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Trump waives student loan payments for 60 days, K-12 standardized tests

President TrumpDonald TrumpSchumer: Impeachment trial will be quick, doesn't need a lot of witnesses Nurse to be tapped by Biden as acting surgeon general: report Schumer calls for Biden to declare climate emergency MORE said Friday that student loan borrowers will be able to suspend loan payments for 60 days amid the coronavirus pandemic.

Trump said during a White House briefing that interest on federally held loans would be "temporarily waived."

"Today, [Education] Secretary [Betsy] DeVos has instructed federal lenders to allow borrowers to suspend their student loans and loan payments without penalty for at least the next 60 days," Trump said. The president added that the time period could be extended depending on the state of the pandemic.

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Also during the press conference, Trump said the Department of Education would be canceling all standardized testing for K-12 students. School districts across the country are currently closed for at least two weeks, as states try to stem the spread of COVID-19.

In addition to suspending interest and student loan payments, a Senate GOP bill — the third coronavirus stimulus package proposed by Congress — aims to give direct payments to Americans who make less than a certain income.

Trump on Friday said that he wants to be able to sign the bill, which will hover around $1 trillion, by Monday. The bill was sent to congressional Democrats late Thursday night. Speaker Nancy PelosiNancy PelosiOklahoma man who videotaped himself with his feet on desk in Pelosi's office during Capitol riot released on bond House formally sends impeachment to Senate, putting Trump on trial for Capitol riot With another caravan heading North, a closer look at our asylum law MORE (D-Calif.) and Senate Minority Leader Charles SchumerChuck SchumerMcConnell: Power-sharing deal can proceed after Manchin, Sinema back filibuster Justice watchdog to probe whether officials sought to interfere with election Capitol insurrection fallout: A PATRIOT Act 2.0? MORE (D-N.Y.) acknowledged in a statement late Thursday that they had received the 250-page bill, but noted that it focused on aid for corporations instead of workers.