The deadline for student-loan borrowers to receive a lower interest rate is fast approaching.
Borrowers who enroll in autopay by the end of the day on September 30 will receive a temporary 1-percentage-point reduction on their student-loan interest payments, starting immediately.
The benefit, which took effect July 1 for borrowers already enrolled in autopay, will last through June 30, 2028.
A borrower would see moderate savings over the two-year period: A graduate program borrower with $50,000 in student debt and a 7.94% interest rate could save nearly $23 a month.
Autopay allows student-loan servicers to automatically deduct a borrower’s…
