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Federal student loan borrowers now have more time to enroll in autopay and receive a temporary reduction in their interest rate. The U.S. Department of Education extended the enrollment deadline from September 30 to December 31, 2026.
Borrowers who enroll in autopay by the new deadline, as well as those who are already enrolled, can receive a 1% interest rate reduction in their interest rate through June 30, 2028, as long as they remain enrolled and meet the eligibility requirements. The benefit applies to eligible Federal Direct Loans originated after July 1, 2012, including loans held by student and parent borrowers.
How the 1 percentage point interest rate reduction works
Autopay allows a student loan servicer to automatically withdraw the borrower’s monthly payment from a checking or savings account. Before July 1, 2026, borrowers enrolled in autopay generally received a 0.25% interest rate reduction.
Under the temporary benefit, eligible borrowers can instead receive a 1% interest rate reduction in their interest rate. This means that a loan with a 6% interest rate, for example, would have a 5% rate while the benefit applies. The reduction affects the interest rate, not the amount of the borrower’s outstanding balance.
Borrowers who are not currently enrolled can sign up through their student loan servicer’s website. Those who were already enrolled when the benefit was announced had their rates automatically adjusted, according to the Education Department. Borrowers must remain enrolled in autopay and continue meeting the eligibility requirements to keep the reduction.
What borrowers in default need to know
The Education Department and the Treasury Department also launched a new Defaulted Loans Support Center on StudentAid.gov for borrowers with federal student loans in default.
The online portal allows borrowers to review the consequences of default, compare options for leaving default, apply for loan rehabilitation or consolidation, make payments, and review repayment and loan-discharge options. It also allows borrowers to complete the rehabilitation process online and track their applications.
Borrowers who are in default must first bring their eligible loans back into good standing before they can access the temporary 1% interest rate reduction through autopay. According to the Education Department, they can use the new portal to consolidate eligible loans and then apply for a repayment plan before enrolling in autopay.