Updated 8:41 AM ET, Sat March 14, 2020 . FedLoan and Navient, two of the nation’s largest federal student loan servicers, have notified millions of borrowers that they don’t need to make monthly payments through Sept. 30 under the $2 trillion coronavirus economic relief package, the firms said Tuesday. If you have qualifying federal student loans, you don't need to do anything to get the coronavirus student loan relief as outlined above. According to Trump, the Federal Reserve will drop the interest … By Caroline Kelly and Sarah Westwood, CNN. This means, if you were required to make payments, they will resume and your temporary interest rate of 0% will return to the interest rate on your loan as of March 13, 2020. Trump said he's waiving federal student loan interest due to coronavirus. Starting March 13, 2020, your federal student loan interest rate will temporarily be set to 0%. Making payments during the COVID-19 emergency administrative forbearance combined with the temporary 0% interest from March 13, 2020 through January 31, 2021 could allow you to make progress on paying down your unpaid principal – which could reduce the overall cost of your loan. The Federal Reserve on Sunday slashed interest rates to zero percent and announced it would purchase $700 billion in bonds and securities to stabilize financial markets and support the economy. During the coronavirus, federal student loans won't rack up interest. Interest and Payment Suspensions Are Automatic . President Donald Trump on Friday announced he would waive interest on all federal student-loan payments amid the coronavirus crisis. Here's how it will work. Yes, 0%. subjug Amid the bad news piling up from COVID-19, one positive development emerged on Friday: Interest … A Biden Coronavirus Task Force Member Is Behind This Ridiculous Campaign to Reduce Transmission of COVID-19. Student loan servicers must adjust interest on these loans to 0% … In response to the COVID-19 crisis, ... Payment Suspension and Interest Waiver. On September 30, 2020, the relief benefits applied to the accounts of borrowers with PHEAA-owned student loans expired. Still Experiencing Payment Difficulties? PHEAA conducts its student loan servicing operations for federally-owned loans as FedLoan Servicing. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act.