Refinance

President Donald Trump waives interest on all student loans due to coronavirus





President Trump joins the news conference on the coronavirus pandemic.

President Donald Trump said Friday that he would waive the interest on all federal student loans amid the coronavirus outbreak, meaning borrowers could pause their payments without any penalties.

The measure is part of a larger strategy to mitigate the economic consequences of the pandemic which has so far infected more than 130,000 people and killed over 5,000 worldwide since January. Further details weren’t immediately available such as how long the pause might last.

Currently, the U.S. Department of Education allows borrowers to put their federal student loans into a so-called deferment or forbearance if they want or need a break from their monthly bills. However, interest can accrue on the debt under those options, leaving a borrower with a bigger balance when they resume repayment.

While details are still scant on Trump’s proposal, it appears that borrowers could use these options without their debt growing.

Senate Democratic leader Chuck Schumer sent a letter to the president on Wednesday with 30 Senate Democrats, asking him to grant six months of forgiveness for those with student debt. Meanwhile, consumer advocates have warned that the impacts of the pandemic could make it hard for many people to keep up with their student loan bills.

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31 comments

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  2. Lol

    Reply
  3. How about we waive the interest on my mortgage, too? After all, I wouldn't have a mortgage anymore if I didn't use my $$$ to pay for my college education.

    Reply
  4. Billions and billions LOL

    Reply
  5. That's all my daughter-in-law is asking, waive the interest accrued on the loan. She has paid, and paid, and paid, and the interest never goes down. None of her payments have ever been applied to the principle, so the interest keeps building. She can pay the principle and be done with it. Plus, when she graduated, she was unable to find a job because the employment market crashed. Unemployment Agents were actually being layed off at that time! Perhaps she can
    eventually have her dream and buy a car or a home for herself. It is terrible what is being done to the young people.

    Reply
  6. I heard another type of virus will be cancelling student debt. It’s coded inside a root kit.

    Reply
  7. Comrade Politburist Sanders and The Party will save us with glorious revolutionary humanist socialist people's free stuff that no one ever has to pay for. Counter Revolutionary Capitalist Trump must be purged. Just because he has made billions of dollars doesn't mean he knows anything about how the economy and business works. Bolshevik Bernie is the best! Comrade Chairman Sanders 2020 !

    Reply
  8. Trump: I'm gonna cut taxes and student loan interest
    Democrats: BUT WE WANA PAY!!!!! 🥴

    Reply
  9. Is he waiving all accrued interest or the further accrual of interest?

    Reply
  10. This is ridiculous. These people were dumb enough to take out student loans, they shouldn’t be given a break like this just because of a fake virus.

    Reply
  11. Saving on student loan interest? Great now college kid can afford to upgrade to miller lite from natty lite.

    Reply
  12. Capitalism needs to be bailed out by socialism

    Reply
  13. I’m still being charged interest on my federal loan what the F

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  14. This is the same kind of socialist response Obama engaged in during the mortgage collapse in 08 and 09. Very disappointed President Trump.

    Reply
  15. Can we force the non-government agencies to forgive the interest and set interest at 0% for the next 15 years for those who are burdened? Nope. Trump does the bare minimum to pretend he cares.

    Reply
  16. OMG im saved! Maybe I'll finally get to buy a house.

    Reply
  17. The majority of student loans are owed by people who are no longer students!

    Reply
  18. Sounds like the implementation of nesara to me

    Reply
  19. Yeah you can't repay those loans once dead

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  20. Haha the greedy Rich

    Reply
  21. “Billions and Billions” Donald Duck

    Reply
  22. Dude, where's my bailout?

    Reply
  23. Of course this happens. I had to be responsible and pay off my student loans this year now I have no money in savings.

    Reply
  24. I've lost all interest in Trump.
    2020 is going to correct the mistakes of 2016.

    Reply
  25. BERNIE. SAYS IT AND HES A SOCIALIST. TRUMP DOES IT AND PEOPLE LOVE HIM.

    Reply
  26. This is leadership and the market agreed. Meanwhile Pelosi and our Congress people when on spring break today. We need to vote then out.

    Reply
  27. Waived Interest on FED printed money?

    Reply
  28. ROFL ROFL stop the interest?!?!?!?!?!?!?!!?!?!?! HAHAHAHAHAHAHAHAHAHAH

    Reply
  29. Pay their debt, that will be better.

    Reply
  30. waive the interest? People were hoping for the stop on the payment. If they can't go out and work, how are they gonna make money to pay for the original.

    Reply
  31. People buying stocks today are fools

    Reply

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