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Originally Published: Mar 20, 2020
Originally Published: Mar 20, 2020 Last Updated: Mar 20, 2020 7 min read
Money; Getty Images

Millions of Americans have found their hours cut or jobs put on hold in recent days as the economy tumbles due to measures to slow the spread of the coronavirus.

While unemployment claims surge, lawmakers in Washington D.C. are racing to put together a stimulus package to help those workers stay afloat, and the idea of temporarily halting the collection of federal student loans is gaining traction as part of that relief. Some 45 million Americans owe student debt, with an average monthly payment of nearly $400.

The Trump Administration has already waived interest on most federal loans. Republican senators have also pitched a three-month interest-free suspension of payments on federal loans. Democratic lawmakers, meanwhile, are pushing for more, including $10,000 in forgiveness and payments covered by the U.S. Education Department while the coronavirus crisis continues.

But what if your bills are due this week or next, and you can’t wait for Congress to make a deal? Federal student loans—which comprise about 90% of the country's more than $1.5 trillion in student debt—may be the easiest of your monthly bills to amend.