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

President TrumpDonald John TrumpTrump orders US troops back to active duty for coronavirus response Trump asserts power to decide info inspector general for stimulus gives Congress Fighting a virus with the wrong tools 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 PelosiDC argues it is shortchanged by coronavirus relief bill Overnight Health Care — Presented by PCMA — US coronavirus cases hit 100,000 | Trump signs T stimulus package | Trump employs defense powers to force GM to make ventilators | New concerns over virus testing Hillicon Valley: Apple rolls out coronavirus screening app, website | Pompeo urged to crack down on coronavirus misinformation from China | Senators push FTC on price gouging | Instacart workers threaten strike MORE (D-Calif.) and Senate Minority Leader Charles SchumerCharles (Chuck) Ellis SchumerTexas man arrested for allegedly threatening Democrats over coronavirus bill Pelosi not invited by Trump to White House coronavirus relief bill's signing COVID-19, Bill Barr and the American authoritarian tradition 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.