Coronavirus: Mnuchin Floats Pause on Student Loan Payments

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Honey Yanibel Minaya Cruz/Unsplash

Appearing Friday on CNBC, Treasury Secretary Steven Mnuchin said the Trump administration could provide temporary student loan suspensions to help Americans amid the coronavirus outbreak.

A transcript is as follows:

JIM CRAMER: It’s so important for everyone, for every working person to able to get a break here, I think, whatever the Treasury can do, whatever the country can do. Let’s pick the group that you and I are not a part of — Millennials — they are burdened with a lot of student debt. Can we suspend their payments for the next three months, so they suddenly have money in their pockets? We’re going to beat this thing and we need these people to be ready, and willing to go back to work, but we need them to have enough money to be able to sustain this period. Suspending student debt, just for three months, not canceling. What do you think?

SEC. STEVEN MNUCHIN: I can tell you that’s on our list of 50 different items we’re bringing to the president for a decision, so that will be something that we’re looking at. We have lots of authorities. Things were we don’t have authorities, we’re going to work with both the House and the Senate on a bipartisan basis. I can assure you that the president is all about action, action, action.

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