US extends deadline to receive student loan discount — CNBC

According to CNBC, the administration of US President Donald Trump has extended until December 31 the period during which federal student loan borrowers can enroll in automatic payments and receive an interest rate reduction.

New deadline for automatic payments

The discount amounts to one percentage point. Previously, the US Department of Education had set the deadline for enrolling in automatic payments as the end of the day Wednesday.

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The new deadline gives additional time to those who have not yet enrolled in automatic payments. To receive the discount, borrowers must sign up by December 31.

Program enrollments

According to the US Department of Education, nearly 2 million federal student loan borrowers have enrolled in automatic payments since the summer, when the discount became available. The Trump administration announced the deadline extension on Tuesday.