President Donald Trump is considering extending the pandemic-related pause on student-loan collections and payments Thursday, just days after Senate Republicans released a stimulus bill that would allow these activities to resume on Oct. 1.
“We also suspended student-loan payments for six months,” Trump told reporters Thursday, “and we’re looking to do that additionally, and for additional periods of time.”
In March, Trump used his executive authority during a national emergency to waive interest on federal student loans. Later that month, Congress passed the CARES Act, which paused payments and collections on federal student loans and set their interest rate to 0% for six months.
If the government doesn’t take action, the CARES Act pause will end on Sept. 30 — about a month before the presidential election — and payments and collections on student loans will resume.
Consumer advocates have worried that given the continued economic downturn,…