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The increased discount went into effect July 1 and borrowers have until Sept. 30 to make the change.
WASHINGTON — Federal student loan borrowers have just days left to lower their interest rate by 1%.
The U.S. Department of Education announced in July that it would offer a 1% interest rate cut for borrowers who enroll in automatic payments. The discount is an increase from the previously offered 0.25% rate cut.
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