US President Donald Trump speaks during a press conference on COVID-19, known as the coronavirus. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)

Amid calls for relief for student loan borrowers during the coronavirus pandemic, President Trump announced Friday that the government will waive interest payments on federal student loans for the foreseeable future. "I've waived interest on all student loans held by federal government agencies, and that will be until further notice," Trump said as part of a national emergency declaration. Exactly which loans apply under this waiver is unclear, and the White House has not released an executive order as of 5:00 p.m. ET Friday. It is also unclear whether the interest will continue to accrue during the postponement period and need to be repaid later. Treasury Secretary Steven Mnuchin said earlier Friday that the administration was considering pausing payments as well.

Still make payments if you can

If you're still working and your finances have yet to be impacted by recent events, it's best to keep making payments on time, says Elaine Rubin, senior contributor and communications specialist at Edvisors. "Waiving interest doesn't waive the requirement to make your monthly payments — additional guidance or clarification would be needed from the government," she says. And if you aren't facing financial hardship, Rubin says to use the situation to your advantage. "It may be the time to aggressively attack your student loans," she says. "If you aren't being charged interest, this is an opportunity to make an impact on your student loan balance."

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