President Donald Trump announced that he is waiving interest on federal student loans “until further notice” at a press conference Friday, CNBC reported.

The move comes amid a series of emergency actions, like slashing interest rates, designed to mitigate the economic fallout associated with COVID-19.

“To help our students and their families, I’ve waived interest on all student loans held by federal government agencies and that will be until further notice,” Trump said at the conference. “That’s a big thing for a lot of students who are left in the middle right now. Many of those schools have been closed.”