Stretch Your Dollar: What students should be doing about finances amid the pandemic according to experts

Stretch Your Dollar

We know students aren’t returning to classrooms this semester, but for college students, especially freshmen, there are big questions about the summer and fall and a lot of money is riding on it. We are stretching your dollar with what experts say students should be doing.

Learning has changed in schools across the country as students log on and connect with teachers virtually. But for new college students who are spending big money for those class credits, there’s a lot of questions about what their fall semester will look like.

Many schools have delayed the May 1 deadline for college deposits to June 1. Don Kerr with AAA Northeast Student Lending told News 8 that’s the first thing you want to confirm so you don’t lose your seat.

Next, find out what the school’s reopening plan is and if that works for you.

You may temporarily choose to attend another school until things return to normal. Just be sure the school you hope to end up at will accept the credits you earn..

Then there’s financial aid. If your income situation has changed, it’s time to see what the school can do for you.

“You can reach out to your financial aid officer. And do what’s called a financial aid appeal. Let them know, ‘Hey, our financial circumstances has changed. We have a 50% reduction in income. Is there anything more you can do to help us from that perspective?'”

Under the CARES Act, colleges have been given more money to help students facing financial challenges. If that’s you, it’s time to speak up.

That applies to current students too, not just freshmen.

And remember the federal government is also postponing payments and setting the interest rates on loans to zero in some cases.

Take this as a chance to get ahead on payments or even think about refinancing them as these are historically low rates.

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