The Department of Education is reducing interest rates for student loans, referring to it as a part of a broader plan to make higher education more affordable.

According to The Associated Press, the Trump administration floated a temporary 1% cut in student loan interest rates as relief for borrowers enduring challenges repaying their loans.

RELATED: Why student loan delinquencies are soaring - and credit scores are dropping However, this change does not apply to all student loan borrowers, and those seeking the reduction must meet certain eligibility requirements.