Trump said he'll waive interest on federal student loans “until further notice.” It's unclear if his administration could take the action or if it would require legislation in Congress.
President Donald Trump on Friday said that he would halt the collection of interest on federal student loans "until further notice" as part of a package of emergency executive actions designed to address the economic fallout from the coronavirus pandemic.
Neither the White House nor the Education Department immediately provided details on how the new benefit for student loan borrowers would work. Federal student loans already offer options for borrowers to defer payments under certain circumstances, including an economic hardship, though interest can continue to accrue. Trump's suspension of interest payments, combined with those existing benefits, could mean that some Americans would not have to make any payment on their student loans.
Rep. Alexandria Ocasio-Cortez , who has called for sweeping student loan forgiveness, tweeted earlier in the day that she was "thankful" that the Trump administration was "taking pausing student loan payments seriously." She called it "a decisive move that will help stabilize millions of people. We should do it now. There is much more to be done, but every step counts.
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