The federal government has suspended interest on some student loans as the economy sputters, which could make now the right time to get ahead on student loans

With closures and cancellations happening across the US this week in response to the spreading coronavirus, many Americans are likely to face financial burdens in the very near future as their incomes dwindle.

In an effort to help ease that burden, President Donald Trump announced in a press conference on Friday that the interest on some federal student-loan payments would be suspended "until further notice" while the US deals with the ongoing coronavirus crisis.

Trump also declared a national emergency during the press conference, freeing up federal dollars to help clamp down on COVID-19. The break on interest is one of a number of efforts the Trump administration is making to avoid a total economic crisis for Americans; details on how this program will actually work have yet to be announced.

According to reporting from the New York Times, your monthly payment will remain the same despite the pause on interest.

That might not help reduce your financial burdens at the moment, but it does mean all the money you put towards your student loans will be applied to your principal for the foreseeable future rather than paying down interest.

Travis Hornsby, chartered financial analyst and founder of Student Loan Planner, notes that borrowers may be able to apply for national disaster forbearance to temporarily pause their payments if needed.

Hornsby also says that it may take student loan servicers a while to figure out how to implement these changes, so don't expect much from your next bill. If you can, try to keep making your payments as usual.

What to do with any extra cash you have on hand

If you have extra cash right now that you'd normally spend or put into savings, this period of suspended interest could be a great time to make extra payments towards your student loans.

Any money you put towards your loans during this period will be applied to your principal rather than interest, so making extra payments now could help you get out of debt faster and pay less interest in the long run.

If your work - and therefore your income - hasn't slowed at all during this time, and you find yourself with extra cash, do your future self a favor and use that money to pay down your loans.