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

President TrumpDonald TrumpProject Veritas surveilled government officials to expose anti-Trump sentiments: report Cheney: Fox News has 'a particular obligation' to refute election fraud claims The Memo: What now for anti-Trump Republicans? 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 PelosiOvernight Defense: Military sexual assault reform bill has votes to pass in Senate l First active duty service member arrested over Jan. 6 riot l Israeli troops attack Gaza Strip Hillicon Valley: Colonial pipeline is back online, but concerns remain | Uber, Lyft struggle with driver supply | Apple cuts controversial hire Ocasio-Cortez on Taylor Greene: 'These are the kinds of people that I threw out of bars all the time' MORE (D-Calif.) and Senate Minority Leader Charles SchumerChuck SchumerBiden 'encouraged' by meeting with congressional leaders on infrastructure Republicans welcome the chance to work with Democrats on a bipartisan infrastructure bill Cheney sideshow distracts from important battle over Democrats' partisan voting bill 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.