{"id":4396,"date":"2017-01-25T14:01:17","date_gmt":"2017-01-25T22:01:17","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=4396"},"modified":"2023-06-09T09:51:46","modified_gmt":"2023-06-09T16:51:46","slug":"lower-interest-rate-student-loans","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/refinance-student-loans\/lower-interest-rate-student-loans\/","title":{"rendered":"7 Ways to Lower Your Student Loan Interest Rate Now"},"content":{"rendered":"

Paying off a student loan with a high interest rate can take a lot of time and money. But if you can reduce your rate, you\u2019ll likely save money on interest charges \u2014 and might be able to pay off your loan faster.<\/p>\n

Here are seven ways to lower your student loan interest rate:<\/b><\/p>\n

    \n
  1. Refinance your student loans<\/a><\/li>\n
  2. Sign up for autopay<\/a><\/li>\n
  3. Look for loyalty discounts and more<\/a><\/li>\n
  4. Make on-time payments<\/a><\/li>\n
  5. Raise your credit score<\/a><\/li>\n
  6. Use a cosigner when refinancing<\/a><\/li>\n
  7. Negotiate with your current lender<\/a><\/li>\n<\/ol>\n

    <\/a><\/p>\n

    1. Refinance your student loans<\/h2>\n

    Student loan refinancing lets you pay off private or federal loans with high interest rates by taking out a new loan with different repayment terms.<\/p>\n

    It could also get you a lower interest rate, which will save you money on interest charges over time. You also have the option to refinance more than once if you qualify for even better loan terms later on.<\/p>\n

    Keep in mind: <\/b>While you can refinance federal student loans, you\u2019ll lose your benefits and protections \u2014 including access to income-driven repayment plans and student loan forgiveness programs.<\/p>\n

    Another option is federal loan consolidation<\/a> through a Direct Consolidation Loan. Consolidating your federal student loan debt won\u2019t reduce your interest rate, but it could extend your repayment term and lower your monthly payment \u2014 lessening the strain on your monthly budget. Just remember that having a longer term means you\u2019ll pay more in interest over time.<\/div><\/div>\n

    If you decide to refinance, remember to consider as many lenders as you can to find a loan that fits your needs. Not all lenders will offer you the same rate or terms for student loan refinancing, so you\u2019ll want to get actual rates from the best student loan refinance lenders<\/a> before you make a decision.<\/p>\n

    Credible makes this easy \u2014 you can compare your prequalified rates from our partner lenders in the table below in two minutes.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
    Lender<\/strong><\/th>Fixed rates from (APR)<\/strong><\/th>Variable rates from (APR)<\/strong><\/th>Loan terms (years)<\/strong><\/th>Loan amounts<\/strong><\/th>\n<\/tr>\n<\/thead>\n

    \n
    \n
    \n
    \n \n Credible Rating<\/a>\n <\/span>\n
    \n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
    \n \"A\n \"A\n \"A\n \"A\n \"A\n <\/div>\n
    \n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
    		 \n 4.19%+<\/sup>\n <\/span>\n<\/td> \n 3.66%+<\/sup>\n <\/span>\n<\/td>5, 7, 10, 15, 20<\/td>$10,000 up to $250,000
    \n(depending on degree)<\/td>\n<\/tr>\n
    \n
      \n
    • Fixed APR:<\/span>\n \n 4.19%+<\/sup>\n <\/span>\n<\/li>\n
    • Variable APR:<\/span>\n \n 3.66%+<\/sup>\n <\/span>\n<\/li>\n
    • Min. credit score:<\/span>\n 720<\/li>\n
    • Loan amount:<\/span>\n $10,000 to $400,000<\/li>\n
    • Loan terms (years):<\/span>\n 5, 7, 10, 15, 20<\/li>\n
    • Repayment options:<\/span>\n Military deferment, forbearance<\/li>\n
    • Fees:<\/span>\n Late fee<\/li>\n
    • Discounts:<\/span>\n Autopay<\/li>\n
    • Eligibility:<\/span>\n Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas<\/li>\n
    • Customer service:<\/span>\n Email, phone<\/li>\n
    • Soft credit check:<\/span>\n 720<\/li>\n
    • Cosigner release:<\/span>\n No<\/li>\n
    • Loan servicer:<\/span>\n Firstmark Services<\/li>\n
    • Max. Undergraduate Loan Balance:<\/span>\n $100,000 - $149,000<\/li>\n
    • Max. Graduate Loan Balance:<\/span>\n $200,000 - $400,000<\/li>\n
    • Offers Parent PLUS Refinancing:<\/span>\n Does not disclose<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n

    \n
    \n
    \n
    \n \n Credible Rating<\/a>\n <\/span>\n
    \n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
    \n \"A\n \"A\n \"A\n \"A\n \"An\n <\/div>\n
    \n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
    		 \n 5.65%+1<\/sup>\n <\/span>\n <\/td> \n 5.7%+1<\/sup>\n <\/span>\n<\/td>5, 7, 10, 15, 20<\/td>$10,000 to $500,000
    \n(depending on degree and loan type)<\/td>\n<\/tr>\n
    \n
      \n
    • Fixed APR:<\/span>\n \n 5.65%+1<\/sup>\n <\/span>\n<\/li>\n
    • Variable APR:<\/span>\n \n 5.7%+1<\/sup>\n <\/span>\n<\/li>\n
    • Min. credit score:<\/span>\n Does not disclose<\/li>\n
    • Loan amount:<\/span>\n $10,000 to $750,000<\/li>\n
    • Loan terms (years):<\/span>\n 5, 7, 10, 15, 20<\/li>\n
    • Repayment options:<\/span>\n Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability<\/li>\n
    • Fees:<\/span>\n Late fee<\/li>\n
    • Discounts:<\/span>\n Autopay, loyalty<\/li>\n
    • Eligibility:<\/span>\n Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans<\/li>\n
    • Customer service:<\/span>\n Email, phone, chat<\/li>\n
    • Soft credit check:<\/span>\n Yes<\/li>\n
    • Cosigner release:<\/span>\n After 24 to 36 months<\/li>\n
    • Loan servicer:<\/span>\n Firstmark Services<\/li>\n
    • Max. Undergraduate Loan Balance:<\/span>\n $100,000 to $149,000<\/li>\n
    • Max. Graduate Loan Balance:<\/span>\n Less than $150,000<\/li>\n
    • Offers Parent PLUS Refinancing:<\/span>\n Yes<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n

    \n
    \n
    \n
    \n \n Credible Rating<\/a>\n <\/span>\n
    \n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
    \n \"A\n \"A\n \"A\n \"A\n \"A\n <\/div>\n
    \n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
    		 \n 6.99%+2<\/sup>\n <\/span>\n<\/td> \n 6.99%+2<\/sup>\n <\/span>\n<\/td>5, 7, 10, 12, 15, 20<\/td>$5,000 to $300,000
    \n(depending on degree type)<\/td>\n<\/tr>\n
    \n
      \n
    • Fixed APR:<\/span>\n \n 6.99%+2<\/sup>\n <\/span>\n<\/li>\n
    • Variable APR:<\/span>\n \n 6.99%+2<\/sup>\n <\/span>\n<\/li>\n
    • Min. credit score:<\/span>\n Does not disclose<\/li>\n
    • Loan amount:<\/span>\n $5,000 to $300,000<\/li>\n
    • Loan terms (years):<\/span>\n 5, 7, 10, 12, 15<\/li>\n
    • Repayment options:<\/span>\n Military deferment, forbearance, loans discharged upon death or disability<\/li>\n
    • Fees:<\/span>\n Late fee<\/li>\n
    • Discounts:<\/span>\n Autopay<\/li>\n
    • Eligibility:<\/span>\n All states except for ME<\/li>\n
    • Customer service:<\/span>\n Email, phone, chat<\/li>\n
    • Soft credit check:<\/span>\n Yes<\/li>\n
    • Cosigner release:<\/span>\n After 24 to 36 months<\/li>\n
    • Loan servicer:<\/span>\n College Ave Servicing LLC<\/li>\n
    • Max. Undergraduate Loan Balance:<\/span>\n $100,000 to $149,000<\/li>\n
    • Max. Graduate Loan Balance:<\/span>\n Less than $300,000<\/li>\n
    • Offers Parent PLUS Refinancing:<\/span>\n Yes<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n

    \n
    \n
    \n
    \n \n Credible Rating<\/a>\n <\/span>\n
    \n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
    \n \"A\n \"A\n \"A\n \"A\n \"An\n <\/div>\n
    \n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
    		 \n 4.15%+5<\/sup>\n <\/span>\n<\/td> \n 5.22%+5<\/sup>\n <\/span>\n<\/td>5, 10, 15, 20<\/td>$1,000 to $250,000<\/td>\n<\/tr>\n
    \n
      \n
    • Fixed APR:<\/span>\n \n 4.15%+5<\/sup>\n <\/span>\n<\/li>\n
    • Variable APR:<\/span>\n \n 5.22%+5<\/sup>\n <\/span>\n<\/li>\n
    • Min. credit score:<\/span>\n 700<\/li>\n
    • Loan amount:<\/span>\n $7,500 to $200,000<\/li>\n
    • Loan terms (years):<\/span>\n 5, 10, 15, 20<\/li>\n
    • Repayment options:<\/span>\n Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability<\/li>\n
    • Fees:<\/span>\n None<\/li>\n
    • Discounts:<\/span>\n Autopay<\/li>\n
    • Eligibility:<\/span>\n Must be a U.S. citizen or permanent resident and submit two personal references<\/li>\n
    • Customer service:<\/span>\n Email, phone<\/li>\n
    • Soft credit check:<\/span>\n Yes<\/li>\n
    • Cosigner release:<\/span>\n After 24 months<\/li>\n
    • Loan servicer:<\/span>\n Firstmark Services<\/li>\n
    • Max. Undergraduate Loan Balance:<\/span>\n $150,000 to $249,000<\/li>\n
    • Max. Graduate Loan Balance:<\/span>\n $150,000 to $199,000<\/li>\n
    • Offers Parent PLUS Refinancing :<\/span>\n Yes<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n

    \n
    \n
    \n
    \n \n Credible Rating<\/a>\n <\/span>\n
    \n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
    \n \"A\n \"A\n \"A\n \"A\n \"A\n <\/div>\n
    \n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
    		 \n 4.29%+3<\/sup>\n <\/span>\n<\/td> \n 4.74%+3<\/sup>\n <\/span>\n<\/td>5, 7, 10, 12, 15, 20<\/td>$10,000 to $250,000<\/td>\n<\/tr>\n
    \n
      \n
    • Fixed APR:<\/span>\n \n 4.29%+3<\/sup>\n <\/span>\n<\/li>\n
    • Variable APR:<\/span>\n \n 4.74%+3<\/sup>\n <\/span>\n<\/li>\n
    • Min. credit score:<\/span>\n 680<\/li>\n
    • Loan amount:<\/span>\n $10,000 to $250,000<\/li>\n
    • Loan terms (years):<\/span>\n 5, 7, 10, 15, 20<\/li>\n
    • Repayment options:<\/span>\n Forbearance<\/li>\n
    • Fees:<\/span>\n None<\/li>\n
    • Discounts:<\/span>\n None<\/li>\n
    • Eligibility:<\/span>\n Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor\u2019s degree or higher from an approved school<\/li>\n
    • Customer service:<\/span>\n Email, phone<\/li>\n
    • Soft credit check:<\/span>\n Yes<\/li>\n
    • Cosigner release:<\/span>\n No<\/li>\n
    • Loan servicer:<\/span>\n Mohela<\/li>\n
    • Max. Undergraduate Loan Balance:<\/span>\n $250,000<\/li>\n
    • Max. Graduate Loan Balance:<\/span>\n $250,000<\/li>\n
    • Offers Parent PLUS Refinancing:<\/span>\n Yes<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n

    \n
    \n
    \n
    \n \n Credible Rating<\/a>\n <\/span>\n
    \n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
    \n \"A\n \"A\n \"A\n \"An\n \"An\n <\/div>\n
    \n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
    		 \n 5.31%+4<\/sup>\n <\/span>\n<\/td> \n 7.22%+4<\/sup>\n <\/span>\n<\/td>5, 10, 15, 20<\/td>$5,000 to $250,000<\/td>\n<\/tr>\n
    \n
      \n
    • Fixed APR:<\/span>\n \n 5.31%+4<\/sup>\n <\/span>\n<\/li>\n
    • Variable APR:<\/span>\n \n 7.22%+4<\/sup>\n <\/span>\n<\/li>\n
    • Min. credit score:<\/span>\n 670<\/li>\n
    • Loan amount:<\/span>\n $5,000 to $250,000<\/li>\n
    • Loan terms (years):<\/span>\n 5, 10, 15, 20<\/li>\n
    • Repayment options:<\/span>\n Academic deferment, military deferment, forbearance<\/li>\n
    • Fees:<\/span>\n Late fee, returned payment fee<\/li>\n
    • Discounts:<\/span>\n Autopay<\/li>\n
    • Eligibility:<\/span>\n Must be U.S. citizen or permanent resident<\/li>\n
    • Customer service:<\/span>\n Email, phone, chat<\/li>\n
    • Soft credit check:<\/span>\n Yes<\/li>\n
    • Cosigner release:<\/span>\n Yes<\/li>\n
    • Max undergraduate loan balance:<\/span>\n $250,000<\/li>\n
    • Max graduate loan balance:<\/span>\n $250,000<\/li>\n
    • Offers Parent PLUS refinancing:<\/span>\n Yes<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n

    \n
    \n
    \n
    \n \n Credible Rating<\/a>\n <\/span>\n
    \n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
    \n \"A\n \"A\n \"A\n \"A\n \"A\n <\/div>\n
    \n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
    		 \n 4.39%+<\/sup>\n <\/span>\n<\/td> \n 4.18%+<\/sup>\n <\/span>\n<\/td>5, 7, 10, 15<\/td>Up to $300,000<\/td>\n<\/tr>\n
    \n
      \n
    • Fixed APR:<\/span>\n \n 4.39%+<\/sup>\n <\/span>\n<\/li>\n
    • Variable APR:<\/span>\n \n 4.18%+<\/sup>\n <\/span>\n<\/li>\n
    • Min. credit score:<\/span>\n 700<\/li>\n
    • Loan amount:<\/span>\n $5,000 to $300,000<\/li>\n
    • Loan terms (years):<\/span>\n 5, 7, 10, 15<\/li>\n
    • Max. undergraduate Loan Balance:<\/span>\n $125,000<\/li>\n
    • Time to Fund:<\/span>\n 10 to 30 days<\/li>\n
    • Repayment options:<\/span>\n Immediate repayment, forbearance <\/li>\n
    • Fees:<\/span>\n Late fee<\/li>\n
    • Discounts:<\/span>\n Autopay<\/li>\n
    • Eligibility:<\/span>\n Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from an eligible institution<\/li>\n
    • Customer service:<\/span>\n Email, phone<\/li>\n
    • Soft credit check:<\/span>\n Yes<\/li>\n
    • Cosigner release:<\/span>\n After 12 months<\/li>\n
    • Loan servicer:<\/span>\n LendKey Technologies Inc.<\/li>\n
    • Max. graduate Loan Balance:<\/span>\n $175,000<\/li>\n
    • Credible Review:<\/span>\n LendKey Student Loans review<\/a><\/li>\n
    • Offers Parent PLUS Refinancing:<\/span>\n No<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n

    \n
    \n
    \n
    \n \n Credible Rating<\/a>\n <\/span>\n
    \n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
    \n \"A\n \"A\n \"A\n \"A\n \"An\n <\/div>\n
    \n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
    		 \n 6.2%+<\/sup>\n <\/span>\n<\/td>N\/A<\/td>7, 10, 15<\/td>$10,000 up to the total amount of qualified education debt<\/td>\n<\/tr>\n
    \n
      \n
    • Fixed APR:<\/span>\n \n 6.2%+<\/sup>\n <\/span>\n<\/li>\n
    • Variable APR:<\/span>\n N\/A<\/li>\n
    • Min. credit score:<\/span>\n 670<\/li>\n
    • Loan amount:<\/span>\n $10,000 up to the total amount<\/li>\n
    • Loan terms (years):<\/span>\n 7, 10, 15<\/li>\n
    • Repayment options:<\/span>\n Military deferment, loans discharged upon death or disability<\/li>\n
    • Fees:<\/span>\n None<\/li>\n
    • Discounts:<\/span>\n None<\/li>\n
    • Eligibility:<\/span>\n Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans<\/li>\n
    • Customer service:<\/span>\n Email, phone<\/li>\n
    • Soft credit check:<\/span>\n Yes<\/li>\n
    • Cosigner release:<\/span>\n No<\/li>\n
    • Loan servicer:<\/span>\n AES<\/li>\n
    • Max. Undergraduate Loan Balance:<\/span>\n No maximum<\/li>\n
    • Max. Gradaute Loan Balance:<\/span>\n No maximum<\/li>\n
    • Offers Parent PLUS Refinancing:<\/span>\n Yes<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n

    \n
    \n
    \n
    \n \n Credible Rating<\/a>\n <\/span>\n
    \n \"Question\n \n Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.<\/a><\/span>\n <\/span>\n <\/span>\n <\/div>\n <\/div>\n
    \n \"A\n \"A\n \"A\n \"A\n \"An\n <\/div>\n
    \n View details<\/a>\n <\/div>\n <\/div>\n <\/td>
    		 \n 3.99%+<\/sup>\n <\/span>\n<\/td>N\/A<\/td>5, 10, 15<\/td>$7,500 up to $250,000
    \n(depending on highest degree earned)<\/td>\n<\/tr>\n
    \n
      \n
    • Fixed APR:<\/span>\n \n 3.99%+<\/sup>\n <\/span>\n<\/li>\n
    • Variable APR:<\/span>\n N\/A<\/li>\n
    • Min. credit score:<\/span>\n 680<\/li>\n
    • Loan amount:<\/span>\n $7,500 to $250,000<\/li>\n
    • Loan terms (years):<\/span>\n 5, 10, 15<\/li>\n
    • Repayment options:<\/span>\n Academic deferment, military deferment, forbearance, loans discharged upon death or disability<\/li>\n
    • Fees:<\/span>\n None<\/li>\n
    • Discounts:<\/span>\n Autopay<\/li>\n
    • Eligibility:<\/span>\n Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000<\/li>\n
    • Customer service:<\/span>\n Email, phone<\/li>\n
    • Soft credit check:<\/span>\n Does not disclose<\/li>\n
    • Cosigner release:<\/span>\n No<\/li>\n
    • Loan servicer:<\/span>\n Rhode Island Student Loan Authority<\/li>\n
    • Max. Undergraduate Loan Balance:<\/span>\n $150,000 - $249,000<\/li>\n
    • Max. Graduate Loan Balance:<\/span>\n $200,000 - $249,000<\/li>\n
    • Offers Parent PLUS Refinancing:<\/span>\n Yes<\/li>\n <\/ul>\n <\/div>\n <\/td>\n<\/tr>\n
    Compare personalized rates from multiple lenders without affecting your credit score. 100% free!
    \n
    \n
    Compare Now<\/a>
    \n
    \n
    Trustpilot<\/a><\/div>
    \n<\/td>\n<\/tr>\n

    All APRs reflect autopay and loyalty discounts where available | 1<\/sup>Citizens Disclosures <\/a> | 2<\/sup>College Ave Disclosures <\/a> | 5<\/sup>EDvestinU Disclosures <\/a> | 3<\/sup> ELFI Disclosures<\/a> | 4<\/sup>INvestEd Disclosures<\/a> | 7<\/sup>ISL Education Lending Disclosures\u00a0<\/a> | 8<\/sup>Nelnet Bank Disclosures<\/a><\/small><\/p><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

    Learn More: <\/i><\/b>Fixed- or Variable-Rate Student Loan: Which Is Right for You?<\/i><\/b><\/a>
    \n    <\/a><\/p>\n

    2. Sign up for autopay<\/h2>\n

    One of the quickest ways to get a rate discount is to check if your lender or loan servicer offers an automatic payment discount. Most autopay discounts reduce your rate by 0.25% percentage points. That might not seem like a lot, but every little bit helps.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t
    <\/td>Without 0.25% discount<\/strong><\/th>With 0.25% discount<\/strong><\/th>\n<\/tr>\n<\/thead>\n
    Loan amount<\/strong><\/td>$40,000<\/td>$40,000<\/td>\n<\/tr>\n
    Interest rate<\/strong><\/td>6.80%<\/td>6.55%<\/td>\n<\/tr>\n
    Total interest<\/strong><\/td>$15,239<\/td>$14,625<\/td>\n<\/tr>\n
    Savings<\/strong><\/td>$0<\/td>$614<\/td>\n<\/tr>\n
    How authorizing automatic loan payments can lower your student loan repayment costs. Assumes 10-year repayment term.<\/em><\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n
    For example:<\/b> If your total student loan debt is $40,000, that small rate discount can save you more than $600 over the life of a loan with a 10-year repayment term. You\u2019ll save even more if your loan balance is higher.<\/div><\/div>\n

    In addition to lowering your interest rate, authorizing automatic payments can:<\/p>\n