Continued Student Loan Payment Relief During the COVID-19 Pandemic (Presidential document), 85 FR 49585, 2020-08-13, FR Doc. 2020-17897
Summary
A presidential memorandum of August 8, 2020 to the Secretary of Education, Continued Student Loan Payment Relief During the COVID-19 Pandemic, published in the Federal Register on August 13, 2020 (Vol. 85, No. 157) as FR Doc. 2020-17897. It cites Proclamation 9994 of March 13, 2020, which declared a national emergency, and states that on March 20, 2020 the Administration suspended student loan payments and temporarily set interest rates to 0 percent. It states that the same relief under the Coronavirus Aid, Relief, and Economic Security Act is scheduled to expire on September 30, 2020. Section 2 directs the Secretary to provide economic hardship deferments under 20 U.S.C. 1087e(f)(2)(D) to continue the cessation of payments and the waiver of all interest until December 31, 2020, and lets borrowers who wish to keep paying do so.
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“Continued Student Loan Payment Relief During the COVID-19 Pandemic (Presidential document), 85 FR 49585, 2020-08-13, FR Doc. 2020-17897.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/continued-student-loan-payment-relief-during-the-covid-19-pandemic-pre-da884509dc/
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49585
Federal Register Presidential Documents
Vol. 85, No. 157
Thursday, August 13, 2020
Title 3— Memorandum of August 8, 2020
The President 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 con-
stituted 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 contin-
ued 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 sub-
sided.
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 hard-
ship 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 con-
strued to impair or otherwise affect:
(i) the authority granted by law to an executive department or agency,
or the head thereof; or
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49586 Federal Register / Vol. 85, No. 157 / Thursday, August 13, 2020 / Presidential Documents
(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.
THE WHITE HOUSE,
Washington, August 8, 2020
[FR Doc. 2020–17897
Filed 8–12–20; 11:15 am]
Billing code 4000–01–P
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