Financial Education Resources
Federal Student Loans Borrowers
The U.S. Department of Education (ED) Office of Federal Student Aid website has up-to-date information regarding relief for federal student loan borrowers. This includes temporary suspension of loan payments and temporary 0% interest rates on loans owned by ED.
On August 24, 2022, the Biden administration announced a three-part plan to address student debt – providing targeted debt relief, easing the transition back to repayment, and making the student loan system more manageable. Click here to read more.
The student loan payment pause was extended through Dec. 31, 2022. The pause includes the following relief measures for eligible loans:
- Suspension of loan payments
- 0% interest rate stopped collections on defaulted loans
- Borrowers whose eligible loans are in delinquent or default status will be brought to good standing
Visit the Federal Student Aid website for more information.
Preparing for Repayment to Resume
Here are four steps to make sure you’re prepared for student loan payments to resume:
- Update your contact information in your profile on your loan servicer’s website and in your StudentAid.gov profile.
- Review your auto-debit enrollment or sign up for the first time. To do so, log in to your loan servicer’s website or contact your loan servicer directly.
- Check out Loan Simulator to find a repayment plan that meets your needs and goals or to decide whether to consolidate.
- Consider applying for an income-driven repayment (IDR) plan. An IDR plan can make your payments more affordable, depending on your income and family size.
Private Loan Borrowers
Students have to reach out to their respective lenders to determine what deferment and forbearance actions they have access to.
Expanded SNAP Benefits for Students
The latest COVID-19 bill passed by Congress has expanded the federal Supplemental Nutrition Assistance Program (SNAP) food program as part of the sweeping relief package. This allows college students to more easily access the program, temporarily removing work and eligibility requirements for students.
For more information and application, visit the SNAP website.
NYU has partnered with iGrad for financial education resources that may assist you during this time. The guidance in the articles and videos are specific to:
- Your Personal Finances & Coronavirus
- Your Education & Coronavirus
- Your Career & Coronavirus
- Your Future Plans & Coronavirus
- Society, The Economy & Coronavirus