Student Loan Borrowers Will Get Interest Rate Cut If They Sign Up For Auto Pay (opens in new tab)

An anonymous reader quotes a report from NPR: Student loan borrowers who enroll in automatic payments will get a much bigger discount on interest starting July 1, the U.S. Department of Education says. Auto pay has long offered a modest discount off borrowers' interest rate -- .25 percentage points -- but after millions of borrowers opted out during the long COVID repayment pause, with some making no payments for years, the nation's student debt portfolio swelled to $1.7 trillion. On Thursday...