Updated August 9, 2020.
President Donald Trump will suspend federal student loan payments through December 31, 2020.
Here’s what you need to know.
After Congress failed to reach a stimulus deal Friday, Trump said during a press conference in New Jersey that he plans to issue an executive order on a host of economic issues, including student loans, a payroll tax cut, eviction moratorium and unemployment benefits if Congress fails to act on a stimulus package. On Saturday, Trump issued an executive order, including a memorandum on student loan payment relief. According to Trump’s memorandum, he will grant additional student loan relief and provide a payroll tax cut, enhanced unemployment benefits and an eviction moratorium. Trump, who is seeking re-election, sent the memorandum entitled “Continued Student Loan Payment Relief During the COVID-19 Pandemic” to U.S. Secretary of Education Betsy DeVos. Trump directed DeVos