Education Department cuts student loan interest rate
Summary
The Education Department will lower the interest rate on student loans by 1% for borrowers who sign up for automatic payments. This change starts on July 1 and lasts until June 30, 2028.Key Facts
- The interest rate reduction is 1% on student loans.
- It applies to borrowers who use automatic payments.
- The new rate starts on July 1.
- The reduction will continue through June 30, 2028.
- Borrowers must enroll in automatic payments by September 30 of this year to qualify.
- This applies to student loans managed by the Education Department.
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