On March 20, 2020, the Secretary of Education directed the office of Federal Student Aid to provide the following relief on U.S. Department of Education held federal student loans:

  • suspend loan payments
  • stop collections on defaulted loans
  • set interest rates to 0% for a period of 60 days

On March 27, 2020, Congress passed, and the president signed into law, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which provides for the above relief measures through Sept. 30, 2020. Then on Aug. 8, 2020, President Trump directed the Secretary to continue to suspend loan payments, stop collections, and waive interest on U.S. Department of Education-held student loans until Dec. 31, 2020.