Trump Signs Order Suspending Student Loan Payments Till Year End

U.S. President Donald Trump has signed an executive order that extends a suspension on student loan payments for Americans till the end of this year due to economic hassles resulting from the coronavirus pandemic. The Trump administration previously signed an order enabling payment suspensions for millions of student loan holders in the US up until the 30th of September, 2020. That order has now been extended to the 31st of December, 2020.

Under the order, student loan holders are allowed to skip usually mandated installment payments although those who desire to still pay are allowed to do so. The coronavirus pandemic has led to millions of job losses across the US and resulting financial struggles for a large number of people. Several steps have been taken to help curtail that, with the suspension on student loan payments being one. For the main time as the suspension holds, interest rates on student debt facilities are also temporarily restrained to 0%.



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