WASHINGTON — Borrowers with federal student loans will be able to pause their payments for two months without interest accruing, President Donald Trump and the Education Department said Friday.
"Right now, everyone should be focused on staying safe and healthy, not worrying about their student loan balance growing," said Education Secretary Betsy DeVos in a news release."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.
Those who still want to make their payments can do so. The payment in that case would be applied directly to the principal balance, which may allow some borrowers to pay off their loan more quickly. Those in the Public Service Loan Forgiveness program who have to make 120 payments before their loan is forgiven may also be interested in continuing to make payments, the release said.
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