Federal student loan borrowers will have until the end of the year, instead of the end of this month, to sign up for autopay to receive a significant reduction on their debt, the Department of Education announced Tuesday.
People who choose to have their student loan payments automatically withdrawn from their bank account are now entitled to a one percentage point reduction on the interest rate, compared to the standard 0.25 percentage points. The higher forgiveness, launched by the department in June, could save borrowers hundreds or even thousands of dollars over the life of a student loan.
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