Millennial Debt This Week: Apr 10

Coronavirus response: Bipartisan bill would defer new graduates’ student loans for 3 years

  • If passed, students graduating between January 1, 2020 and December 31, 2020 would be able to defer their student loan payments for up to 3 years, because jobs are much harder to find due to the economic downturn of the coronavirus economy.

Joe Biden proposes expanding Medicare eligibility and student debt relief

  • Biden wants to forgive tuition-related debt for borrowers earning up to $125,000 if they attended public colleges or universities, private historically black colleges and other institutions serving minority students.

Cancelling student debt was always the right thing to do. Now it's imperative

  • The author feels that cancelling all federal student debt is a good place to start removing the financial strain on many young Americans.
  • Congress is already able to forgive all federal student debt, if they choose. 
  • Biden's proposed plan to reduce the burden of student loan debt isn't enough

What To Do If Your Student Loans Are Ineligible For Coronavirus Relief

  • Student loans that qualify
    • Direct loans
    • Loans from the Federal Family Education Loan (FFEL) Program owned by the U.S. Department of Education
    • Perkins loans owned by the U.S. Department of Education
  • If your loans aren't covered by the CARES act
    • Apply for deferment or forbearance
    • Consolidate debt
    • Contact your lender for help