Want to reduce the interest on your student loan? Some loan holders offer reduced interest rates if you repay your loan using electronic debiting (allowing your bank to automatically deduct your monthly loan payments from your checking or savings account). Sometimes you can get a reduced interest rate if you make a certain number of consecutive on time monthly payments. For the FFEL Program, you should contact your lender to find out about these options. For the Direct Loan Program, call 1-800-848-0979 or visit the Web site at, http://www.dl.ed.gov.