Imagine you borrowed money to buy a big box of crayons for school. Now, something scary like a big storm or fire happens in your town. Don’t worry! Some special helpers can make it easier for you to deal with your crayon money (that’s what we’ll call student loans) during these tough times. Let’s learn about how they can help!
What Are Natural Disasters?
Natural disasters are big, scary events that Mother Nature sometimes causes. They can be things like:
- Hurricanes (very strong winds and rain)
- Floods (when there’s too much water everywhere)
- Tornadoes (spinning winds that look like funnels)
- Wildfires (big fires in forests or grasslands)
When these happen and cause a lot of trouble, the government calls them “federally declared natural disasters.”
Help for Students Currently in School
If You Need to Change Schools
If your school got damaged in a big storm or fire, you might need to go to a different school. Don’t worry! You can still use your school money (financial aid) at your new school. Just talk to the nice people at your new school’s financial aid office.
If Your Money Situation Changed
Sometimes, after a big disaster, your family might have less money. If this happens, you can tell the people who help with school money. They might be able to give you more help!
If You Lost Important Papers
Did the storm or fire damage your important papers? Don’t panic! The school helpers understand. They can help you figure out what to do next.
About Extra Help You Got
If you get special help from the government after a disaster, you don’t need to tell the school money people about it. It’s okay to keep that a secret!
Help for People Who Already Borrowed School Money
Your Loan Helper is Ready to Help
There are special helpers for your school money loans. They’re called loan servicers. After a big disaster, they quickly try to find people who might need help. They can tell you about ways to make things easier.
If You’re Having Trouble Paying
If the disaster made it hard for you to pay back your school money, don’t worry! You have options:
- Pause Your Payments: You might be able to stop paying for a little while. This is called a “forbearance.”
- Lower Your Payments: You might be able to pay less each month based on how much money you have.
- Change Your Payment Plan: There are different ways to pay back your loan. Some might work better for you right now.
If You’re Already Behind on Payments
Even if you were already having trouble paying before the disaster, you can still get help. You might be able to pause your payments for a while.
If You Need More Time to Send Papers
Sometimes you need to send important papers to your loan helper. If the disaster made this hard, just ask for more time. They understand!
Special Help for Teachers
If you got money to become a teacher (called a TEACH Grant) but the disaster stopped you from teaching, there’s special help for you. Talk to your loan helper about it.
Help with Public Service Loan Forgiveness
If you’re working to get your loans forgiven by working in public service, don’t worry if the disaster messed up your payments. You can ask for extra time.
If Your Loan is in “Default”
Being in “default” means you haven’t paid your loan for a long time. Even if this happened, you can still get help after a disaster. There are ways to fix this and get back on track.
If You Couldn’t Finish School Because of a Disaster
If a big storm or fire stopped you from finishing school, there’s help for that too. You might be able to cancel some of your loan or get more time to pay it back.
More Places to Get Help
There are lots of nice people and groups who can help after a disaster:
- FEMA: They help with all kinds of disaster stuff.
- DisasterAssistance.gov: A website with lots of helpful information.
- American Red Cross: They help people during emergencies.
- The National Hurricane Center: They know all about big storms.
- Disaster Distress Helpline: If you’re feeling scared or sad, you can talk to them.
Special Story: A Surprise Break from Payments
Sometimes, nice surprises happen! Let’s talk about a story from someone who got an unexpected break from their loan payments.
What Happened?
Imagine you asked your loan helper to change how much you pay each month. You waited and waited, but nothing happened. Then suddenly, without asking, they gave you a 43-day break from paying!
Why Did This Happen?
This might mean a few things:
- They’re Working on Your Request: The loan helper might be looking at your ask to pay less.
- Automatic Help: Sometimes, loan helpers give breaks to everyone in certain situations.
- System Update: They might be changing something in their computer system.
What Should You Do?
If this happens to you:
- Check Your Email: Look for any messages from your loan helper.
- Look at Your Online Account: See if there’s any new information there.
- Call Your Loan Helper: If you’re not sure what’s happening, it’s okay to ask them!
Remember
Even if you get a surprise break, keep checking with your loan helper. Make sure you know when you need to start paying again.
Frequently Asked Questions
- What’s a loan servicer?
A loan servicer is like a helper for your school money. They send you bills and help you figure out how to pay. - What’s forbearance?
Forbearance is like a timeout for your loan payments. You don’t have to pay for a little while. - Do I have to pay back disaster help money?
No, you don’t have to pay back the special help you get after a disaster. - What if I lost all my loan papers in a disaster?
Don’t worry! Your loan helper can give you new copies of everything. - Can I get my loans forgiven because of a disaster?
Sometimes, yes! But it depends on your situation. Always ask your loan helper about your options.
Conclusion
Natural disasters can be scary, but when it comes to your student loans, there’s lots of help available. Remember:
- It’s okay to ask for help
- There are many ways to make your payments easier
- Always talk to your loan servicer if you’re having trouble
The most important thing is to stay safe and take care of yourself and your family. Your loan helpers understand that sometimes big, unexpected things happen. They’re there to help make your school money easier to handle during tough times.
Remember, just like how you learn to color inside the lines with your crayons, you’ll learn to handle your student loans too. It might take time, but with the right help, you can do it!