Expand / Collapse search
☰

Trump waives interest on federally owned student loans in effort to ease financial impact of virus outbreak

Updated  March 13, 2020 4:43pm EDT
Coronavirus
Associated Press

WASHINGTON (AP) - President Donald Trump says he will waive interest on student loans being held by the federal government “until further notice” as part of an emergency action to help Americans deal with the new coronavirus.

RELATED: CoronavirusNOW.com, FOX launches national hub for COVID-19 news and updates.

Trump says he has also instructed his secretary of Energy to purchase large quantities of crude oil for the Strategic Petroleum Reserve, which stores fuel for emergency use.

Trump says he’ll waive interest on student loans during coronavirus pandemic

The announcement comes as part of an emergency action to help Americans deal with the new coronavirus.

Trump says “we’re going to fill it right up to the top” and the move would save American taxpayers and help the oil industry. Trump made the announcements during a White House press conference on Friday.

RELATED: Coronavirus cancellations: These major events, concerts called off amid COVID-19 outbreak

Speaking from the Rose Garden, Trump said, “I am officially declaring a national emergency.” He said the emergency would open up nearly $50 billion for state and local governments to respond to the outbreak.

RELATED: Coronavirus: Does your hand washing pass the black light test?

President Trump Speaks To The Nation From White House Amid Coronavirus Pandemic

President Donald Trump holds a news conference about the ongoing global coronavirus pandemic in the Rose garden at the White House March 13, 2020 in Washington, DC.