Trump allows borrowers to suspend student loan payments for two months

Share

"Students need to be focused on staying healthy and continuing to learn".

Under the new amendment, any state that believes it is unable to properly assess their students due to closures can apply for an exemption through a waiver online. Although most states have moved to computer-based testing, this announcement is a recognition of the reality that schools are shut down and education has been interrupted for most students nationwide.

"These are anxious times, particularly for students and families whose educations, careers, and lives have been disrupted", said Secretary DeVos in a statement.

President Donald Trump announced a week ago that he would waive student loan interest amid the coronavirus crisis - but borrowers were awaiting details on how it would work and how long it would last.

"They've been going back-and-forth, schools open, schools not open. Students are simply too unlikely to be able to perform their best in this environment", DeVos said in a statement.

Walt Disney's great niece calls out Disney World's closing night crowd
Walt Disney World in Florida, Disneyland Paris Resort, and Disneyland Cruise Line are also closing during that period of time. We will continue to stay in close contact with appropriate officials and health experts.


Trump's decision on student loans goes further than his initial plan to waive interest, but it falls short of requests from some advocacy groups. The relief will be in effect for at least 60 days, according to the department and began on March 13, 2020. The tests, which typically occur in the spring, cover the students' understanding of common core subjects, including English and math. Borrowers will also be able to suspend their payments for at least two months.

Trump's directive also requires borrowers to make payments if they want to keep making progress in federal loan forgiveness programs.

Trump said his administration would extend the 60-day payment suspension if required, and he said there would be further changes to help borrowers. I think a lot of the students will be extremely happy.

For more information about managing your student loans during the coronavirus national emergency, visit the US Department of Education's website.

Share