In a move aimed at students and their families during the coronavirus pandemic, President Trump announced he will waive all interest on federal student loans until further notice.
TheHill reports Trump said Friday that he had waived all federal student loan interest “until further notice” amid the coronavirus outbreak.
Trump said he had done so by executive action during a ceremony in the Rose Garden Friday afternoon.
“To help our students and their families, I have waived interest on all student loans held by federal government agencies and that will be until further notice,” Trump said. “That’s a big thing for a lot of students who have been left in the middle right now.”
Trump also announced at the ceremony that he would declare a national emergency over the virus, which will free up federal resources to help state and local governments respond to the pandemic.
Several colleges and universities across the country have closed and shifted to remote classes amid the outbreak. Trump’s decision will help Americans who may struggle to keep up with student loan payments during the outbreak, which has rattled the stock market and sowed concerns about the adverse impact on the U.S. economy.
Trump sought to project confidence about his administration’s response to the virus on Friday and said the country would “eventually turn a corner” on the virus.