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CORONAVIRUS RESPONSE LOGOStudent loans can be confusing to navigate for any recent graduate without trying to understand the current CARES Act relief given to borrowers. The CARES Act was passed by Congress in late March as a coronavirus relief package and paused all payments and interest on federal student loans. That relief, however, is set to end on September 30 and recent graduates from May will have to begin repaying after their 6 month grace period ends come November.

Federal student loans offer some flexibility in repayment plans that given the current economic crisis we’re in are good to enroll in if you are unemployed or are facing reduced hours. Waukee APEX Designing Communications Solutions alumni, Ian Coon, works at Savi— a D.C.-based, social impact student loan startup– that is providing a free student loan help tool to all loan borrowers. The service automatically and digitally enrolls you in an income-driven repayment plan in under 10 minutes.

There are legislative efforts happening right now, but if you are concerned about the future and outcome of federal legislation, utilizing an income-driven plan if you’re unemployed or have reduced hours at work, provides a reduced (all the way to $0/mo) payments for the next 12 months.