The President of The United States of America announced Thursday that he is suspending student loan payments for six months due to the coronavirus pandemic.
In the news conference, Trump said loan payments will be revisited after the six months are up. He didn’t specify if the six-month period applied to only federal student loans in the news conference.
Trump said the Department of Education will release more than $6 billion in emergency grant funding for college students impacted by the cancellation of classes and suspension of housing.
Colleges must use the funding to provide cash grants for expenses such as course materials, technology, food, housing, health care, childcare and other expenses related to disruptions caused by COVID-19, the release said.
The colleges will determine which students will receive the cash grants.