• Ranvier@sopuli.xyz
    link
    fedilink
    arrow-up
    51
    arrow-down
    1
    ·
    edit-2
    3 months ago

    Unfortunately the interest rate is specifically set by law and tied to 10 year treasury bill rates. This cannot be altered with an executive action, would need congress to change the law.

    https://studentaid.gov/understand-aid/types/loans/interest-rates#who-sets

    That’s why the executive orders are focused on things like minimum payments, how long it takes to get forgiveness, who qualifies, etc, because the laws give the department of education more latitude to adjust those things (or are supposed to at least, weird rulings from republican judges notwithstanding).

    • Funderpants @lemmy.ca
      link
      fedilink
      arrow-up
      9
      ·
      3 months ago

      We have 0% interest in Canada, but the way people tell it our Liberals and Trudeau specifically has never done anything good for anyone.