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The Trump administration says it is cutting student loan interest. Here are some facts and context
The Department of Education has announced a reduction in interest rates for federal student loans, describing it as part of a plan to make higher education more affordable. With growing numbers of borrowers in default, the Trump administration pitched the temporary, 1% reduction in student loan interest rates as a salve for those struggling with repayment. Education Undersecretary Nicholas Kent said Thursday that the change is a way of “making student loan repayment easier than ever” and of improving “the overall health of the federal student loan portfolio.” But the change does not apply to all borrowers, and those pursuing the reduction will need to meet eligibility criteria.
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forbes.com
Student Loan Borrowers Can Lower Their Interest By 1% Through 2028—Here’s How
Borrowers only have until the end of September to ensure they get the benefit.
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businessinsider.com
Student-loan borrowers can act now to become eligible for a new repayment benefit
The Education Department announced a 1% student-loan interest-rate deduction for borrowers who enroll in autopay beginning July 1.
