The Education Department announced on June 18, 2026, that it will reduce interest rates by 1 percent for student loans for borrowers who enroll in automatic payments. This reduction will take effect on July 1, 2026, and will remain in place until June 30, 2028. Borrowers must enroll in automatic payments by September 30, 2026, to qualify for the lower interest rate.
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Education Department announces reduction in student loan interest rates
The Education Department will lower interest rates by 1 percent on student loans for borrowers who set up automatic payments. This change will take effect on July 1, 2026, and will last until June 30, 2028, with a deadline for enrollment in auto pay set for September 30, 2026.
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Education Department cuts student loan interest rate
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Education Department announces reduction in student loan interest rates