What options do I have for reducing the overall cost of my loan?
The longer the loan term the lower the monthly payments will be, but that means more interest will be paid over the life of the loan. Conversely, a shorter loan term may mean higher monthly payments, but then less is paid in interest over the life of the loan.
You can also get a 0.25% interest rate reduction when you sign up to make automated payments from your checking or savings account. Learn more about SoFi’s autopay discount on our repayment options and examples page.
Find out more about SoFi’s Member Rate Discount eligibility requirements here.
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