This is a news story, published by CNBC, that relates primarily to The Federal Reserve news.
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interest rate reductionCNBC
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85% Informative
The Federal Reserve is about to cut rates for the first time in four years .
Rates for everything from credit cards to car loans will be affected once the Fed starts trimming its benchmark.
The impact from the first rate cut, expected to be a quarter percentage point, "is very minimal," experts say.
Federal student loan rates are fixed, so most borrowers won't be immediately affected by a rate cut.
However, if you have a private loan, those loans may be fixed or have a variable rate tied to the T-bill or other rates.
Eventually, borrowers with existing variable-rate private student loans may also be able to refinance into a less expensive fixed-rate loan.
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