Trump: Borrowers can suspend federal student loan payments for 60 days

Posted at 12:08 PM, Mar 20, 2020

WASHINGTON, D.C. – Those with student loans will be able to suspend their payments amid the coronavirus pandemic, according to the White House.

During his briefing on Friday, President Donald Trump announced that he has directed U.S. Secretary of Education Besty DeVos to tell federal lenders to allow borrowers to suspend their student loans and loan payments without penalty for the next 60 days.

This move comes as the Trump administration also temporarily waives all interest on federally held student loans.

About 42 million students and former students are saddled with a total of $1.5 trillion in federal student loans in the United States, The Washington Post reports.

Borrowers should contact their lenders for more details.

Meanwhile, some in the Democratic Party are calling for more widespread relief for those with student debt. The Post reports that Democrats are calling for at least $10,000 in tax-free debt cancellation for all federal student loan borrowers.

Democrats reportedly want the Department of Education to assume loan payments for the duration of the national emergency. Then, they want to institute a three-month grace period during which borrowers can forgo their payments without penalty, The Post reports.

During the same briefing on Friday, Trump says the Department of Education will not enforce standardized testing requirements for students in elementary through high school for the current year.

The president said students have already been through a lot with schools opening and closings.