There’s almost no aspect of life that hasn’t been impacted by COVID-19. When the viral outbreak surging worldwide, companies have been scrambling to find the best ways to support social distancing while keeping their business running.
Many people, however, are finding themselves without work and unable to repay debts, like student loans. What happens if you don’t pay student loans during the coronavirus lockdown?
Thankfully, the $2.2. Trillion Stimulus Bill passed March 25th to provide COVID-19 economic relief will automatically pause federal loan payments for a six-month period ending September 30, 2020.
After that, consequences of missed payments are likely to resume. Plus, there’s the complexity of private student loans, which have different terms and conditions.
Here is a guide to repaying your debt during (and after) the pandemic.