Washington (CNN) Student loan borrowers will be able to suspend their federal student loan payments without penalty and without accruing interest for at least 60 days, the Department of Education said Friday.

For now, borrowers will be able to put off two monthly loan payments. Additionally, interest will be waived for 60 days, starting retroactively on March 13.

But Trump suggested during a news conference Friday that he could decide to keep the policy in effect for longer.

"If we need more, we'll extend that period of time," Trump said.

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