Coronavirus: President Trump Declares National Emergency. Breaks on Students Loans Payments to be announced.

Friday, March 13, 2020

Coronavirus: President Trump declares a national emergency and assures a temporary break on payments for affected student-loan borrowers during coronavirus pandemic.

Prospects for a congressional bill to aid affected people remain unclear but President Trump just said that he was going to make $50 billion in emergency funding available. 

Trump said he was waiving interest on student loans, and that with oil prices so low, the government would buy large quantities of crude oil for the nation’s strategic reserve. 

According to Steven Mnuchin, the Secretary of Treasury, student-loan borrowers could get a temporary break on payments during coronavirus pandemic.

Although It’s unclear how will this be implemented, the Trump administration is weighing whether to let student-loan borrowers temporarily stop making payments on their debts as the U.S. confronts the coronavirus pandemic.

The Corona virus is hitting EDU hard.

In-person classes were canceled or suspended at dozens of universities. Across the United States, dorms are emptying. Fans are being banned from college sports events. Public gatherings are postponed. Even Universities that don’t have confirmed cases of the coronavirus have closed their on-campus, contact classes and operations as the COVID-19 coronavirus strain spreads rapidly across the United States.

Duke University and the University of North Carolina in North Carolina; Georgetown and George Washington universities in Washington; the University of Virginia; the University of Michigan; the University of Notre Dame in Indiana; and others announced they would move to online classes .

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