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Sounds like you're talking about the annual adjusting of interest rates on Federal student loans. Federal student loan rates adjust once a year - on July 1st. They are then locked in until the following July 1st. Because of this setup, you can see dramatic shifts in student loan interest rates from year to year - especially if interest rates have been climbing over the course of that year.

It's not legislation, per se, but is a deadline established by the legislation authorizing federal student loans.
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