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Federal Student Loan Rates Drop
Description
Federal student loan interest rates are dropping by 1%—but only for borrowers with Direct Loans taken out after July 1, 2012, who are on auto pay or sign up for it. The move, ending June 30, 2028, aims to ease repayment pressure and boost auto pay adoption, which currently lags at 40%. Existing auto pay users save just 0.75%, while the broader goal is to keep borrowers on track for income-driven plans and stabilize the $1.7 trillion student debt system.
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