COVID-19 has completely turned the world upside down. Just four months ago, no one had any clue what was about to descend on the world in 2020.

As a millennial, I will fully admit, I was worried that my generation was not prepared for how to handle this global health and economic crisis. With a few exceptions, millennials have been relatively fortunate to only experience minor hiccups in economic and social unrest that have hit the Western world. The 2008 financial collapse is probably the event that impacted all of us the most. We were either about to go to college or had just emerged from it, and unfortunately, generations before us had created an environment in which we had few job opportunities after graduation.

Now, the circumstances have vastly changed. We have some work experience, and some knowledge about how to navigate economic challenges, however, we still have our student loans hanging over our heads.

Despite the unpleasant political environment that we have to tolerate, in March 2019 the federal government rolled out the CARES Act. This legislation, among other things, provides broad relief to federal student loan borrowers.

So if you have student loans, what exactly does this mean for you?

Most student loan servicers have already taken the first step for you. If you currently have a balance, the loan servicer has most likely placed your loan in forbearance. Usually, forbearance is used when a borrower (you) needs temporary relief from loan repayments while you navigate a temporary challenge in life. However, in this case, most loan servicers have already taken the liberty of placing your loans in this particular status.

There are some very important things to know regarding forbearance. Normally under forbearance, while you are not required to make payments, interest still accrues. However, under the CARES Act, interest will not accrue on your loan balances from March 13th, 2020 through September 30th, 2020. In addition, this will not negatively impact your credit score. This is a free ride for the next six months.

So how do you take advantage of it? First, it is important to consider your particular circumstances. Do you currently have a job that you can rely on in which you can make payments? Do you have kids or other family dependents? Are you worried that you might lose your job in the next few months?

If you are currently strapped for cash and making payments on your loans is out of the question, then yes, take advantage of this free six month period. Just keep in mind the September 30th date. Do what you can to change your circumstances, so you can start tackling those loans once interest does start to accrue again.

If you have a steady job and are in a situation in which you can continue to make payments, do it. Make those payments. If you have paid off all of the interest that already accrued prior to March 13th, then any payments you choose to make before September 30th will go directly to the principal balance. In other words, you are taking full steps forward in paying down those loan balances, without the one step back for every two steps forward dance.

If you are somewhat stable, but you know things might change in the coming weeks or months, it might be better to make small payments, but save most of your cash. Remember this is a free period in which you have no obligations to your student loans, so use the money you do have for those true obligations you have now.

Please keep in mind that the CARES Act does not apply to all types of student loans. This act is specifically meant for holders of federal government loans. If you are using a private lender, you should contact them directly to find out about any options you have for payment relief.

Make sure you check out these resources so you can make fully informed decisions on how the CARES Act will affect you: