President Donald Trump recently announced a temporary suspension of federal student loan payments amid the coronavirus outbreak during a press briefing.

“We’ve temporarily waived all interest on federally held student loans,” Trump said during a Coronavirus Task Force press conference Friday at the White House, according to Fox News. “They’ll be very happy to hear that and I’ve instructed them to take that action immediately.”

He added that “Betsy Devos directed federal lenders to allow borrowers to suspend their student loans and loan payments without penalty for at least the next 60 days, and if we need more we’ll extend that period of time.”

“Borrowers should contact their lenders, but we’ve given them very strong instructions,” Trump said. “That’s a big thing, that’s going to make a lot of students very happy.”