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Student Loans

Thursday’s need-to-know money news

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Today’s top story: Global Entry travelers now have an 18-month renewal grace period. Also in the news: College students can get more aid during the Coronavirus crisis, 4 ways to travel cheaply during an economic downturn, and choose a student loan repayment program with this calculator.

Global Entry Travelers Now Have an 18-Month Renewal Grace Period
An extended renewal period due to COVID-19.

College Students Can Get More Aid During the Coronavirus Crisis
Three ways to find help.

4 Ways to Travel Cheaply During a Recession
Traveling during an economic downturn.

Choose a Student Loan Repayment Plan With This Calculator
Finding the plan that works best for you.

Monday’s need-to-know money news

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Today’s top story: Cancel your travel credit card due to Coronavirus? Ask for a retention offer first. Also in the news: What to do when a family member or friend needs money, and before opening a new credit line, check for this restriction.

Cancel Your Travel Credit Card Due to Coronavirus? Ask for a Retention Offer First
Banks don’t want to lose your business.

A Friend or Family Member Needs Money. What Do You Do?
Things to consider before writing that check.

Should College Savers Opt for Student Loans This Fall?
Interest rates have plummeted.

Before Opening a New Credit Line, Check for This Restriction
One word: Iowa.

Thursday’s need-to-know money news

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Today’s top story: Where Coronavirus relief checks go, fraudsters follow. Also in the news: What to do if you’re a U.S. citizen stranded abroad right now, how to strengthen your financial resilience with these 3 insights, and why you should keep paying your federal student loans right now, if you can.

Where Coronavirus Relief Checks Go, Fraudsters Follow
Scammers never take a holiday.

What to Do If You’re a U.S. Citizen Stranded Abroad Right Now
Patience is key.

Strengthen Your Financial Resilience With These 3 Insights
Developing new strategies.

Keep Paying Your Federal Student Loans Right Now, If You Can
Save yourself some interest.

Q&A: Push lenders for student loan help

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Dear Liz: I saw your previous column about the federal student loan payments being suspended by the CARES Act until Sept. 30, with interest being waived. I reached out to my loan servicer about my loans and was told that while they are federal loans, they were made before 2010 and are not covered by the relief bill.

Answer: Your experience is an excellent example of why loan servicers have attracted so much criticism in recent years for misleading borrowers about their options.

You should have been told that although your Family Federal Education Loan (FFEL) program loans don’t qualify, you can consolidate your loans through the U.S. Department of Education’s direct loan program and the consolidation would qualify for relief. You can get more information at StudentAid.gov.

Monday’s need-to-know money news

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Today’s top story: 7 kinds of COVID-19 relief for college students. Also in the news: Why rich students get more financial aid than poor ones, a new episode of the SmartMoney podcast on Student Loans and the stimulus package, and what it means to be furloughed.

7 Kinds of COVID-19 Relief for College Students
From relief checks to Pell Grants.

Why Rich Students Get More Financial Aid Than Poor Ones
Accomplishments vs need.

SmartMoney Podcast: ‘Will the Coronavirus Stimulus Package Help Me With My Student Loans?’
Hitting the pause button.

What Does It Mean to Be Furloughed?
What to do when your workplace closes temporarily.

Q&A: How to figure out if your student loan qualifies for coronavirus relief

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Dear Liz: I’m confused about what help is being offered to people with student loans. At first I heard interest was waived but payments had to be made. Then supposedly the stimulus package made payments optional. Is there something I have to do to get relief or is it automatic?

Answer: If your student loans are held by the federal government, relief should be automatic. You won’t have to make a payment until after Sept. 30, and interest will be waived during that time. In addition, federal collection efforts on defaulted student loans have been paused.

These provisions of the Coronavirus Aid, Relief and Economic Security Act apply to federal student loans made through the direct loan program, including undergraduate, graduate and parent loans. You can log on to studentaid.gov to see if your loan qualifies.

If you have Perkins loans or Federal Family Education loans that don’t qualify, you can consolidate those loans into a direct consolidation loan, which would qualify. The provisions also don’t apply to private student loans, although your lender may offer other hardship options.