How To Get Your Student Loans Deferred For 60 Days As Coronavirus Relief

In response to the continuous economic repercussions stemming from the coronavirus pandemic, President Donald Trump reported on Friday (March 20) that the Department of Education will permit any person with student cash advance debt to take a 60-day break (at least) from making their monthly payments — without any interest or penalties.


“Probably a lot of students will be exceptionally happy, some probably not,” Trump mentioned. “The ones that work hard, maybe not, although it’s one of these things. Very unfortunate circumstances.”


In a press release, Education Secretary Betsy DeVos called the measure a response to "anxious times, particularly for students and families whose educations, careers, and lives have been disrupted. Now, each person should be focused on staying safe and healthy, not worrying about their student cash advance balance growing. I commend President Trump for his quick action on this provide, and I hope it provides meaningful help and peace of mind to those in need.”


Currently, Residents of the
U.S. Collectively hold $1.56 trillion in student cash advance debt. Interest rates on all federally contained student cash advances will dip down to zero up until at least May 12, according to Politico. This comes one week soon after Trump declared a national emergency and said the government would wave interest in all student cash advances contained by federal organizations for the time being.


Nevertheless you don’t automatically get the 60-day suspension: First, you’ll need to prepare a request to your cash advance servicers on the phone or online. Nevertheless, if you’re already a month or more beyond on your payments, the administration will automatically give you a 60-day reprieve.


“Some borrowers may desire to continue issuing payments, like those seeking Public Service Cash advance Forgiveness (PSLF) or those enrolled in a repayment plan with a manageable monthly payment,” the statement from the education department read. “The Department will work closely with Congress to make sure all student borrowers, including those in income-driven repayment plans, receive needed support throughout this emergency.”


MTV News has reached out to the Department of Education for guidance on what borrowers should do if they are not able to contact their servicer. Any time one staffer attempted to call his cash advance provider, he went through a couple of menus only to be met with an automatic recording: The office was closed to mitigate the threat of COVID-19.