In the wake of the Coronavirus Pandemic, many American families have had to endure severe financial strain. The financial challenges have posed large barriers to students who are pursuing higher education. We encourage you to review the options and opportunities available within your school's financial aid office first, but for many students, this will not cover the full costs of attendance for students and families who are facing financial instability. Please review the current tips on financial aid during the pandemic:
Tuition Refunds and Credits
As a result of COVID-19, your school may offer you a refund that you can use to pay any debt, or they may provide you with a credit that you can use to pay for education-related expenses. Contact the school’s financial aid or bursar office for more information regarding this.
Through the CARES Act, institutions of higher education received additional funding to make Emergency Cash Grants to eligible students. The purpose of these grants is to provide financial support to students experiencing disruptions related to COVID.
Schools may choose to consider your special circumstances, such as unanticipated loss of income, and they may make adjustments to your aid award to reflect that. If this applies to you, contact the school’s financial aid office for information about how to request a special circumstances review.
Historically Low-Interest Rates
Direct unsubsidized loans normally accrue interest while you’re in school. However, from March 13, 2020, to Dec. 31, 2020, the interest rate on all U.S. Department of Education (ED) owned loans was temporarily lowered to 0%. To find out more, please click the link above for a step-by-step process on how to view your Loan Breakdown.
For more information on Financial Aid during COVID-19, please click here.
