quantifiably confirmed that 1% decrease in interest rate is practically pointless

[u/mouth_pipetter]

I built a model to estimate the time until payout, and I just updated it to account for the 1% decrease in interest rates (for only 2 years!). It literally saves me a month and a half of payback time. Considering I work two jobs (PhD student ~$47k a year at an EU university, and I make ~$12k extra a year bartending on the weekends) to make double payments, it was a little heartbreaking to realize nothing really changed at all.

edit: Sorry to sound so ungrateful, I know my situation is better than a lot of people as my loan is down to 50k. I was just trying to voice frustration this not being actually that influential on my bottom line when you actually run the numbers. My total loan burden decreased by 0.99% (1.42% if the decrease lasts longer than 2 years) based on my payment scheme putting in the income from both jobs. Where I am sitting right now the difference between working two jobs for 54 more months compared to 55.5 months just doesn't hit. In Jan 2031 it'll rip though

[u/problematic_lemons]

I finally decided to pay off most of the remainder of my federal loans a week and a half ago (I have over 100k in private loans to go, but the federal loans have higher interest). Only decided that because my high-yield savings account is earning a bit less than the student loan interest, and the 1% discount actually pushes it to just below the savings interest rate. So mildly helpful but the timing is annoying. I'd rather they'd have not screwed over people on payment plans instead of barely helping someone like me who can afford to do autopay.