CA, US & World

Student Loan Borrowers Get More Time to Claim 1% Interest Rate Discount

Federal student loan borrowers are getting more time to take advantage of an interest rate discount offered by the Trump administration.

The Education Department announced that the deadline to enroll in automatic payments and receive a 1 percentage-point reduction in interest has been extended through the end of 2026. The original deadline was Wednesday.

The interest rate reduction will remain in effect through June 2028 for eligible borrowers.

The program applies only to loans issued through the federal Direct Loan program. It does not apply to Federal Family Education Loans or private student loans.

More than 42 million Americans have federal student loan debt, with outstanding balances exceeding $1.7 trillion.

Borrowers who qualify and want to receive the interest rate reduction will need to enroll in automatic payments before the new deadline.

By: NBC Palm Springs

September 30, 2026

student loansstudent loan interest ratesstudent loan discountTrump administrationEducation Departmentauto payfederal student loansDirect Loan programstudent debtstudent loan borrowers1 interest rate reductioncollege debt
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