It can hard to budget when you don't know what money will be coming in or going out. Here's an update on where your bill obligations and federal relief measures stand amid the pandemic.
The CARES Act granted most federal student loan borrowers a reprieve from their monthly payments until October. During that time, interest isn't supposed to accrue on your loans."Pretty much nobody thinks that will happen – including me," said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit that helps student loan borrowers with free advice and dispute resolution.
Still, Mayotte said, "I do think there's a good chance Congress will extend the waivers until the end of the year."90-day Covid-19 forbearance"This suspends the payment obligation, but interest continues to accrue," Kantrowitz said. "These will likely be extended if borrowers are still experiencing Covid-19-related employment challenges."
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