WASHINGTON – Acting on President Donald J. Trump’s Presidential Memorandum signed August 8, 2020, U.S. Secretary of Education Betsy DeVos today directed Federal Student Aid (FSA) to extend the student loan relief to borrowers initiated by the President and Secretary in March 2020 through December 31, 2020.
All borrowers with federally held student loans will have their payments automatically suspended until 2021 without penalty. In addition, the interest rate on all federally held student loans will be set to 0% through the end of the calendar year. Borrowers will continue to have the option to make payments if they so choose. Doing so will allow borrowers to pay off their loans more quickly and at a lower cost.
“Thanks to President Trump’s leadership, students can continue their education and borrowers can enjoy relief from some of the financial stress many may be facing due to the coronavirus pandemic,” said Secretary DeVos. “We want everyone to be focused on a safe return to full-time learning. The President and I will continue to support the success of all students.”
Today’s action extends the actions taken by Secretary DeVos at the start of the national emergency and…
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