The Department of Education is delivering on President Trump’s promise to provide student loan relief during this national emergency.
Interest rates on all federally-held students loans held by the Federal government will be set to 0% for at least 60 days. Borrowers will also have the option to suspend their payments for at least two months during this national emergency. Borrowers who are or become more than 31 days delinquent on their payments will receive an automatic suspension of payments. This action will help alleviate the financial burden on students – allowing them to prioritize staying safe and healthy rather than worrying about their student loan balance. To help students and teachers impacted by school closures, the Administration will grant waivers to states for Federal testing requirements for this school year.
Any state that is unable to assess its students in accordance with federal testing requirements due to school closures may seek a waiver from the Department of Education. This action will allow teachers to focus on adapting to remote learning and will help students prioritize staying healthy. State and local leaders will have the flexibility to do what is best for the health and safety of their students and teachers.
*information provided for convenience and is subject to change due to evolving nature of the situation