Are there any government programs to reduce the interest rate on student loans?

Yes, there are government programs available in North Carolina to help reduce the interest rate on student loans. The North Carolina Education Assistance Authority (NC EAA) offers the NC Student Loan Interest Reduction Program (NC SLIRP) to help eligible student borrowers. This program is designed to help borrowers with outstanding debt on federal student loans reduce the interest rate on those loans. In order to qualify, borrowers must be North Carolina residents, demonstrate financial need, and be enrolled in an eligible program of study. The NC SLIRPs Interest Reduction Program offers two interest rate options. The first is a fixed interest rate of 0.50%, which applies to all loans, regardless of the current interest rate on the loan. The second is a variable interest rate, which is based on the current federal student loan interest rate and is capped at 3.5%. In addition, borrowers enrolled in the NC SLIRP program may also be eligible for a loan repayment subsidy of up to $1,000 each year, if they are making regular loan payments on time. This subsidy can be applied to the loan balance each month, reducing the amount of interest owed on the loan. It is important to note that all benefits of the NC SLIRP program are only available to eligible borrowers. In order to determine eligibility, borrowers must contact the NC EAA.

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Are there any government programs to reduce the interest rate on student loans?

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