Continued Student Loan Payment Relief During the COVID-19 Pandemic, 49585-49586 [2020-17897]

Agencies

• Executive Office of the President

[Federal Register Volume 85, Number 157 (Thursday, August 13, 2020)]
[Presidential Documents]
[Pages 49585-49586]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-17897]



[[Page 49583]]

Vol. 85

Thursday,

No. 157

August 13, 2020

Part V





The President





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Memorandum of August 8, 2020--Continued Student Loan Payment Relief 
During the COVID-19 Pandemic



Memorandum of August 8, 2020--Deferring Payroll Tax Obligations in 
Light of the Ongoing COVID-19 Disaster


                        Presidential Documents 



Federal Register / Vol. 85, No. 157 / Thursday, August 13, 2020 / 
Presidential Documents

___________________________________________________________________

Title 3--
The President

[[Page 49585]]

                Memorandum of August 8, 2020

                
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 constituted 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 continued 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 subsided.

                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 hardship 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 construed to impair or otherwise 
                affect:

(i) the authority granted by law to an executive department or agency, or 
the head thereof; or

[[Page 49586]]

(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.
                
                
                    (Presidential Sig.)

                THE WHITE HOUSE,

                    Washington, August 8, 2020

[FR Doc. 2020-17897
Filed 8-12-20; 11:15 am]
Billing code 4000-01-P