Trump waives interest on federally held student loans 'until further notice'

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President Trump announced Friday he'll waive interest on federally held student loans as part of his emergency coronavirus response.

In a Rose Garden announcement, Trump said he'll take "emergency executive actions" to offer relief to students, many of whom are dealing with shuttered college campuses because of the global pandemic.

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"I've waived interest on all student loans held by federal government agencies ... until further notice," Trump said as he declared a national emergency over the coronavirus. "That's a big thing for a lot of students that are left in the middle right now. Many of those schools have been closed."

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The coronavirus has forced a flurry of colleges and universities around the country to close or switch to online-only learning as a way to stem the spread of the new virus.

At least 2.5 million students have been affected by the sudden action from at least 90 major colleges and universities.

Details on the executive action were not yet immediately available.

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The Department of Education said Secretary Betsy DeVos "is proud to work with the president in taking decisive action to help students and parents during this national emergency," the department said in a statement to Fox News. "The president has waived interest payments, but not principal payments, on federally-held student loans until further notice."