Trump announces 60-day payment deferral option for federal student loans during coronavirus outbreak

WASHINGTON -- Borrowers with federally held student loans will have the option to defer payments for 60 days with no penalty as the country copes with the coronavirus outbreak, President Donald Trump said Friday.

The forbearance period began on March 13 and will last at least 60 days, according to the U.S. Department of Education. Borrowers wishing to take advantage of the deferral option should contact their loan servicer.

Additionally, U.S. Secretary of Education Betsy DeVos has authorized that payments be automatically suspended for any borrower who is more than 31 days delinquent.

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"These are anxious times, particularly for students and families whose educations, careers, and lives have been disrupted," DeVos said in a news release. "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."

Trump previously announced that his administration would temporarily waive all interest on federally held student loans.