The Education Department just dropped a major money-saving opportunity for student loan borrowers, but you’ll need to act fast to lock it in. According to The Hill, starting July 1, interest rates on federal student loans will drop by a full 1%, but only if you’re enrolled in automatic payments by September 30.
This isn’t just a small tweak. For borrowers with tens of thousands in debt, that 1% could mean hundreds of dollars in savings over time. The catch? You have to meet that September deadline to qualify. If you’re already using auto pay, you’re in luck because your rate will drop automatically. But if you’re not, now’s the time to set it up.
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