Autopay boosts student-loan discounts to 1%, expanding borrower savings
TL;DR Summary
The Education Department announced that borrowers who enroll in autopay will receive a 1-percentage-point discount on their loan’s interest rate, up from the usual 0.25 points, with the discount taking effect July 1 and running through June 30, 2028. The policy could save borrowers hundreds to thousands over the life of their loans and is estimated to cost about $6 billion. The package also introduces new repayment options, including an income-driven plan, as part a broader set of student-loan affordability changes.
Topics:business#apologies#debt#education-policy#higher-education#note-extra-tag-was-requested-to-be-five-adjust-to-five#personal-finance#student-loans
- The discount for student loan payers who enroll in autopay just went up The Washington Post
- Student loan borrowers will get an interest rate cut if they sign up for auto pay NPR
- Trump administration temporarily cuts student loan interest rates for borrowers on autopay CNBC
- Student-loan borrowers can act now to become eligible for a new repayment benefit Business Insider
- Education Department Lowers Student Loan Interest Rates for Two Years The New York Times
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