Biden AdministrationUkraine InvasionInflationEnergyCybersecurity

Government waives interest, payments on Federal student loans due to coronavirus

March 20, 2020, 4:28 PM UTC

Student loans are being suspended as federal officials scramble to mute the economic impact of the COVID-19 pandemic.

President Donald Trump, in an update Friday, announced that all federally held student loan interest and loan payments are being suspended for the next 60 days. Trump said that could be extended further if conditions require.

“If we need more time, we’ll extend that period of time,” he said.

Borrowers should contact their lenders, Trump noted, but the government is waiving all interest on federally held loans. And this might not be the end of the relief for students.

“We have more to come on student loans, more good news for the students. But we’ll do that at a different time,” Trump said.

More than 44 million Americans have $1.5 trillion in outstanding student loan debt at present. It’s one of the largest consumer debt categories. That’s a 33% increase from 2014.

Some 69% of the Class of 2018 took out student loans. They graduated with an average debt of $29,800 per student.

Trump also announced he was waiving mandatory standardized testing for students in middle and high schools around the country for the remainder of the school year.

More coronavirus coverage from Fortune:

—A financial crisis looms as corporate America presses for a coronavirus bailout
Tax deadline moved to July 15 due to the coronavirus
—The death rate in China’s coronavirus epicenter is lower than previously thought
How working parents are navigating childcare during the coronavirus pandemic
—As oil slides on the coronavirus and a price war, the market seeks a new normal
Funerals in the time of coronavirus: How a pandemic is changing the industry
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEOs
—WATCH: World leaders and health experts on how to stop the spread of COVID-19

Subscribe to Fortune’s Outbreak newsletter for a daily roundup of stories on the coronavirus and its impact on global business.