No relief for students with private loan debt

If you have student loan debt you owe the government, there's six month's relief through the CARES Act. But if your debt is private, you still have to pay.

Mike Brown with Nitro College says the pandemic has affected many students' ability to pay, so they need help.

"And it happens automatically; they don't need to do anything if it was direct-deposited, they will not be direct-deposited over that period of time. If they were supposed to write a check they should not write a check. So, for six months they will have the ability, under the CARES Act, to be able to be helped."

But Brown says that's only for those with government student loans. If the loan is private, the CARES Act doesn't apply.

"If you have private student loans you still have to make those payments. So, the distinction between the two, what you're paying to the federal government versus what you're paying to a private issuer -- and those still need to be paid, so hopefully people won't get confused."

Americans have a trillion dollars in student loan debt.

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