COVID-19 has taken a financial toll on millions of Americans, but it has been particularly tough on millennials. Even before the pandemic led to an economic downturn and widespread unemployment, many were struggling to pay their student loans. A survey conducted earlier this year by the Harris Poll on behalf of TD Ameritrade found that 42% of millennials age 29 and younger feared that their student debt would prevent them from ever becoming financially independent from their parents.
Earlier this year, Congress gave borrowers with federal student loans some relief. The CARES Act automatically suspended payments through September 30, 2020, with no interest accrual on loan balances. In August, President Trump announced executive orders that extend relief through the end of 2020—but action by Congress could supersede the executive orders. In case lawmakers grant no further relief, you should put a plan in place to cover your payments come October.
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