What options do I have for reducing the overall cost of my loan?

The earlier you pay, the more you can save. For example, making payments while in school and picking shorter loan terms can help you pay the loan off as quickly as possible. That can help you save on your overall interest charges, which helps reduce your total payments on your 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.

If you have taken out a private student loan with SoFi before, we’ll give you a 0.125% discount automatically when you take out your new loan.*

*0.125% Return Borrower Rate Discount: Terms and conditions apply. Offer good for private student loan customers who have previously borrowed a private student loan from SoFi and are taking out a subsequent loan only, and subject to lender approval. To receive the offer, you must meet SoFi’s underwriting criteria. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.125% rate discount because you have borrowed a private student loan from SoFi in the past. Offer good for existing private student loan borrowers only. Cannot be combined with other rate discounts, with the exception of the 0.25% AutoPay rate discount. SoFi reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice.

Find out more about SoFi’s Member Rate Discount eligibility requirements here.