President Trump recently signed an executive order extending financial relief for borrowers of Federal student loans until the start of 2021. Any time new financial assistance becomes available of any kind – student loan or otherwise – it’s important to become familiar with the fine print, know who is eligible, and understand the potential downsides. Just because aid is available to someone doesn’t mean it’s the right thing for them in their particular situation. And with so many new orders being reported on a nearly daily basis, it can be hard to keep up with what’s going on.
Student loans can be such a stressful topic, and such an overwhelming burden, that the emotional fog surrounding it can make it hard for borrowers to clearly assess how to move forward when new aid programs arise. I spoke to Sonia Lewis, CEO of The Student Loan Doctor, about what borrowers should know about Trump’s recent executive orders surrounding student loan relief.
Given the times, it’s appropriate
With some industries picking back up, some salaries being restored, and small signs of economic hope, many borrowers may think they don’t need to use the extension. But Lewis notes things are far from over, saying, “People can benefit from the extension. We are technically still in a pandemic. Things are not normal for people in the workforce. The extension is needed but be wise with how you use the extension.”