It's 'going to make a lot of students very happy,' Trump said during a press briefing on Friday.
DeVos said in a statement that these are"anxious times" and that everyone"should be focused on staying safe and healthy, not worrying about their student loan balance growing." She also commended Trump for his"quick action on this issue."
"And we have more to come on student loans, more good news for the students. But that will come at a different time," Trump added.Borrowers have to request an"administrative forbearance" with their federal student loan servicers, according to the release put out by the Department of Education. The forbearance will allow those with loans to temporarily suspend payments.
You can also re-adjust how much you're paying per month if you've had a significant change in income due to the coronavirus outbreak. In order to lower the monthly payment, the Department of Education suggests contacting the servicer directly.If you have a federal student loan, you can suspend payments for at least the next 60 days, though the president signaled that the time frame may be expanded if the outbreak continues.
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