Today President Trump announced the below changes affecting the Department of Education as a result of COVID-19:
- The Department of Education will not enforce standardized testing for K-12 institutions this school year.
- Federal student loan borrowers may suspend payments for up to 60 days, retroactive from March 13th, 2020. The borrower must contact their loan servicer to make the change.
- All federal student loan interest rates will be automatically set to 0% for the next 60 days.
The changes are designed to allow school districts to cope with long-term closures, as well as allow loan borrowers to offset financial hardships as a result of the COVID-19 national emergency.