Continued Student Loan Payment Relief During the COVID-19 Pandemic
| Citation | 85 FR 49585 |
| Record Number | 2020-17897 |
| Published date | 13 August 2020 |
| Section | Presidential Documents |
| Court | Executive Office Of The President |
Federal Register, Volume 85 Issue 157 (Thursday, August 13, 2020)
[Federal Register Volume 85, Number 157 (Thursday, August 13, 2020)]
[Presidential Documents]
[Pages 49585-49586]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-17897]
[[Page 49583]]
Vol. 85
Thursday,
No. 157
August 13, 2020
Part V
The President
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Memorandum of August 8, 2020--Continued Student Loan Payment Relief
During the COVID-19 Pandemic
Memorandum of August 8, 2020--Deferring Payroll Tax Obligations in
Light of the Ongoing COVID-19 Disaster
Presidential Documents
Federal Register / Vol. 85, No. 157 / Thursday, August 13, 2020 /
Presidential Documents
___________________________________________________________________
Title 3--
The President
[[Page 49585]]
Memorandum of August 8, 2020
Continued Student Loan Payment Relief During the
COVID-19 Pandemic
Memorandum for the Secretary of Education
By the authority vested in me as President by the
Constitution and the laws of the United States of
America, it is hereby ordered as follows:
Section 1. Policy. The 2019 novel coronavirus known as
SARS-CoV-2, the virus causing outbreaks of the disease
COVID-19, has significantly disrupted the lives of
Americans. In Proclamation 9994 of March 13, 2020
(Declaring a National Emergency Concerning the Novel
Coronavirus Disease (COVID-19) Outbreak), I declared,
pursuant to the National Emergencies Act (50 U.S.C.
1601 et seq.), that the COVID-19 outbreak in the United
States constituted a national emergency (the ``national
emergency''). The same day, I also determined that the
COVID-19 outbreak constituted an emergency of
nationwide scope, pursuant to section 501(b) of the
Stafford Act (42 U.S.C. 5191(b)).
On March 20, 2020, my Administration took action to
provide immediate relief to tens of millions of student
loan borrowers during the pandemic caused by COVID-19
by both suspending loan payments and temporarily
setting interest rates to 0 percent. This relief has
helped many students and parents retain financial
stability. And many other Americans have continued to
routinely pay down their student loan balances, to more
quickly eliminate their loans in the long run. During
this time, borrowers have been able to determine the
best path forward for themselves.
The original announcement of this policy specified that
it would continue for at least 60 days. In the interim,
the Coronavirus Aid, Relief, and Economic Security Act
provided this same student loan payment relief, but
that program is scheduled to expire on September 30,
2020. Currently, many Americans remain unemployed due
to the COVID-19 pandemic, and many more have accepted
lower wages and reduced hours while States and
localities continue to impose social distancing
measures. It is therefore appropriate to extend this
policy until such time that the economy has stabilized,
schools have re-opened, and the crisis brought on by
the COVID-19 pandemic has subsided.
Sec. 2. Extension of Student Loan Payment Relief. (a)
In light of the national emergency declared on March
13, 2020, the Secretary of Education shall take action
pursuant to applicable law to effectuate appropriate
waivers of and modifications to the requirements and
conditions of economic hardship deferments described in
section 455(f)(2)(D) of the Higher Education Act of
1965, as amended, 20 U.S.C. 1087e(f)(2)(D), and provide
such deferments to borrowers as necessary to continue
the temporary cessation of payments and the waiver of
all interest on student loans held by the Department of
Education until December 31, 2020.
(b) All persons who wish to continue making student
loan payments shall be allowed to do so,
notwithstanding the deferments provided pursuant to
subsection (a) of this section.
Sec. 3. General Provisions. (a) Nothing in this
memorandum shall be construed to impair or otherwise
affect:
(i) the authority granted by law to an executive department or agency, or
the head thereof; or
[[Page 49586]]
(ii) the functions of the Director of the Office of Management and Budget
relating to budgetary, administrative, or legislative proposals.
(b) This memorandum shall be implemented consistent
with applicable law and subject to the availability of
appropriations.
(c) This memorandum is not intended to, and does
not, create any right or benefit, substantive or
procedural, enforceable at law or in equity by any
party against the United States, its departments,
agencies, or entities, its officers, employees, or
agents, or any other person.
(d) You are authorized and directed to publish this
memorandum in the Federal Register.
(Presidential Sig.)
THE WHITE HOUSE,
Washington, August 8, 2020
[FR Doc. 2020-17897
Filed 8-12-20; 11:15 am]
Billing code 4000-01-P
