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Student Loan Interest Drops July 1
Description
Student loans just got a temporary reprieve: the Department of Education is slashing interest rates by 1% for eligible federal borrowers starting July 1st, aimed at helping those struggling to pay. But it’s not for everyone — only loans taken out after July 1, 2012, and enrolled in auto-pay (or willing to sign up) qualify. Current auto-pay users won’t see much savings since they already get a quarter percent discount. The discount lasts until June 30, 2028, and could ease the burden on nearly $1.7 trillion in federal debt. Defaulted borrowers can still qualify by consolidating loans and applying for a new repayment plan — a path to relief, though it takes time.
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