Garcia Padilla said he had appointed a working group to negotiate with creditors in hopes of postponing payments on Puerto Rico's overall debt.
"The WRU is prepared to cover the full amount of postponed payments on a temporary basis, subject to the loan getting formal WRU board and bank approval.
Don't fall into the trap of paying off old debts by postponing payments of current debt.
The delinquency totals likely would be higher if borrowers weren't postponing payments.
The Federal Reserve came up with the delinquency figure by excluding from their calculation borrowers who were still students or those who were granted permission to postpone payments because of financial hardship, graduate school or some other approved reason.
The good news is that federal student loans have generous deferment and forbearance options, which allow borrowers to postpone payments during times of economic hardship.
Almost a quarter of the borrowers used an option to postpone payments to avoid delinquency.
Tuition at public four-year institutions has increased by 213% in the past 30 years and nearly half of the 22 million Americans with federal student loans are either behind on payments or received permission to postpone payments due to economic hardship.
According to my sources, the Kremlin will try to convince foreign creditors to postpone payments by major Russian companies while it draws up a new and limited list of firms in which foreigners may purchase a stake.
Some £108m of the cash is to underwrite the new "deferred payment" scheme, by which councils will enable homeowners to postpone payment of long-term care costs until after their death, and so avoid selling their properties during their lifetime.
Argentina won a reprieve from the International Monetary Fund today and was allowed to postpone payment of a $1 billion debt payment in an agreement that improved the country's chances of pulling out of its five-year-long recession.
