In response to the global COVID-19 pandemic, Congress has come together in a bipartisan way to offer financial support to millions of student loan borrowers trying to navigate these difficult times. The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a number of benefits for students and borrowers, including the suspension of student loan payments and interest accrual for 6 months as well as a $6 billion emergency grant fund. But more relief is needed.
Congress is currently negotiating the next stimulus package, and now is the time to make your voice heard and #MakeTheCase for law students!
If you are a current 1L or 2L: Ask your Members of Congress to provide borrowers with a lower interest rate and zero origination fee on all federal student loans disbursed during the COVID-19 pandemic. Currently, law students who need to borrow federal student loans to pay for law school only have high interest rate loans available to them (6 and 7 percent), despite record low interest rates across the rest of the economy. During a time when so many Americans are suffering severe financial hardships, student borrowers should not be burdened with high interest rates. You can reach your members of Congress here and send them an email on the cost of law school that AccessLex has pre-drafted for you.
If you are a graduating 3L or 4L: Ask your members of Congress to extend the loan repayment grace period to one year. Graduates are currently provided a six-month grace period before being required to make payments on their student loans, which would typically give them enough time to secure a job. But the current economic climate will, in many cases, require that graduates, especially law graduates, be afforded more time to find a job that will enable them to repay their loans.
With many states delaying their bar exams until the fall (and results coming several months later), the time before many law graduates can secure legal jobs will also be prolonged. You can reach your members of Congress here and send them an email on repaying student loans that AccessLex has pre-drafted for you.
If you have any questions or need assistance with contacting your Members of Congress, please email us at email@example.com. We’re happy to help.
For more information and resources related to COVID-19, check out our resource page.