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Twitter Live Recap: Savings, Spending, and Student Loans in a Time of Uncertainty

It’s been quite a week, but we’re all in this together. It’s natural for questions around money to come up at a time like this, and SoFi’s here to lend a hand.

SoFi Financial Planner Brian Walsh took to Twitter on Friday afternoon to answer questions and share real-time financial guidance during a time of uncertainty and financial volatility.

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What to Know About President Trump’s Federal Student Loan Announcements

This article contains breaking news and events related to the current state of politics and the economy. While we try our best to keep our articles as up-to-date as possible, the ongoing effects of COVID-19 are happening in real time and information is subject to change.

On March 20, 2020, President Donald Trump announced that the U.S. government will be temporarily suspending payments on federal student loans. This comes after the president’s announcement last week that the government would be temporarily waiving interest payments on federal student loans .

U.S. Secretary of Education, Betsy DeVos, was quoted in a statement as saying the following:

“These are anxious times, particularly for students and families whose educations, careers, and lives have been disrupted. Right now, everyone should be focused on staying safe and healthy, not worrying about their student loan balance growing. I commend President Trump for his quick action on this issue, and I hope it provides meaningful help and peace of mind to those in need.”

The payment pause is for a minimum of 60 days, retroactively going back to March 13, 2020. More details will likely be provided as this story continues to unfold, including whether this pause will be extended past the initial 60-day timeframe.

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Has the Coronavirus Recession Begun?

This article contains breaking news and events related to the current state of politics and the economy. While we try our best to keep our articles as up-to-date as possible, the ongoing effects of COVID-19 are happening in real time and information is subject to change.

It appears that the economic fallout from the coronavirus pandemic has reversed the near decade-long bull market, pushing the U.S. economy into a recession.

The coronavirus has impacted the daily lives of all Americans. Schools are canceled, those who can work from home are doing so, and bars and restaurants across the country are closed indefinitely. In response, the stock market is reeling.

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Preparing for a Recession in 2020

It’s a question on a lot of minds. When is the next recession? Although nobody can claim to possess the trillion dollar crystal ball that predicts recessions, extensive research has been done into what causes economic downturns and where the US seems to be in the current cycle.

It may seem as though there’s always an ongoing conversation about this, and it is overwhelming to try and decipher the mixed messages coming from politicians, economists, and the media.

Uncertainty and fear about the economy can lead to inaction and missed opportunities. There is a lot you can do to prepare and stay informed in the event of a recession.

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