The novel coronavirus, or COVID-19 more specifically, has affected almost every person in some way. With so many losing their jobs and the stock market at its lowest in decades, it's safe to say this pandemic is an economic catastrophe.

Although the Coronavirus Aid, Relief, and Economic Security (CARES) Act has helped those with student loan debt by postponing payments and interest accrual until the end of September, people are still wondering how COVID-19 will affect their ability to get a job and work toward paying their loans. 

In a new study, CollegeFinance.com surveyed 1,009 respondents who had attended or were attending college regarding how they feel about the CARES Act and how the COVID-19 pandemic has affected their economic outlook. Here are some of the results.

Cares Act Satisfaction

While stopping payments for a few months is helpful for those with student loans, is it enough? Nearly 3 in 4 people were aware of the student loan provisions in the act, and 69% of people were at least somewhat satisfied with the loan deferment. But more than 1 in 10 people were at least somewhat dissatisfied. 

The current national average of student loans borrowed per person is $32,731, according to the study. People with student loan debt above the national average were four times more likely to be very dissatisfied with the CARES Act student loan deferment. But respondents with below-average student loan debt were twice as likely to be very satisfied with the support from the CARES Act. 

When the study ranked satisfaction by gender, men were 13 percentage points more likely to be satisfied with the help the CARES Act provides than women. Approximately 14% of the women surveyed were unhappy with the student loan deferment plan. 

Reallocating Funds

The money people are saving by not having to make student loan payments has helped people in many different ways. Respondents reported feeling less stressed (63%), less anxious (62%), and less depressed (52%) than they did when they were required to make payments. 

More than half (59%) of people said they were using the money initially budgeted for their school loan payments to pay bills or maintain their standard of living (58%). About 48% were using the money saved to buy food. Nearly 2 in 5 people reported using these funds for their rent or to avoid credit score impacts. 

Overall, 1 in 3 people admitted the postponement has been beneficial, compared to the 11% who claimed they didn't get any relief.

Economic Impact of COVID-19

With a global pandemic in full force, how do current students and graduates feel about the economy and job market? Employed graduates were more likely than college students to expect negative impacts from COVID-19 in their field of work. 

According to the study, almost half (42%) of the graduates with student loans surveyed expected their job prospects to be negatively impacted by COVID-19. Approximately 39% were concerned about their career goals during this pandemic. Nearly 1 in 3 people were worried their chosen industry would be affected negatively. 

Of the graduates without a job in their chosen major, 65% were concerned about their ability to find work in their field, 60% worried they picked the wrong career, and 58% had lowered their expectations for post-college employment. 

But graduates with a job in their field were worried as well. Approximately half were concerned about their job security or their current position, the stability of their current employer, or their career growth with their current employer. The study also revealed that more than 1 in 3 employed graduates contemplated whether they chose the correct career path. 

No one could have predicted that COVID-19 would ravage the world as it has since last year. With more businesses closing or furloughing employees, finding a job right now could be difficult. But even though people with large amounts of student loan debt want to see more relief, the CARES Act seems to be helping many who need it.