FILE - In this April 3, 2019, file photo a tip box is filled with U.S. currency in New York. Refinancing can pay off your existing student loans, replacing them with a new loan with new terms and a single payment. Some private refinance lenders allow you to consolidate your loans with your spouse’s or co-sign a loan for him or her. This may benefit you if you wouldn’t qualify for refinancing on your own. But combining or co-signing loans puts you on the hook for the entire debt. (AP Photo/Mark Lennihan, File) AP
Herb Scribner
By Herb Scribner
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President Donald Trump announced Friday the U.S. Department of Education would enforce new rules to allow federal student loan borrowers to suspend payments for at least 60 days, Politico reports.

What’s happening:

  • The Department of Education will allow loan borrowers to postpone payments for two months.
  • You will need to contact your student loan service to take advantage of the benefit.
  • Trump said there was likely “more to come on student loans.”
  • U.S. Secretary of Education Betsy DeVos announced the decision not long after Trump.
  • She said in a statement: “These are anxious times, particularly for students and families whose educations, careers and lives have been disrupted. Right now, everyone should be focused on staying safe and healthy, not worrying about their student loan balance growing. I commend President Trump for his quick action on this issue, and I hope it provides meaningful help and peace of mind to those in need.”

Something else

  • President Trump also announced the Department of Education will not enforce any standardized testing requirements this year for those in high school and elementary school, Forbes reports.
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