President Trump waives interest on federally owned student loans in effort to ease financial impact of coronavirus

WASHINGTON -- President Donald Trump during a news conference about the latest in the coronavirus pandemic on Friday said he was waiving interest for all student loans held by federal government agencies until further notice.

It was one of several emergency executive actions he announced.

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"That's a big thing for a lot of students," President Trump said.

It came during the same news conference in which the president announced that he is officially declaring a national emergency over the new coronavirus.

The president spoke at Rose Garden press conference and said no resource will be spared in responding to the virus. He said that the declaration will free up nearly $50 billion to help the states and cities.

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Trump said he is also asking every hospital in the U.S. to activate their emergency preparedness plan.

The Associated Press contributed to this report.