The recording below contains critically important student loan info for during the pandemic. Forward this article on to anyone you know who’s spent any amount of time in college—ever. (As well as the parents who might have cosigned loans for them.)
You may have heard that the United States CARES Act (passed in March of 2020) has “suspended student loan payments for six months, interest-free.” But wait—is that actually true? Is it true in your family’s particular case?
If you’re a parent who’s cosigned a student loan, or worse—you’ve taken out a dreaded Parent PLUS loan, you need to know. You can’t risk making a student loan payment mistake that could cost you thousands later.
For the best, most accurate student loan info for during the pandemic—I’m turning to Betsy Mayotte.
Betsy (affectionately known as “the student loan lady”) is the president and founder of The Institute of Student Loan Advisors (TISLA), online at freestudentloanadvice.org.
Don’t delay. Listen to Betsy Mayotte’s 25-minute interview on WNYC’s Death, Sex & Money podcast here.
Listen as soon as you can. You’ll get authoritative, clear, must-have student loan info for during the pandemic.
You’ll hear Betsy give clear answers to questions such as:
“So—75% of federal student loan borrowers will automatically receive a waiver of their student loan payments and 0% interest through September 30th, 2020. Am I included in that 75% or not?”
The answer to this question is complicated, but Betsy provides clear answers.
Betsy also answers questions such as:
“If I qualify for this payment waiver, do I have to navigate a maze of red tape to get it?”
(The good news—no!)
“If I’m genuinely not required to pay my student loans for 6 months—but I’m still employed—do I have to stop paying on my loans?”
(Betsy’s answer—where she balances the importance of paying down higher interest debts and having an emergency fund on one hand, with the benefits of swiftly paying down principal on the other hand, is a must-listen.)
“What if I made my student loan payment in March of 2020? Can I get that payment back?”
Listen as Betsy provides exciting good news for many borrowers.
“I’m currently working through 10 years of a Public Service Loan Forgiveness program. How does this payment waiver affect me?”
If you’re in PSLF, the news for you is really good. (And Betsy provides links where you can go online and see the good news for yourself.)
“What if I have private student loans? This program doesn’t cover me. Where can I get help?”
There is no federal government waiver of payments for private student loan borrowers, sadly, but there may be other ways for you to get help. Betsy explains how you can figure that out.
You’ll hear Betsy answer other questions as well.
“Might it make sense for me to switch to an ‘income-driven repayment plan?'”
“What if I’m currently in default on a student loan, or in “loan rehabilitation”? How do I get help?
“How can I recognize student loan scams—and duck to avoid them?”
“My child’s heading to college (or grad school) soon. Should we purposely take out private student loans because private loan interest rates appear to be lower right now?”
(Betsy’s warning on this is spot-on, a must-listen for anyone about to make expensive college financing decisions.)
Listen to Betsy Mayotte’s 25-minute interview on the Death, Sex & Money podcast home page or on Apple podcasts.
Who is Betsy Mayotte?
Betsy is the President and Founder of The Institute of Student Loan Advisors (TISLA). She has been working in the student loan industry doing compliance and advocacy work for over 20 years and has helped thousands of borrowers with their student loans. Most recently, she has spent the last 18 years working for American Student Assistance®, a Boston-based nonprofit organization with 60 years’ experience helping people make better decisions about financing their education and repaying student loans.
Betsy’s website featuring her most specific student loan info for during the pandemic can be found at studentaidpandemic.org.
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Who is Jeannie Burlowski?
Jeannie is a full-time academic strategist, podcast host, and sought-after speaker for students ages 12–26, their parents, and the professionals who serve them. Her writing, speaking, and podcasting help parents set their kids up to graduate college debt-free, ready to jump directly into careers they excel at and love. Her work has been featured in publications such as The Huffington Post, USA Today, Parents Magazine, and US News & World Report, and on CBS News.
Jeannie also helps students apply to law, medical, business, and grad school at her website GetIntoMedSchool.com. You can follow her on Bluesky @jburlowski.bsky.social.
No part of this article was written using AI.