By Joshua Huff, sports editor
WASHINGTON, D.C. — U.S. Secretary of Education Betsy DeVos announced on Friday that the government is suspending student loan payments as the nation grapples with the coronavirus pandemic.
Student loan borrowers will automatically have their interest rates set to 0% for a period of at least 60 days. Borrowers will also have the option to suspend payments for at least two months without accruing interest.
“These are anxious times, particularly for students and families whose educations, careers, and lives have been disrupted,” DeVos said. “Right now, everyone should be focused on staying safe and healthy, not worrying about their student loan balance growing. I commend President Trump for his quick action on this issue, and I hope it provides meaningful help and peace of mind to those in need.”
All federal loan servicers are to grant a 60-day administration forbearance to any borrower who requests one. To request forbearance, borrows need to contact their loan servicer. The government 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.
For those who want to continue payments, they can continue to do so. The full amount of their payment will be applied to the principal amount of their loan once all interest accrued prior to the president’s March 13 announcement.
Any borrower who has experienced a change in income can contact their loan servicer to discuss lowering their monthly payment.
Visit StudentAid.gov/coronavirus for forthcoming details. For more information on all the efforts the Department is taking to address the COVID-19 national emergency.