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

President TrumpDonald John TrumpNew Biden campaign ad jabs at Trump's reported 0 income tax payments Ocasio-Cortez: Trump contributed less in taxes 'than waitresses and undocumented immigrants' Third judge orders Postal Service to halt delivery cuts 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.

ADVERTISEMENT

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 PelosiPelosi preparing for House to decide presidency if neither Trump or Biden win electoral college: report Trump seeks boost from seniors with 0 drug discount coupons GOP senators confident Trump pick to be confirmed by November MORE (D-Calif.) and Senate Minority Leader Charles SchumerChuck SchumerDemocrats blast Trump after report reveals he avoided income taxes for 10 years: 'Disgusting' Biden refuses to say whether he would support expanding Supreme Court Schumer says Trump tweet shows court pick meant to kill off ObamaCare 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.