan on giving a decision extension to those applicants who have been accepted - this is also a case by case basis and should be researched before decided.

For any high school student enrolled in Advanced Placement (AP) courses, these tests will be administered online.

The short answer to this question is if your parents have claimed you as a dependent, then you will not get this round of coronavirus crisis stimulus checks. Depending on whether the government considers you financially independent, you may simply not qualify at all.

There may be other funds on the horizon. Always check with your school to see if they offer any type of aid. The Department of Education has provided some $6.28 billion if funding to colleges to offer students grants. These expenses are intended to help a student pay for various essential expenses as it relates to education.

The interest-free repayment is in effect for all federal student loans that are held by the department of education. Comprehensively, it covers most federal and government-issued loans but there are some exceptions.

Federal Family Education Loans (FFEL) are not government-held so they are not included. 

Perkins loans are owned by individual colleges so they are also not included in the interest-free repayment.

Not sure what type of loans you have? Login to the Federal Student Aid (FSA) website with your FSA ID to view all of your federal loans and get a clear answer on your repayment options.

FFEL loans borrowed after 2010 could meet the criteria for relief.

For Perkins loan information, call your college/university's financial aid office.

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Start at the state level: Many state governments are providing additional relief for student loan borrowers. Check with your state to see if you are eligible

Contact your lender or loan servicer: Go directly to the source and skip the third-party. Your individual student loan lender may offer an option to pause your monthly payments using deferment or forbearance.

If you don’t want to pause your payment, you could also explore the option of lowering your monthly payment on ineligible FFEL debt by enrolling in the Income-Sensitive Repayment plan

Explore a Direct Consolidation loan: You can also group your ineligible loans into a Direct Consolidation loan. This would give you one single payment while still benefiting from the 0% interest and payment suspension period.

Understand that if you were working toward the Public Service Loan Forgiveness relief program and you decide to consolidate your loans, any progress will be erased.

Start a conversation with your employer: Whether federal or private loans you have that don’t qualify for loan repayment suspension, talk to human resources at the company you work for. The government gave employers temporary tax relief for contributing up to $5,250 toward their employee’s student loan payments and is in effect until January 1, 2021. 

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Consider a side hustle to make some extra money. With the world transitioning into a remote working environment there are more opportunities than ever before to make money online.

Gather up all your federal and private student loan information and come up with a plan. 

For federal student loans, you will be covered by the repayment suspension plan.

For private student loans, contact your loan provider to pause your payment through forbearance. There’s a chance this won’t be interest-free but if you need to conserve all your money, this might be your best option.

Parent student loans carry the same coverage as federal student loans.

If a parent has taken out a loan, as long as it is held by the government the following options are available:

happy college student taking an online class

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