"I've waived interest on all student loans held by federal government agencies, and that will be until further notice," Trump said during an appearance in the Rose Garden , noting the number of schools that have sent students home amid the growing outbreak.

A Department of Education spokesperson said that under the new policy, any borrower with a federal loan -- including those in income-driven repayment and in forbearance -- will have interest waived until the temporary policy ends. The spokesperson added that the department does not know exactly how long the policy will be in effect.

The interest will be waived automatically, the spokesperson said, and the policy will be put into effect over approximately the next week, retroactive back to Friday's announcement by the President.

The news came during Trump's coronavirus press conference on Friday, where he announced that he was declaring both a national emergency and invoking the Stafford Act , which gives access to additional funding, according to a source familiar with his decision. Trump highlighted a slew of new initiatives impacting several key federal agencies.

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