Good news for student loan borrowers. Payments can now be suspended due to the coronavirus pandemic.

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The Department of Education announced that student loan borrowers can now suspend federal student loan payments without penalties or interest for 60 days, according to CNN. This gives borrowers two months to hopefully get financial assistance or gainful employment, if they are struggling due to layoffs. The debt will remain the same, but the penalties for non-payment won't accrue. Some Democrats have proposed cancelling student loan debt during the coronavirus pandemic, according to CNN.

"Borrowers should contact their lenders, but we've given them very strong instructions. If we need more, we'll extend that period of time." ~ President Trump via CNN

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