What is the Autopay Discount?

With Autopay, you can get a 0.25% interest rate reduction when you enroll in automatic monthly payments from a bank account of your choice.

Here’s how it works:

For SoFi Personal Loans (PL), Student Loan Refinancing (SLR), and Private Student Loans (PSL):

• Let’s say your monthly payment is $50:
  • $25 goes to principal
  • $25 goes to interest
• With the Autopay discount, let’s say you’ll save $1 on interest—so your new payment would be $49:
  • $25 to principal
  • $24 to interest
    
    

For SoFi MOHELA Loans:

• If your monthly payment is $50:
  • $25 goes to principal
  • $25 goes to interest
• With the Autopay discount, your payment amount stays $50, but more goes toward your principal:
  • $26 to principal
  • $24 to interest
    
    

This means with SoFi MOHELA loans, you pay off your loan faster, while with other SoFi loans, your monthly payment is slightly reduced. Autopay is a great way to save on interest over time!