coronavirus

Federal Student Loan Interest Waived, Payments Suspended

NBC 5 News

President Donald Trump announced Friday the Department of Education will be temporarily waiving all interest on federally held student loans for 60 days, and borrowers will have the option to suspend their payments for at least two months.

In a statement, the Education Department said Sec. Betsy DeVos, has also authorized an automatic suspension of payments for any borrower more than 31 days delinquent as of March 13, 2020, or who becomes more than 31 days delinquent, essentially giving borrowers a safety net during the national emergency.

The department advised borrowers to contact their loan servicer online or by phone to request this forbearance. Visit the Education Department's student aid site here for more information.

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Trump also said the federal government will not enforce standardized testing requirements for students in elementary through high school in the wake of the coronavirus outbreak. Several states had asked DeVos to cancel standardized testing for this academic year as they face school closures that could last weeks or months. The tests were scheduled to begin in early April in many states.

“That’s going to make a lot of students very happy,” Trump said at the White House daily briefing.

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