Student loan debt was already a financial burden for many Americans, but the COVID-19 crisis has made it worse. It helps to understand what options are available for borrowers who are struggling to keep up with their student loan debt during this time of crisis.
Federal Assistance and Forbearance
In March 2020, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act in light of the growing pandemic. The CARES Act includes certain provisions that lighten the burden carried by student loan borrowers. As of March 13, 2020, most federal student loans were put on administrative forbearance which means no payments were due, beginning March 13, 2020 and ending September 30, 2020.