How much the waiver saves a borrower over time will vary depending on the interest rate on their loan. Interest rates on fixed-rate loans to undergraduate and graduate students range from 4.53 percent to 7.08 percent.

The biggest benefit may be to borrowers who have paused their monthly payments because of hardship, or may in the future. In student loan terms, this is known as forbearance. Normally, the interest on their loans would continue to pile up, but that won’t happen during the waiver period.

The department said it expected the waiver program to go into effect in the next week, and said it would be retroactive to Friday.

Bitcoin Falls, Throwing Safe Haven Status Into Question

One of the main selling points for Bitcoin has been that it would serve as a safe place to keep money during times of turmoil, like a digital version of gold. This promise has not held up well during the recent market gyrations.

Gold has held its value better than most other investments over the last month, but the price of a Bitcoin has fallen around 50 percent, to under $5,000 — a much sharper drop than American stocks. Thursday was the cryptocurrency’s worst day in seven years.

Critics of Bitcoin have been gleefully posting on social media the many times that prominent advocates of the cryptocurrency had said that it would be a good refuge in times of economic uncertainty.

Advocates of the cryptocurrency have said that Bitcoin is not mature enough to be a safe haven yet, but that it will be in the future.