With so many people either furloughed, underemployed, or unemployed due to COVID-19, more college students than ever are applying for financial aid, grants, and scholarships. While there may be increased competition for those need-based financial aid dollars, the federal government as well as many colleges, universities, and other financial organizations are trying to free up more funding for students. Some aid applicants who were previously denied financial aid may find themselves in different circumstances and should therefore reapply for aid or appeal their financial aid award. All students in need of financial assistance should check directly with the financial aid office of their schools for more information.
Also, the federal government has temporarily put all student loans in forbearance, so graduates who are currently in the process of repaying student loans will find they may not be required to make loan payments for several months. However, this is subject to change at any time, so loan holders should closely monitor this situation.