New rules, grants make university spending more manageable for some students

Paying for college is a challenge even in the best economic conditions, and the pandemic has made it extremely difficult for millions of students and their families. Recent changes and rules have the potential to make schools more economically viable for many.

Ana Termyna was doing all she could to help her son Russel pay for his education.

“It’s a little easier,” he says. “For the first payment of a year and a half, I had to take out a loan and borrow from my mother.

The pandemic has hurt student bank accounts, but unprecedented weather has also sparked significant changes that could make higher education more affordable and easier to manage student debt.

“Many private schools that have been compromised by pandemics are aggressively reducing tuition and fees to attract new students and retain current students,” said Octavio Blanco of Consumer Reports. to augment.

Undergraduates reduced tuition and tuition fees by 48% on average from private schools in the form of scholarships, grants and scholarships in 2020-2021, according to a survey.

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Congress then gave the university $ 36 billion to distribute to students injured by the pandemic with an urgent financial grant. And the money doesn’t have to be refunded.

“This aid helps keep people in schools in financial difficulty and prevent them from going into debt. Qualifications vary from school to school, so check with your financial aid office to find out which one. We have to see if it works, ”says Blanco.

For student loans, the repayment suspension has been extended until January 2022.

Additionally, the American Rescue Plan, which was enacted in March, includes a clause that exempts all student loan exemptions until 2025.

The Department of Education has also streamlined the process for people with complete or permanent disabilities to apply for loan repayment. If you believe you fall into one of these categories, please check with your loan officer to make sure the new rules apply to you.