Student loan borrowers get more time to enroll in autopay for a debt discount
The Washington Post • • business
Key Points:
- The Education Department extended the deadline for federal student loan borrowers to enroll in autopay for an interest rate discount from the end of this month to the end of the year.
- Borrowers who set up automatic payments will receive a one-percentage-point interest rate discount, increased from the previous 0.25 percentage point.
- This enhanced discount, introduced in June, has the potential to save borrowers hundreds or thousands of dollars over the life of their loans.
