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

The faster you pay, the more you can save. For example, 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.

Repeat Borrower Discount: Members who have borrowed a private student loan from SoFi in the past qualify for a 0.125% interest rate reduction on new private student loans.**

^{*Existing eligible SoFi Members must either (1) be in good standing with their current and prior SoFi Home Loan, Personal Loan, Student Loan; (2)or maintain a minimum balance of $10,000 in their SoFi Invest account; (3) or have an open SoFi Money account with a minimum balance of $0; (3)and take out a new loan of a different product type than they currently have, can receive a 0.125% Interest Rate Discount on that new Personal or Student loan (home loans are not eligible for interest rate or auto pay discounts).
Existing eligible SoFi Members with a SoFi Personal Loan, Student Loan or who have a minimum balance of $50,000 in their SoFi Invest accounts at the time of application, can receive a one time $500 discount on SoFi’s $1,495 Home Loan Processing Fee on their first SoFi Home Loan. Based on regulatory requirements, the name of this fee may vary in certain states.
To be eligible for either of these discounts, member must be in good standing with their current and prior SoFi loans. SoFi reserves the right to change or terminate either of these discounts at any time with or without notice. For complete terms and eligibility, please visit SoFi.com/legal#MemberRateDiscount.}

^{**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, select a term and repayment type that is eligible for the discount, and is subject to lender approval. To receive the offer, you must: (1) complete a loan application with SoFi; (2) 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.}