Home College Stacey Tisdale Shares How The $2 trillion Stimulus Package Can Help...

[Coronavirus] Stacey Tisdale Shares How The $2 trillion Stimulus Package Can Help You Get Out of Student Loan Debt

There are two bright spots in the economic chaos surrounding the coronavirus: The relief and opportunities for those of us who carry student loan debt:

The Relief 

The Cares Act, the $2 trillion dollar economic stimulus bill signed into law by President Trump –  allows you to stop paying your federal student loans from now through September 30, 2020. Your balance won’t change, but you don’t get charged interest during this time. In addition, the legislation puts a pause on debt collectors. There will be no involuntary collection of student loan debt during this period, including garnishment of wages, tax refunds, and Social Security benefits.

The Opportunity

Now for the opportunity, and it’s big: If you can make student loan payments – you’re going to pay down your entire debt load faster. You are not being charged interest until after September 30th.  No interest means that all of your payments go towards reducing your principal amount

Private Loans

Unfortunately, this only applies to federal student loans not private loans. Still, contact your lender and student loan servicer to discuss potential options. You may be able to refinance at a lower interest rate due to the Federal Reserve’s recent move to cut rates.

 A Helping Hand

Our team at Wealth Wednesdays and The Breakfast Club are committed to giving you tools and resources to help you get through the unprecedented economic challenges due to COVID-19. We’ve partnered with Self, an app that helps you build credit and save money no matter where you are in your financial life. You can download the app at Self.inc.  Stepping out of the box using apps like Self to help you build wealth is going to be critical when it comes to protecting your wealth.

Self is also stepping up to provide you with a chance to win $5,000 to help you create financial security. Go to Power1051fm.com/Self for your chance to win.  Most important, remember, you’re not alone on this journey. To catch-up on our Credit Chronicles episode go to The Breakfast Club You Tube channel, or go to power1051fm.com/creditchronicles.

Click Here To Download the App today!

Stacey Tisdale
Stacey Tisdale
Founder, CEO, Executive Producer

Stacey Tisdale, a more than 20-year veteran TV broadcast financial journalist, and financial behavior expert, is one of the first women, and the first African-American to report from the New York Stock Exchange, in her role as a reporter/anchor for Dow Jones' Emmy Award-winning, Wall Street Journal Television.

See Full Author Bio

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Stacey Tisdale Shares 3 Tips That Help Couples Stop Fighting About Money

https://youtu.be/84O0LdHmT6s Couples are in crisis in the wake of the coronavirus pandemic, with many relationships stressed to the point of breaking from COVID-19 restrictions like...

Wealth Wednesdays Co-Host, Angela Yee, Shares The Importance of Knowing Your Worth

Angela Yee is a force to be reckoned with, a powerful success in radio, in business and in life. Yee has come a long...

Marijuana Stocks and The Cannabis Economy: The 411 on 420

A few years ago, I did some reporting on the cannabis industry for Black Enterprise. Colorado had just become the first state to legalize marijuana,...

[Investing] Stacey Tisdale Shares 3 Reasons Not to ‘Panic Sell’ In A Falling Stock Market

Investors around the world are in a panic about the potential impact of the coronavirus on the global economy. Those fears and emotions are...

Recent Comments