Everyday wellness: New year, new extended relief for Americans
2020 Covid-related moratoriums on foreclosure, evictions and student-loans were set to expire, setting off a wave of anxiety. Some of you may be out of work now or know someone who is. The last thing anyone wants to worry about is figuring out how to pay college debt and worse, potentially losing their home especially in winter.
Extended relief on the way
Many of the executive orders¹ president Biden signed on his first day will require legislation, but will extend suspended payments for homeowners with federally-backed mortgages, renters and those with student loans coming due.
Got student loans?
A pause will be extended on federal student loan interest and principal payments through the end of September, ¹ but no word yet on cancelling any student debt.
Renters, do this
Renters must take specific action (read more) and even then, be aware that evictions can happen for other reasons. Landlords are impacted too, so to reduce potential mass evictions, the Biden administration has also included support for landlords.²
Homeowners, do this
If you are out of work, and have a mortgage with a commercial bank, you will need to contact your institution to ask about possible forebearance.²
Out of work?
Visit the U.S. Dept. of Labor https://www.dol.gov/ ³ to get the guidance to get back on your feet and get back on track financially.
Check back for more ideas so you can find ways to get healthier.
1. New York Times, Aishvarya Kavi Jan. 20, 2021 Biden’s 17 Executive Orders and Other Directives in Detail
https://www.nytimes.com/2021/01/20/us/biden-executive-orders.html last accessed January 29, 2021, last accessed January 29, 2021, “A pause will be extended on federal student loan interest and principal payments through the end of September”
2. Kiplinger, licensed by Industry Dive, Division of NewsCred, January 29, 2021, Biden Administration Extends Eviction and Foreclosure Moratorium, last accessed February 11, 2021
3. U.S. Department of Labor website/resources for the unemployed, https://www.dol.gov/, last accessed January 29, 2021