Paying for college is a challenge even in the best of economic times. So when tougher times came with the pandemic, as they did for millions of Americans, it became much harder to graduate. But consumer reports explains that recent changes could make school more affordable.
This unprecedented period has also been a catalyst for significant changes that could make higher education more affordable and student debt easier to manage.
Many private schools whose enrollments have been affected by the pandemic are aggressively reducing tuition and fees to attract new students and retain current ones.
Study shows that, on average, undergraduates achieved a record 48% reduction in tuition and fees in the form of scholarships, grants and scholarships in the 2020-21 academic year of the private schools.
And Congress gave colleges $ 36 billion in cash to distribute in emergency financial grants – money that doesn’t have to be repaid – to students affected by the pandemic.
This assistance will keep people in financial difficulty in school and prevent them from taking on more debt. Eligibility varies by school, so you should check with your financial aid office to see how it works.
The break on student loans has been extended until the end of January.
In addition, the US bailout enacted in March includes a provision that makes all student loan forgiveness tax-exempt until 2025.
The Ministry of Education has also simplified the process for people with total or permanent disabilities to request cancellation of their loan. Talk to your loan officer if you think you fall into any of these categories to make sure the new rules are applied in your case.
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