SoFi Blog

The news continues to be filled with actions taken by the federal government in response to the COVID-19 crisis—most recently the bipartisan rescue package passed by the Senate on Wednesday.

Another week, another full list of questions about finances. Whether someone’s got a question around the latest financial legislation or just wants to talk retirement, SoFi is here to help out.

In response to COVID-19, the U.S. Congress and the various branches of the Trump administration are proposing a wide array of measures.

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.

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.