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

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.

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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 “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.

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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.

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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.