What is Happening with Student Education and Loans During Coronavirus?
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Everybody is being negatively affected by the coronavirus in some way. While many people are sick or know a loved one that is, others are losing their jobs and having money worries. All industries and institutions are being affected by COVID-19. There is no way to predict how long this will last.
Educational institutions are no different. Changes are having to be made to education in order for students to continue with degrees. There are also adjustments being made to help with student loans during this difficult time.
Moving to Online Education
Colleges across the country are adopting different approaches to education during the coronavirus. Of course, a lot of classes are canceled since schools simply cannot have that many people concentrated in one area together. It would risk infection rates increasing. But what is happening about learning?
Instead of students being stuck with nothing to do, a lot of classes are moving online. Instead of sitting at home, students are being invited to online classes on platforms like Zoom. This allows for students to get together with a professor and learn what they need to to finish the year. In addition, online platforms are providing resources for reading, as well as quizzes and portals for submitting essays and writing. Not everybody is losing out on their education during this difficult time.
However, a lot of schools are choosing to cancel examinations. If students are in a position where they are unable to access the resources they need or the in-class support that is necessary, exams will be suspended. It is unclear whether they will resume at a later date and be rescheduled. This may be down to the individual institutions.
Federal Student Loan Payments Suspended
We all know that the US economy is not in good shape. In fact, it stands to be the worst it has been for many years. This means that there are relief measures being put in place by the government to help citizens during COVID-19. Indeed, now students are worried about their loan payments and being able to afford to pay them back.
The president has announced that federal student loans can be suspended until the end of September 2020. This can provide some relief for those that are going through bad financial times during the coronavirus. It is important to realize that this relief only applies if you have a federal loan; private loans may not enjoy such relief during this time.
The choice to suspend your loan is optional. Your credit score will not be affected nor will the Public Service Loan Forgiveness scheme. Just remember that you will still be required to pay again after September even if the situation remains the same.
Interest payments are also suspended during this time. The rate will be zero and you do not have to worry about accruing interest on a loan that you are not paying. You can read more about student loans and coronavirus to get help get a clearer understanding.