Our office is starting to receive calls about the effect of coronavirus might have on college financial aid. We just received notice that U.S. Department of Education announced that it would make significant adjustments to college financial aid in response to the coronavirus outbreak.
During this time many colleges are using the ability to switch from in-person classes to distance ed and not have to go through all of the approval processes. They can just make that change right now in the middle of the term.
If an institution chooses this option, those students are fully eligible for the financial aid they have received and there will not be financial aid disruptions there would be if the institution completely closed.
In addition, some students may receive more financial aid as many families are dealing with special circumstances. For example, in cases where a parent loses his or her employment as a result of the coronavirus outbreak, financial aid administrators may be able to adjust and thereby increase a student’s aid.
The use of professional judgment where students and or their families have been affected by COVID-19/coronavirus and college financial aid is permitted, such as in the case where an employer closes for a period of time as a result of the disease.
Regarding student loans, President Trump announced that he has waived interest on all student loans held by all federal agencies until further notice.
If you would like more information about coronavirus and college financial aid and how to properly interpret any and all college financial aid changes, please contact our office.
