Student Loans Get 1% Rate Cut

Student loan borrowers get a sweet deal: sign up for auto-pay and slash your interest rate by one full percentage point. The Department of Education is rolling this out now to help folks stay current amid record delinquency rates—over 10% of federal loans are now late. This discount applies to Direct Loans taken out after July 2012, and if you’re already getting a quarter percent discount, you’ll get an extra three-quarters to hit that sweet 1%. Defaulters can also qualify by consolidating and enrolling in a repayment plan. The offer is temporary, ending June 2028, but it’s part of a bigger push coming July 1—with new borrowing caps and repayment tweaks aimed at curbing the $1.7 trillion student debt mountain. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/9b2011d3ffd24e6f