The School Loan Revolving Fund (SLRF) interest rate dropped to 1.19% last week, saving some local school districts about $8 million in interest.
Gov. Gretchen Whitmer signed into law Senate Bill 618 that adjusted the SLRF interest rate.
“Every student, in every district, has a birthright to a phenomenal public education so they can pursue their potential,” Whitmer said in a statement. “With these cost savings, we will have even more resources to invest where they matter most – in our students, teachers, and classrooms. I am proud of the work the Michigan Legislature and I have done to close the funding gap between districts and increase per-pupil funding to its highest amount ever.”
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