August 10, 2020

What Trump’s Executive Order Means For Your Student Loans

What Trump’s Executive Order Means For Your Student Loans

President Donald Trump’s executive order may have a big impact on your student loans.

Here’s what you need to know — what it means for your student loans.

Student Loans

In a memorandum to U.S. Secretary of Education Betsy DeVos, Trump directed DeVos to extend several student loan benefits until December 31, 2020. The student loan relief follows similar student loan relief contained in the Cares Act (the $2.2 trillion stimulus package), which followed Trump’s executive action earlier this year that provided similar student loan relief for 60 days prior to passage of the Cares Act. Let’s dive in to understand what this means for your student loans. “Currently, many Americans remain unemployed due to the COVID-19 pandemic, and many more have accepted lower wages and reduced hours while States and localities continue to impose social distancing measures,” Trump wrote in the memorandum. “It is therefore appropriate to extend this policy until such time that the economy has stabilized, schools have re-opened, and the crisis brought on by the COVID-19 pandemic has subsided.”

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