Automatic Payment Authorization Form

You have the option to pay your loan each month using our Auto Payment option which will electronically debit payments from your bank account. If you decide to use Auto Payments you must agree to the terms of this agreement. This agreement can only be used for Auto Payments from a bank deposit account of the borrower. If you chose the Auto Payment option, you will be entitled to have the interest rate on your loan reduced by .25% APR reduction for all payments made using the Auto Payment feature.

By clicking “I Agree”, you authorize SoFi Lending Corp. or an affiliate to initiate monthly deductions from your checking or savings account indicated on the previous screen in the amount equal to the sum of your monthly scheduled loan payment, plus, if applicable, any additional amounts set forth, and any late fees or other amounts owed under the terms of your loan agreement

You understand and acknowledge that:

• • SoFi will begin to deduct monthly payments from your account on the first payment due date after this authorization form has been processed by SoFi.
• • This agreement is not assignable by you, however SoFi may, at any time, transfer this agreement and your authorization to a successor servicer or any other entity which may purchase your loan.
• • This authorization will remain in effect until terminated by SoFi or by you in your account by calling 855-456-7634.
• • In the event, you terminate this agreement, you understand that SoFi and your financial institution may require up to 10 business days to process any termination or other adjustment you make to your Auto Payment instructions.

Disclosure Statement for Recurring Auto Payments

1. The Type and Nature of Automatic Payment
   Each Auto Payment will be effective on the due date of your loan payment. The payment amount will be equal to (a) your monthly loan payment (based on the applicable repayment schedule), plus (b) any additional amounts you’ve authorized to be deducted and applied to your account, plus (c) any late fees or other amounts owed on your account pursuant to your loan agreement to the extent permissible under applicable law.

2. In Case of Errors and Questions About Your Automatic Payments
   You understand that you have certain rights under the Electronic Funds Transfer Act and its implementing regulation (Regulation E) with respect to unauthorized Auto Payments and the resolution of errors related to Auto Payments. If you suspect an error in any Auto Payment transaction, you must contact your financial institution to preserve those rights. This will not negate your responsibility to make scheduled payments on your loan during the investigation by your financial institution.

3. Right to Terminate Auto Payments, Insufficient Funds.
   SoFi or you may terminate this Agreement with or without cause. It may take SoFi or your financial institution up to 10 business days to process any request to terminate this agreement. Please note that SoFi reserves the right to suspend and/or terminate this Agreement if it receives an insufficient funds return on an attempted payment. SoFi is also authorized under this Agreement to collect by Auto Payment any additional fees due under your loan agreement, as well as fees charges by SoFi resulting from insufficient funds, to the extent permitted by law. You may also be charged a return fee by your financial institution if sufficient funds are not available at the time of an Auto Payment. In addition to fees and possible termination of the Auto Payment feature, your loan will not receive the benefit of the .25% APR reduction on your interest rate for any Auto Payment which was not honored by your financial institution or any payment made by check, wire or other means other than by Auto Payment. You may terminate Auto Payments by providing timely notice to SoFi either in writing via chat by clicking HERE, or verbally by calling 855-456-7634. If Chat is closed, you will be prompted to open a chat follow up ticket and someone from SoFi will get back to you. Please note that SoFi must receive your verbal or written request at least 10 business days before the date on which you wish to have your Auto Payments terminated. You are responsible for making timely monthly payments on your loan(s) after you have terminated Auto Payments. Termination of this Agreement will result in the loss of any interest rate discount offered while participating in the Auto Payment program and the amount of your monthly payments will increase. After any termination of this Agreement, you may reapply for Auto Pay the next month.

4. Assignment, Changes.
   This Agreement is not assignable by you, however SoFi may, at any time, transfer this Agreement and your authorization to a successor servicer or other entity which may purchase your loan. In addition, SoFi may assign or sell its rights and obligations under this Agreement to a third party at any time, by executing this agreement, you will be deemed to have consented to any such sale or assignment by SoFi of its rights and obligations hereunder to any third party.

   If SoFi initiates a change to your monthly loan payment amount, the new payment amount and any additional amount you previously requested to be deducted via Auto Payment, will continue to be deducted from your account. You have the right to receive notice at least 10 days in advance of any change to your Auto Payment amount. If you wish to change the monthly additional amount withdrawn or make other changes to your Auto Payment directions, you will be required to submit a new Auto Payment Authorization Agreement to SoFi which will take up to 10 business days to process.

5. Resuming Automatic Payments After Deferment, Forbearance or Grace Period
   If you are granted a forbearance or deferment on your loan after this Agreement is effective, the forbearance or deferment will not automatically terminate this Agreement, and Auto Payments under this Agreement will resume with the first payment due following the deferment, forbearance or grace period, unless you suspend Auto Payments or terminate this Agreement as described above. Any interest rate reduction from Auto Payments will not apply to interest accrued during any forbearance, deferment, or grace periods in which you do not make Auto Payments. Automatic Payments will resume at the end of your deferment, forbearance or grace period.

6. Confidentiality/Privacy SoFi may disclose information to third parties regarding your bank account, your loan account and/or Auto Payments to the extent permitted by law, including but not limited to, the following circumstances:

   1. • When necessary to complete an Automatic Payment;

   2. • To verify the existence and condition of your account for a credit bureau or merchant;

   3. • To verify the existence and condition of your account for a credit bureau or merchant;

   4. • To comply with government agency requests, subpoenas, or orders, lawful discovery under federal or state rules of civil and criminal procedure, court orders, or as otherwise required by applicable law; or

   5. • If you give SoFi written permission to do so.

7. Other Agreements and Regulations
   SoFi reserves the right, upon notice to you, to make changes to the Auto Payment feature as required to comply with changes to any state or federal laws rules or regulations applicable to debits to accounts.

8. Business Days
   For purposes of this Agreement, business days are Monday through Friday, excluding bank holidays.

9. Auto Pay Statements
   You will continue to receive a monthly account statement, via email, from SoFi which reflects your Auto Payments.

10. Interest Rate Reduction
    Your loan will be entitled to a .25% APR reduction on your loan interest rate for all payments made through Auto Payments. If this Agreement is terminated, or Auto Pay is terminated, suspended, returned for insufficient funds, or if you default on loans enrolled in Auto Pay, you will lose the interest rate reduction for all payments not made using Auto Payment. As noted above, you will also lose the interest rate reduction during any deferment, forbearance or grace periods.

11. Definitions

    1. • Loan means each loan issued by SoFi to Borrower under this Account Number.

    2. • Bank Account means the deposit account of Borrower identified on the previous screen.

    3. • Borrower means the Account Holder identified on the previous screen, who is also referred to in this Agreement as “you” and with terms “your” and “yours.”

    4. • SoFi shall include any purchaser of your loan, any successor servicer any agent retained by SoFi to conduct Auto Payments under this Agreement.