Take Advantage of the Discount on Student Loan “Direct Debit”
We’re big fans of automatic bill payment. It’s fast and effortless. But there is an added bonus to automatically paying your student loan bill: you get a small discount.
If you’ve set up your student loan account to automatically charge your checking account, you can qualify for the direct debit discount. Via GoCollege:
When you agree to have your lender automatically deduct your monthly loan payments from your checking account, your lender agrees to lower the interest rate on the loan. The average discount is around 0.25%, which may seem small at first, but will definitely add up over the life of the loan.
Banks and lending companies love to offer this form of discount as it helps them save on paperwork and administration. It can also help you save money on regularly charged interest, and it is definitely worth considering an offer from your lender.
If you haven’t done so already, it’s worth looking into; ask your lender if they offer this discount. It’s not much, but better than no discount. Check out the full GoCollege post for more options.
How To Find Discounts On A Student Loan | GoCollege