The discount for student loan payers who enroll in autopay just went up
The Trump administration is incentivizing student loan borrowers by offering a larger interest rate discount for those who enroll in autopay. The Education Department announced that borrowers who set up automatic payments will receive a 1 percentage point reduction in their interest rate, an increase from the previous 0.25 percentage point discount.
The Trump administration is promising student loan borrowers a greater incentive to sign up for autopay: a hefty discount on their debt.
On Thursday, the Education Department said people who opt to have their student loan payments automatically withdrawn from their bank accounts will qualify for a discount of 1 percentage point on the interest rate, up from the standard 0.25 percentage point.
