Principal and interest payments on federally-held student loans are automatically suspended through December 31, 2020.
The CARES Act suspended principal and interest payments on federally-held student loans through September 30, 2020, and an Executive Order directed the Department of Education to extend the suspension until December 31, 2020. The Department of Education extended other student loan benefits in the CARES Act until December 31, 2020.
What you need to know:
From March 13 through December 31, 2020, the interest rate is set to 0% and payments are suspended for student loans owned by the federal government. If you made a payment toward your federally-held student loans after March 13, you can request a refund from your student loan servicer.
PRO TIP: If you are financially able to make payments or continue making regular payments on your student loans, any payments you make after March 13th will be applied directly to principal. This will help you pay off your loans faster.
Are you finding that the restrictive nature of COVID-19 has had an effect on your spending willpower? I have! I’ve been more prone to scroll Amazon and purchase things that I want but don’t really need. Maybe you’re like me or maybe you’re looking to cut back spending in general as part of another personal finance goal. Either way the 10 questions below will help you navigate spending decisions and amp up your spending willpower!
Guest Contributor: Callie Ward, USU Extension Assistant Professor
We are so lucky to have five National Parks in Utah! Some states don’t even have one! Our National Parks include Zions, Capital Reef, Canyonlands, Arches, and my personal favorite, Bryce Canyon. These parks offer millions of acres of historic structures, cultural artifacts, towering hoodoos, and endless skies. Our federal public lands and waters (we can’t forget about Lake Powell aka Glen Canyon National Recreation Area) belong to all Americans and are waiting for you to explore them!
GUEST CONTRIBUTOR: CHRISTINA PAY
We may all be feeling the need for a summer vacation or getaway right now. If you can’t get away for a camping trip, you can do the next closest thing by looking out your own back door. Turning your backyard into your own personal camp ground is fun, easy and inexpensive. Taste of Home magazine has the following tips for planning a mini-getaway for your backyard camping adventure.
GUEST CONTRIBUTOR: KATHY RIGGS, USU EXTENSION PROFESSOR
If your family has the tradition of taking a summer vacation every year, you are not alone! It’s a great time to bond as a family and for parents to get away from work and other responsibilities. However, this year it may make less sense to spend a considerable amount of income on an expensive family trip. It may be wiser to use vacation funds to pay off debt or add to that “rainy day” fund (which may have come in handy to some families in 2020). Besides, there are still some travel restrictions in place and some of the more popular parks and recreation areas may not be fully open until late summer.
Blog editor and Accredited Financial Counselor sharing real-life money smarts that can help you stay on track with financial goals while still enjoying life!
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