College fees are an issue even in the best economic times, and the pandemic has made the lives of millions of students and their families much more difficult. Recent changes and regulations could make the school more cost-effective for many.
Ana Termina did everything she could to help her son Russell pay for college.
“It’s gotten a little easier,” he said. “As for the payments in the beginning, for the first year and a half I had to take loans, borrow from my mother.”
While the pandemic has wreaked havoc on student bank accounts, the unprecedented time has also been a catalyst for significant changes that could make higher education more accessible and easier to manage student debt.
“Many private schools that have been hit by the pandemic are aggressively cutting tuition and tuition fees to attract new students and retain existing ones,” said Octavio Blanco of Consumer Reports.
The study shows that, on average, undergraduate students received a record 48% discount on tuition and fees in the form of scholarships, grants and scholarships in the 2020-2021 academic year from private schools.
And Congress gave colleges $ 36 billion in banknotes to distribute in emergency financial grants, money that doesn’t need to be returned to students affected by the pandemic.
“This aid will help keep those in financial difficulties at school and keep them from getting bogged down in debt. Eligibility depends on the school, so you should check with the financial aid office to find out how this works, ”Blanco said.
As for student loans, the pause for repayment has been extended until January 2022.
In addition, the US bailout plan signed in March includes a clause that exempts all student loan forgiveness from taxes until 2025.
The Ministry of Education has also made it easier for people with complete or permanent disabilities to apply for loan repayments. Talk to your loan agent if you think you fall into one of these categories to make sure the new rules apply in your case.
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