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President Donald Trump addresses the crowd in Atlanta, Georgia on Wednesday, April 24. (Photo/Daniela Rico)

President Trump announced on Friday all federal student loan payments are suspended without penalty for at least the next 60 days due to the coronavirus pandemic.

The move only applies to federal loan lenders, and students must contact their lenders in order to suspend their payments, Trump said. The suspension will last for at least 60 days, but the time period may be extended.

The announcement came a week after Trump announced on March 13 all interest on federal student loans would be waived during a press conference in which he also declared a national emergency due to the coronavirus pandemic.

The University of Georgia, along with other schools across the country, has sent students home and moved to online learning for the remainder of the spring semester.

At UGA, 23,128 undergraduate and graduate students received federal loans during the 2018-19 fiscal year, according to the UGA Fact Book. The total amount of federal loans UGA students received was nearly $180 million.

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