Dept. of Education reduces student loan interest rates

On Thursday, The U.S. Department of Education announced a reduction in interest rates for federal student loans, as part of a plan to make higher education more affordable. The Trump administration pitched the temporary, 1% reduction in student loan interest rates to assist those struggling with repayment. This lower interest rate is scheduled to take effect on July 1, according to the department. LiveNOW's Anna Marsick brings U.S. Under Secretary of Education Nicholas Kent into the conversation to discuss the rate reduction.