During these unprecedented times, it can be easy to feel overwhelmed by various responsibilities. Aside from personal commitments, there are also many legal obligations to meet. These include maintaining good credit by paying loans, mortgages, and other debts. If you are experiencing any economic uncertainty, the most important thing to avoid is doing nothing. Here are some additional ways to maintain your legal responsibilities and resources to help.
If you are renting a living space or are paying off a mortgage, it's crucial that you continue to do so to the best of your ability. However, with many individuals experiencing financial hardships, there are options available if you find yourself unable to make payments. Whether it is with a bank or a landlord, reach out to the appropriate people and alert them of your situation. For renters, you may be able to make lower payments now and arrange a payment plan for the future. With mortgages, banks want to avoid foreclosure at all costs and can sometimes offer a forbearance that will halt or delay payments temporarily. Often, some form of assistance can be arranged, but never ignore the responsibility because you cannot make a payment.
Increased Unemployment Payments
Part of the financial relief plan passed by Congress includes a boosted unemployment payment plan. For four months, unemployment will pay up to $600 per week, depending on the salary or wages you will miss. The goal is to help individuals receive all or most of what they were making before the pandemic. We know that students in various programs often also have jobs to manage while pursuing their education, making this plan beneficial to help financial demands.
The Cares Act
Aside from the unemployment stimulus funding, Congress also included other ways to help individuals. These measures include:
- Prohibiting evictions or foreclosures of federal mortgages for 120 days
- Student Loan forbearance
- Recovery checks of $1,200 for individuals and $2,400 for couples, with an additional $500 per child depending on salary
- Delayed filing of taxes
While these times are hard, we know that a college degree can help position you for a successful career and increase your earning potential. The Tulane School of Professional Advancement can help guide you through financial aid options for qualified individuals. Reach out for information on balancing online learning and all of our financial aid options available to you.