In a welcome reprieve from the sea of bad news we’ve been drowning in lately, today we have some good news for student loan borrowers.  We now know what federal student loan interest rates will be for the 2020/21 school year, and… drum roll, please… those interest rates have dropped to historic lows!

Amid the health concerns associated with the global pandemic, the coronavirus has brought with it business closures, stock market volatility, and unprecedented economic uncertainty. People are worried about their jobs, their savings, and—yes—their student loans.

While the social distancing measures necessitated by the COVID-19 outbreak—cancelled events, school closures, and forced remote work—have inconvenienced nearly all of us, for some, coronavirus has meant economic catastrophe. Workers who become ill without access to paid sick leave, small business owners forced to close up shop, and hourly and/or tip-dependent employees dealing with either closed—or simply empty—workplaces can quickly find themselves teetering on the edge of financial solvency.

In recognition of this dilemma faced by many working families—and, specifically, many student loan borrowers—President Trump announced on Friday afternoon that his administration will be temporarily waiving interest charges on federal student loans. 

When college students graduate, they have a grace period of a few months before they need to start repaying their student loans. As that grace period is coming to an end, we have some thoughts on getting started on the repayment portion. In other segments, we’ll discuss who should consider a gap year, and offer suggestions for next steps if you are deferred in the early round from any of your colleges of interest.

Dear Debt’s Melanie Lockert paid off $81 thousand in student debt in just a few years. She’ll join us to talk about how she got to $81 thousand in the first place, what she would do differently if she could do it all again, and what led to the creation of her Dear Debt blog (now also a book). We’re also discussing how to choose your Common App prompt and what Common App supplemental essays are all about.

If you or your child plan to borrow federal student loans for the upcoming school year, we have some important news for you. We now know what student loan interest rates will be for the 2019/20 academic year.

Previously on Getting In: A College Coach Conversation, we talked about how and when to arrange college financing; on the latest episode, we’re tackling the bigger question of how much is too much to borrow. For those about to start researching and visiting colleges, we have tips on how to start developing a preliminary college list. Finally, if you’re interested in the University of California system, you’ll want to be up-to-date on the system’s A through G course requirements for high school students—we’ve got everything you need to know.

Student loan indebtedness is always a hot topic these days, and there’s been a lot of media coverage recently about various federal loan forgiveness, discharge, and cancellation programs. Every program is a little bit different, and it can be downright confusing to figure out which program, if any, might work for you. We’ve decided it’s time to provide you with a summary of what’s out there.

On last week’s episode of Getting In: A College Coach Conversation, guest host Ian Fisher discusses three very different phases of the college admission process: writing supplemental essays, receiving admission decisions, and repaying loans.

In the latest episode of Getting In: A College Coast Conversation, guest host Sally Ganga covers a wide range of topics, beginning with a discussion on how to prepare to repay student loans, and then an in-depth look at the supplemental essays for Loyola Marymount University and Occidental College. She wraps up with a lively conversation about the differences between studying the sciences and studying engineering in college.