U.S. Suspends Federal Student Loans Interest and Provides Option to Suspend Payment Altogether for 60 days

The Department of Education announced today that individuals with “federally held student loans” will have “their interest rates set to 0% for a period of at least 60 days.”

Additionally, “borrowers will have the option to suspend their payments for at least two months”.

There is also an “automatic suspension of payments for any borrower more than 31 days delinquent as of March 13, 2020, or who becomes more than 31 days delinquent”.

The Department further recommends those who have “experienced a change in income” to “contact their loan servicer to discuss lowering their monthly payment.”