(FIle Photo: Source for Photo: FILE – Twenty dollar bills are counted on June 15, 2018, in North Andover, Mass. The number of Americans who do not have a bank account fell to a record low last year, as the proliferation of online-only banks and an improving economy is bringing more Americans into the traditional financial system, according to a report Tuesday, Oct. 18, 2022. (AP Photo/Elise Amendola, File)

Noah Haswell, Beaver County Radio News

(Harrisburg, PA) Pennsylvania Attorney General Dave Sunday is putting out a reminder to federal student loan borrowers that tomorrow is the deadline to enroll in autopay to receive a one percent interest rate deduction on eligible federal student loans.   

Borrowers that enroll in autopay in time will retain a one-percent interest deduction through June 30th, 2028.

This deduction applies to direct loans that are disbursed on or after July 1st, 2012, which includes parent and graduate borrowers. 

Borrowers can enroll in autopay through the website of their federal student loan servicer.

A borrower does not need to re-enroll if they have already enrolled in autopay.

The deduction of an interest rate will be applied to the account automatically.

Borrowers who do not know what their loan servicers are or need to change their payment amount that is monthly can log into their account at StudentAid.gov (click here) so they can review information about their repayment plan and loan servicer.