Trump Suspends Payments on Federal Student Loans Amid Coronavirus Crisis

President Donald Trump is suspending payments on federal student loans amid the coronavirus outbreak.

On Friday, Trump and the White House Coronavirus Task Force held a news conference to give an update about the administration’s response efforts.

During the press conference, Trump confirmed he is pausing all student loan payments on federally held loans. He also announced the interest will not accrue on those loans. The president has indicated that the order is effective immediately.

He also encouraged students to contact lenders in an effort to communicate. The order is effective for the next 60 days. However, Trump did indicate that the order could be extended depending on whether or not the coronavirus outbreak is contained by that time.

Check out Trump’s statement below:

U.S. Education Secretary Betsy DeVos has also applauded Trump for his efforts during this critical time.

“These are anxious times, particularly for students and families whose educations, careers, and lives have been disrupted. 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.”

Trump’s order comes one week after the Rose Garden address where he declared the coronavirus a national emergency. At the time, he said student loan waivers would be part of the emergency orders he would be unrolling out.

“To help our students and their families, I’ve waived interest on all student loans held by federal government agencies and that will be until further notice,” Trump previously said. “That’s a big thing for a lot of students that are left in the middle right now. Many of those schools have been closed.”

The federal government estimates that there is approximately $1.6 trillion in student loan debt. Trump’s order will impact roughly 42 million Americans.

Published in IJR, News

Responses

  1. It’s within his power to suspend student loan REPAYMENT since those are now funded with taxpayer dollars. Hmm…wonder if the colleges will suspend tuition payments?

    Too bad he can’t do anything to help those with mortgages or rent except send money.

  2. Good grief. Did you see Trump’s responses to reporters that asked him what he can say to the American people (an attempt to allow him to reassure and console the public as our leader)?
    Response 1: You are a bad reporter and that is a nasty question.
    Response 2: He is a bad reporter.
    Response 3: I am doing a good job.
    Hiw does anyone trust that this man can effectively lead the country during these troubling times?

      1. If one gets shot at constantly one develops a flinch. TBS, Trump has already been thin-skinned, though growing up in NY I can understand hitting back as a survival trait.

        1. I get it – seriously. I even get he has answered the question 100 times by now.

          It still doesn’t make it a good response. And now is not a good time for his spats with the media.

          I’ve sat through several company, org, and team updates at work this week. The same questions are asked in all of them. People are annoyed restating the same thing over and over, but that is just part of leadership.

          1. Needless repetition. Is it another form of passive-aggressive behavior or just a subtle way of enforcing conformity? I’d say a bit of both. I’d hardly consider it “leadership” to parrot the same things over and over unless it’s the same questions over and over.

            Maybe Trump’s communications staff should make a mandatory FAQ sheet which must be read and signed before each press conference. Not THAT would be efficient.

            I DO NOT MISS WORK nor the pointless, time-wasting meetings/seminars. One place actually had Sexual-Harassment Awareness Training, I shi* you not.

            They renamed it after some wag pointed out the acronym. Wasn’t me and you can’t prove it.

        2. That’s what a press secretary is for. He is chosing not to use one even though he has one on staff. So yeah, he is going to have to answer repetitive questions.

          And it is leadership’s job to make sure questions, even ones that have been answered before, are answered again. If not by him personally then someone else with approved talking points.

          1. More importantly, leadership has more important things to do, like leading, not answering the same questions over and over. That’s what staff is for.

        3. The repetition is just part communication during a crisis. It IS normal.

          I didn’t say anything about it being useless, but i did say that I’m seeing it on all levels. Again, its normal. Annoying? Obviously. But still normal.

          Could you imagine a manger, director, etc… at a business responding like that to someone’s question? It wouldn’t go well.

          Presidents are allowed to be annoyed with the press, but that wasn’t a gotcha question and one he should have had a canned response ready for.

          1. Apologies about making you feel defensive. One can easily see how constant, repetitive questioning can be….tiresome. q.v. the president, whether he had the same response or not.

            My suggestion: He have Fisher-Price make him one of those devices (the cow goes moo) which he can play each time a *ahem* reporter asks the same question. That and a mandatory FAQ sheet which must be signed like an NDA or be suspended from press briefings for 90 days.

            In this case, the “press” and MSM are NOT helping with loaded questions. They need to try, really hard, to do their jobs and practice actual journalistic ethics. This goes for *ahem* journos of all stripes.