Student Loans: Not As Fun As Advertised.
A lot of student loan companies offer incentives for people who setup automatic payments for their monthly payments. People with automatic deductions from their paycheck or bank account are less likely to default on payments. Auto-pay your monthly student loan payments to knock off some percentage points from your interest rate.
For my automatic student loan deduction, I get .25% (that’s point two five) off of my student loan interest which saves me a few hundred dollars per year. The added bonus is that the student loan payments are paid every month without me having to think about it.
Check with your specific lender if they offer such incentives.
