A week after higher education saw its near-term financial outlook shot into a state of disarray, some relief could be coming soon from Washington.
As members of Congress negotiate a plan to boost the economy during the recession expected to result from the Covid-19 pandemic, some lawmakers have proposed including relief for student-loan borrowers as part of the stimulus package. That relief would very likely exceed an option for borrowers, announced on Friday by the Education Department, to enter forbearance on their student loans for 60 days without accruing interest. The department also suspended payments by borrowers who are more than 31 days delinquent, and the White House had previously waived interest on federal student-loan payments in response to the crisis.“It’s important to provide institutions with relief against the losses of revenue and the high expenses that they’re incurring to meet the needs of their students.”
Nearly a dozen higher-education associations have also asked lawmakers for about $50 billion in federal assistance to help colleges and students stay afloat. On Thursday the American Council on Education and 10 other higher-ed associations called on Congress to provide up to $1,500 apiece to students who were suddenly forced off campus, as well as assistance for institutions that have been forced to effectively close their doors and take instruction online.
“Students are having to relocate, and students are finding themselves needing to replace services that their institutions might have been providing for them,” said Ted Mitchell, president of ACE, in an interview. “So you want to be able to provide direct support for students in this time of transition.”
“We think it’s important to provide institutions with relief against the losses of revenue and the high expenses that they’re incurring to meet the needs of their students,” he added.
The proposal would also give institutions access to zero-interest loans so they can remain solvent during the crisis and resume operations once it’s over; provide $7.8 billion in grants to help colleges and universities transition to online learning; and temporarily suspend some eligibility requirements for the disbursement of Title IV student aid.
For the original article click here: https://www.chronicle.com/article/A-Coronavirus-Stimulus-Plan-Is/248296
CONCIERGE STUDENT SERVICES
At College Funding Experts, Our Primary Goal Is To Assist In Driving Your College Enrollment Process So You Can Reach Your Dreams Seamlessly.
College Funding Experts provides a full suite of necessary student services. Please review the services your student receives and give us a call is you have any questions. (818) 222-0515
Individual Student Assessment
Personality Profile Evaluation
Advanced Search of Careers, Majors & Studies based on Specific Student Interests
Innovative College Search Based on Demographics and Personalized Areas of Importance
SAT and ACT Prep to help students score at their highest potential…which could affect thousands of dollars in financial aid
One-on-One mentorship through the college planning/admission process
Bi-weekly mentorship during the most intense periods of the admissions process