The C.A.R.E.S. Act (Coronavirus Aid, Relief, and Economic Security Act) is providing a lot of economic relief to citizens all across the country. Everything from mortgage relief, to larger unemployment checks to loans for small businesses, our government is offering assistance to just about anyone who needs it.
For me, one of the best parts about this stimulus package is the student loan forgiveness plan. For the next 6 months, your federally funded student loan will be on pause. While it wouldn’t hurt to call your loan provider to *officially* put it on hold, once the bill takes effect, it will be done automatically. Also, no interest will accrue during this time frame and your wages cannot be garnished if you have student loan debt.
Take advantage of this opportunity – no student loan payments for 6 months without having to use up your deferment or forbearance. It doesn’t get much better than that!