The President announced during the daily coronavirus task force press conference that his administration will immediately suspend interest on federal student loans and “allow borrowers to suspend their student loans and loan payments without penalty for at least the next 60 days.”
“I think probably a lot of the students will be extremely happy some probably not the ones that work hard maybe not, but it’s one of those things. Unfortunate, very unfortunate circumstances.
We have also temporarily waived all interest on federally held student loans. They will be very happy to hear that, and I have instructed them to take that action immediately, and today Secretary DeVos has directed federal lenders to allow borrowers to suspend their student loans and loan payments without penalty for at least the next 60 days, and if we need more, we will extend that period of time. Borrowers should contact their lenders, but we have given them very strong instructions. So we have temporarily waived all interest on federally held student loans. That’s a big thing. That’s going to make a lot of students are happy. And we have more to come on student loans, more good news for the students but we will do that at a different time.”
