The federal government has suspended interest on student loans as the economy sputters. Here’s what to do with that unexpected cash.
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With closures and cancellations happening across the US this week in response to the spreading coronavirus, many Americans are likely to face financial burdens in the very near future as their incomes dwindle.
In an effort to help ease that burden, President Donald Trump announced in a press conference on Friday that the interest on federal student-loan payments would be suspended “until further notice” while the US deals with the ongoing coronavirus crisis.
Trump also declared a national emergency during the press conference, freeing up federal dollars to help clamp down on COVID-19. The break on interest is one of a number of efforts the Trump administration is making to avoid a total economic crisis for Americans, and details on how this program will actually work have yet to be announced.
If your income is stable and the pause on interest will mean a bit of extra cash in your bank account, there are a few ways you can use …continued .
[Source: Business Insider]