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

In Tennessee, there are a few government programs that can help reduce the interest rate on student loans. One program is the Tennessee Higher Education Commission’s Interest Reduction Program. This program is available to Tennessee residents who attended a college or university in the state and currently have loans in repayment. The program will reduce the interest rate on up to two undergraduate loans, and up to one graduate loan. The other program available is the Tennessee Student Loan Forgiveness Program, available to residents who attended an eligible college or university in the state. The program will pay up to 40% of the principal loan balance each year for five years. In addition to the state programs, there are other federal programs that may reduce the interest rate on student loans. These include the Income-Based repayment plan, the Income-Contingent repayment plan, and the Pay As You Earn repayment plan. These programs are designed to help borrowers who are struggling to make their loan payments. Finally, there are several loan refinancing companies that offer loan consolidation and refinancing options for borrowers. Refinancing can help lower the total cost of loans, including reducing interest rates. Whether you reside in Tennessee or elsewhere, there are programs available to help reduce the interest rate on your student loans. It is important to do your research and to understand the terms of each program before signing up.

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

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