Americans will get a six-month reprieve from federal student loan payments as the coronavirus pandemic leads to job losses and economic turmoil nationwide.
As part of the coronavirus relief bill passed through Congress and signed by President Donald Trump on Friday, lenders must stop all payments for federal student loans through Sept. 30. During that time, interest will not accrue on the loans and nonpayment during that period cannot be used to affect credit scores or a person’s qualification for loan forgiveness. According to the bill’s text, “each month for which a loan payment was suspended” will be treated as if “the borrower of the loan had made a payment.”
