What You Should Know About Your Education and Finances During Coronavirus

College students have not been immune to the effects of the coronavirus. Spring semesters changed quickly; some while may have been away from campus on spring break. Students are finishing their terms online, often in hastily thrown together settings. While health is important, everyone is anxious for things to return to the way they were. For now, most must focus on the financial ramifications that the coronavirus has had on their education.

Understand What is Going on With Student Loans

Federal student loan payments automatically stopped as of March 13, and are scheduled to resume on September 30, 2020. This administrative forbearance allows you to redirect your income to other priorities during this challenging time. If your situation has not been altered by coronavirus and you can continue to make payments, you can do so.

Find Out What Your School is Doing About Refunds

If you moved out of your dorm early, you should get a refund. In the initial stages of the shutdown, it was unclear whether each school would provide refunds for their students. The coronavirus relief provided by the federal government cleared the issue up. It provided money for colleges to earmark specifically for this purpose. Do not wait around and assume this money will come directly to you. Get in touch with the financial aid office of your school to determine what you need to do to get a refund.

It will not cover the entire spring term, but a prorated amount, taking into account when classes moved online and you were directed to be out of the dorm. Many were caught in a bind when they were unexpectedly sent off-campus. They may have had to make hasty arrangements for accommodations. If you need this refund from your school to pay for the expenses incurred during this time, by all means, use it. If you had paid for your spring room and board costs with a student loan, it makes sense to apply the refund to your loan to lower your balance.

Your School Can Provide Help

The Department of Education is providing money to colleges that is aimed at providing emergency aid to students. These emergency cash grants can be used to pay for needs related to education, such as technology, housing, child care, food, and health care. While the federal government is providing this aid, it is up to each school to determine how they wish to distribute it. The grant money is available whether or not you have completed the Free Application for Federal Student Aid, although individual schools may require the FAFSA to be completed before processing applications.

Some schools are automatically providing aid for those who have existing needs-based grants, such as the Pell Grant, while others are asking students in need to complete an application for aid. One thing is for certain, there is grant money available for students in need. If the coronavirus pandemic has altered your financial situation contact your school to discuss your options. Let them know exactly what you need and work with them to come up with a solution that will keep you moving forward on your educational path.