“This temporary pause in payments will help those who have been impacted,” DeVos said in a statement. “The added time also allows Congress to do its job and determine what measures it believes are necessary and appropriate.”In March, the Trump administration suspended interest and payments on federal student loans for 60 days. In August, the moratorium was extended until December 31 and on Friday it was extended until January 31. DeVos has also instructed employers to halt wage garnishment for borrowers with defaulted federal student loans. DeVos’ announcement came after a government report earlier in the day showed the labor market slowing in November as talks aimed at delivering a fresh infusion of coronavirus relief to American families and businesses gathered momentum in the US Congress.

Source: Dhaka Tribune December 05, 2020 03:33 UTC