U.S. Department of Education announces relief on student loans
U.S. Secretary of Education Betsy DeVos announced Friday that the Federal Student Aid office will provide student loan relief to millions of borrowers because of the impact of the coronavirus.
All borrowers with federally held student loans will automatically have interest rates set at 0 percent for at least 60 days. Borrowers also have the option to suspend their payments for at least two months without worrying about 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.”
Borrowers should contact their loan servicer online or by phone to request a forbearance. DeVos also approved the automatic suspension of payments for any borrower who is more than 31 days delinquent as of March 13, or who becomes more than 31 days delinquent.