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Trump Administration Offers Temporary Student Loan Relief

By Dave Kovaleski - Updated Mar 20, 2020 at 4:16PM

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Plans announced Friday provide for 0% interest and suspended payments.

The Trump administration announced an initiative Friday that will provide relief for federal student aid borrowers. For the next 60 days, at least, those with federal student debt will have 0% interest rates on their loans. Also, borrowers have the option to suspend their student loan payments by up to two months during the national coronavirus (COVID-19) outbreak.

An image of a desktop with a paper on it that says Student Loan Forgiveness.

Image Source: Getty Images.

"These are anxious times, particularly for students and families whose educations, careers, and lives have been disrupted," U.S. Education Secretary Betsy DeVos said. "Right now, everyone should be focused on staying safe and healthy, not worrying about their student loan balance growing." 

Individuals can request the forbearance through their loan servicer effective immediately.

At a news conference Friday, President Donald Trump said these measures could be extended beyond 60 days if necessary. 

Further, DeVos announced a suspension of loan payments for any borrower who is more than 31 days delinquent. She also said people who have experienced a change in income related to the COVID-19 crisis can talk to their loan servicer about lowering their monthly payment.

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