Mortgage relief, student loan moratorium ease COVID-19 finances

Credit card companies prepare for struggling consumers

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The ongoing coronavirus crisis leaves many who face job cuts and layoffs wondering how they’re going to pay the bills. 

Day by day, we’re hearing about more strategies that can help over time.

President Donald Trump announced Friday that those who have federal student loans can suspend payments for at least the next 60 days. Interest would not keep building during this time, so it would be better than requesting a forbearance where interest will build. Borrowers should contact their lenders for more details.

Federal lenders will automatically reduce all borrowers’ interest rates to 0% “until further notice.” 

And it’s possible more relief could be in sight, as we go through the economic upheaval associated with fighting COVID-19. 

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What’s going to happen with my student loan? 

Mark Kantrowitz, publisher and vice president of research for Savingforcollege.com, said student borrowers with federal student loans could see a suspension of loan payments with no interest accruing for up to six months, under the Republican stimulus bill introduced Friday. The suspension of payments would last three months at first and then an additional three months could be added at the discretion of the Department of Education. 



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By Javier Manning

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