Right now, many people’s incomes have taken a drastic hit—and when the federal boost to unemploymentKantrowitz’s advice to viewers of the event? If COVID-19 has led to a reduction or loss in income, especially compared to the income listed on the student’s Free Application for Federal Student Aid, orA financial aid appeal will take time and will require providing proof of the reduction in income.
Singletary shared her family’s approach to student loan debt, which was to use parents’ savings and student scholarships and grants to pay for her children’s educations—no loans at all. That reduces the possibility that a student won’t be able to afford their payments after graduating, depending on the type of job they pursue.
“Hope is not a plan,” Singletary said. “And as smart and bright as you think your kid is, the likelihood of them getting a full ride is just not there.” Avoiding debt altogether may not be possible for some families, but make it a goal to at least minimize private student loans in favor of borrowing federal loans. That advice was underscored when the government let borrowers
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