President Trump 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.
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 Pelosi (D-Calif.) and Senate Minority Leader Charles Schumer (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.