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CARES act and Student Loan Deferral Programs

The cares act as stated by says,” To provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic.” What this means and includes is a bill that gives substantial aid to colleges and universities to disperse to their students. Colleges/Universities all have different systems for doing so. Some like Florida International University makes it simple by allowing students to fill out an application. This application asks for documents that prove one needs assistance, as well as, short answer questions as to why a student needs these funds.

Once reviewed, the funds are allocated as a scholarship grant and can be processed to one’s bank account by following steps found on the student portal under the scholarships/ financial aid tabs. Another way a school will find a student eligible for funds is by looking at a student’s FASFA. Schools such as the University of Florida and Florida State University will proceed with this system and allocate funds accordingly. These schools will distribute funds through electronic transfer (direct deposit) or a check in the mail. For more information on specific colleges/ universities visit their websites and type on the search bar “cares act”.

In regard to student loans, said loans will be placed on hold between March 13, 2020, through Sept. 30, 2020. During this time the interest rates on loans will be set at 0%. If you can pay any amount of the loans now it is beneficial to do so since the interest rate is low and will deduct from your amount once payments begin again in Oct. 2020. However, if unable to do so don’t stress your loans now, focus on staying safe and healthy.

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