The President Just Suspended Student Loan Payments for Two Months

This is AMAZING news! The President just suspended student loan payments for 2 months!

Federal student loans will be able to be suspended by student loan borrowers without penalty and without accruing interest for 2 months!

President Trump announced 2 weeks ago that this was his plan, but they had to work out the details. The announcement today clarified the policy changes.

So, you will be able to basically pause payments for 2 months without accruing any interest. This is retroactive as of March 13th.

If needed, the President said he would extend it longer. This is really good news because at this point we have no idea how long we will be dealing with this virus. All of this helps so much!

If we need more, we’ll extend that period of time,

President Trump

Now listen, this is NOT automatic! If you are a borrower, you will need to contact your loan servicer and request that your loans be put in forbearance.

Forbearance is already a thing, but you usually have to qualify and submit proof and paperwork, etc. But because of the ongoing pandemic and people being out of work, the Department of Education said it has directed loan servicers to grant forbearance to anyone with a federal loan who asks for one.

Also, normally loans in forbearance accrue interest. This time they will not accrue interest for the 60 day period. This is a temporary policy! You can find more information on the U.S. Department of Education website.