Life

How do I cope with financial impacts of the coronavirus?

From filing for unemployment to navigating the shift to online classes, here’s how to cope during these tough times.

Picture of Jean Chatzky

CEO of HerMoney.com

Long story short

The spread of COVID-19, the disease caused by the new coronavirus, is likely the biggest global health crisis of our lifetimes. And with record unemployment, shuttered businesses, and closed college campuses, it’s also wreaking havoc on the economy and our daily lives. These are uncertain times, but we’ll get through it. Here’s how to handle your finances right now.

  1. 1

    What should I do if my college campus closed due to the spread of COVID-19?

  2. 2

    What should I do if I’m unemployed due to the coronavirus?

  3. 3

    What do I need to know about my coronavirus relief check?

  4. 4

    What if I can’t pay rent during the coronavirus?

  5. 5

    How do I pay for health care if I get COVID-19?

  6. 6

    Will I get a refund for the plans I had to cancel due to the coronavirus?

  7. 7

    Do I have to make student loan payments during the coronavirus?

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1

What should I do if my college campus closed due to the spread of COVID-19?

Hundreds of U.S. colleges have closed their campuses and shifted to online learning, and the effects are widespread. Here’s what that means for financial aid, campus jobs, study abroad programs, internships, and more.

Charlie Javice

Founder and CEO of Frank

Are you due $$ in student aid from the CARES Act?

Questions people ask

2

What should I do if I’m unemployed due to the coronavirus?

If you’re out of work due to the coronavirus, you’re not alone—the U.S. had record-setting jobless claims as about 10 million people filed for unemployment insurance during the last two weeks of March, according to the U.S. Department of Labor. The good news is, you'll likely qualify for more money in unemployment benefits than you’d normally receive.

Questions people ask

3

What do I need to know about my coronavirus relief check?

If you’re an independent student, you may qualify for up to $1,200 in aid from the federal government. You can expect the money via direct deposit in mid-April or via a paper check in the mail sometime in May.

Questions people ask

4

What if I can’t pay rent during the coronavirus?

If you’re facing a reduced income due to the coronavirus, it may be difficult to pay rent or your mortgage right now. The good news is, many states and cities are temporarily prohibiting evictions, which will prevent you from losing your housing during the coronavirus pandemic. (But you’ll still owe the money for your rent or mortgage.)

Questions people ask

5

How do I pay for health care if I get COVID-19?

If you think you have COVID-19, don’t hesitate to get the testing and care you need. Tests and care should be covered by health insurance—and there’s government money earmarked for free testing for people who are uninsured.

Questions people ask

6

Will I get a refund for the plans I had to cancel due to the coronavirus?

The coronavirus put a wrench in a lot of plans—and that’s putting it lightly. Vacations, weddings, concerts, and other events have been cancelled or postponed. So will you get your money back? And in general, how should you approach spending during these uncertain times? We'll break it down.

Questions people ask

7

Do I have to make student loan payments during the coronavirus?

If you’re facing a reduced income amid the spread of COVID-19, it may be hard to afford your monthly student loan payments. But there’s good news: The government is automatically suspending payments on most federal student loans interest-free through December 31. For other types of student loans, there are other ways to temporarily pause payments if necessary.

Questions people ask

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