Alright here’s the run down:
Education Secretary Betsy DeVos recently announced that her department will stop garnishing wages and seizing tax returns to repay student loans debt for 60 days as lawmakers prepare to stop federal student loan payments through September.
This historic $2 trillion economic package in the final stages of drafting on Capitol Hill requires the Education Department to defer student loan payments for six months to help ease the economic burden brought on by the coronavirus pandemic. Students loans are to be deferred, principal and interest for 6 months, through September 30, 2020 without penalty to the borrower for all federally owned loans.
This provides relief for over 95 percent of student loan borrowers,’ according to the Senate Health, Education and Labor Committee.
‘These are difficult times for many Americans, and we don’t want to do anything that will make it harder for them to make ends meet or create additional stress– Betsy DeVos
”Americans counting on their tax refund or Social Security check to make ends meet during this national emergency should receive those funds, and our actions today will make sure they do,” she added.
DeVos also ordered her department to refund approximately $1.8 billion in offsets to more than 830,000 borrowers.