The Federal Reserve on Thursday approved student loans for millions of people who have been affected by the economic downturn and are paying them off.
But the agency has said that the debt relief will not extend to anyone who has not repaid their student loans.
The Federal Deposit Insurance Corp., which insures all federal and private student loans, said that it had approved the loans for about 2 million borrowers, including about 300,000 who had been at the height of the crisis.
The agency has already taken steps to reduce the amount of debt the debtors have to pay.
The F.D.I. said it would cut the interest rate on most federal student loans by 5 percentage points, or about 2 percent.
It would also reduce the interest on loans for people who are in higher education or who are on a federal work permit.
It said it could reduce the debt by up to $500,000 per borrower per year.
The money would go toward making loans to borrowers who cannot repay.
The Fed is also expected to ease restrictions on private student loan borrowers and make refinancing easier.
The $8 billion in refinancing payments that were due on Thursday will now be paid by July 5.
The loans are the result of a program the Obama administration launched in 2007, under which federal student debt was restructured in an effort to help families with rising debt.
The program helped to lower the costs of student loans and encourage people to take out loans.
About $400 billion of the $1.5 trillion in federal student loan debt has been forgiven.
Some of the remaining debt is being forgiven at an annual rate of about $30 billion.
In the latest round of refinancing, the F.T.C. said that refinancing would be easier for borrowers because the interest rates would be lower.
Some refinancing also could be easier because the F the money would also go toward reducing the debt for people already paying off their student debt.
For many borrowers, this means refinancing at the lowest rate possible, said Alan Schleifer, a senior analyst at the Center for Responsible Lending, which advises investors on student loan and other financial matters.
If refinancing is more difficult, some people may want to consider other forms of repayment, such as installment payments or loan deferments, Mr. Schleiger said.
The refinancing process also is likely to take longer than it would in the past because of the recession, but the Feds will be able to use the funds to help borrowers pay off the loan at the same time they are refinancing it, he said.
The F.E.C., which also will not forgive the remaining student loan debts, said the FHLD had worked to lower rates for many borrowers in the last year, while making refinancing more attractive.
The new refinancing program was approved by the FELC on Wednesday and was subject to approval by the agency’s Board of Governors.
The borrower will get a letter from the FHS in September.
The process of refinaring a federal student-loan loan will be streamlined, with new rules that are expected to go into effect by the end of June.
Read more about student loans here.