Trump: No Federal Student Loan Payments Through January 31, 2021
President Donald Trump paused student loans for one more month.
Here’s what you need to know—
and what it means for your student loans.
Student Loans
In an unexpected move, Trump has paused federal student loan payments for one more month until January 31, 2021. This means that the existing student loan relief
will not expire on December 31, 2020 as previously expected. Therefore, student loan borrowers can continue to expect the following for their federal student loans:
- No payments: federal student loan payments are paused.
- No interest: no new interest will accrue on your federal student loan balance.
- No debt collection: Student loan debt collection of defaulted student loan debt is halted
In March, Congress passed the Cares Act, which temporarily suspended payments on federal student loans through September 30, 2020. Trump extended the moratorium on federal student loan payments through December 31, 2020.
Trump: No Federal Student Loan Payments Through January 31, 2021