The Trump administration announced on Tuesday that it is granting federal student loan borrowers additional time to enroll in automatic payments and qualify for an interest rate discount. The new deadline to sign up has been moved to Dec. 31.
Previously, the U.S. Department of Education had instructed borrowers to complete their registration by the end of the day on Wednesday to benefit from the 1 percentage point reduction in their interest rates. The extension provides borrowers with several additional months to take advantage of the program.
According to the department, nearly 2 million federal student loan holders have already enrolled in autopay since the discount program became available earlier this summer.
Good news for those who missed it, but confusing policy making on the front end.
Two million people already enrolled. The administration should have known the deadline was unrealistic.
Wait, does this mean the discount disappears after December? I thought it was permanent.
Why did they set such a short initial deadline? Seems like they expected confusion.
Finally! I was stressed about signing up today. This extension is a relief.