With the purse strings tightening on federal aid, more families may need to turn to private lenders to help pay for higher education. Private student loans require good credit (or a creditworthy co-signer) and offer fewer borrower protections than federal loans, but they have some upsides, too — including higher borrowing limits and a range of repayment term options.
A 0.25% interest-rate reduction for enrolling in autopay is commonplace. But some of our top picks for student loan lenders come with cash-back rewards, rate discounts and other financial incentives. We’re not talking credit-card-level perks, but if you have to take on debt to pay for school, every little bit helps.
Read the fine print before signing to make sure you qualify for any advertised reward — and that the interest rate, repayment options and loan terms fit your needs.
Private student loans with rewards
SoFi
The Sofi Good Grades Program rewards eligible undergraduate and graduate student borrowers with a GPA of at least 3.0 with a $250 cash bonus once per academic year. (Single-semester loans are eligible for a $100 bonus.) To receive the cash bonus, you’ll need a SoFi Checking and Savings account, which comes with a competitive APY, no monthly fees and access to a network of more than 55,000 Allpoint ATMs.
- $25/month partial interest payment option available while you are enrolled at least half-time
- 0.25% interest rate discount for autopay
- Co-signers eligible for release after 12 consecutive payments
- Offers a $250 bonus to eligible borrowers with a 3.0 GPA or better
- Existing SoFi members may qualify for an additional rate discount
- Good to excellent credit is typically required for approval
- $5,000 minimum loan amount is higher than other lenders’ minimums.
- Interest Rates: Eligibility and Important Details. Fixed rates range from 2.98% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.39% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 5/21/2026 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases.
College Ave
College Ave has partnered with Payce, a shopping platform with a Chrome browser extension, to let student loan customers earn cash back from more than 10,000 online retailers — including Best Buy, Sam’s Club, Walgreens and Walmart. Once you’ve linked your College Ave loan, your cash-back rewards are automatically applied to your loan balance after you’ve earned at least $10.
- High loan amount
- Flexible repayment terms
- Hardship protections like deferment and forbearance
- No co-signer required for U.S. students
- Offers repayment terms of up to 20 years for graduate student loans (otherwise, up to 15 years for undergraduate loans)
- Co-signers can’t be released until half of the repayment term has passed
- Charges late fees
College Ave’s student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term
Ascent Funding
Ascent borrowers can earn a 1% cash-back graduation reward based on their original principal loan amount after graduating and meeting certain eligibility requirements. The online lender also offers an autopay discount of 0.5% on most credit-based student loans (double the industry standard) and 1% on non-cosigned outcomes-based loans.
- Considers borrowers with no credit
- High loan limit
- Co-signer release available after just 12 payments
- Up to 1% interest rate discount for autopay*
- 1% cash back rewards*
- Considers alternative requirements like the borrower’s school, program, graduation date, major, GPA, cost of attendance and Satisfactory Academic Progress (SAP) to grant approval
- Maximum fixed APR is on the high side
- Doesn’t offer student loan refinancing
Disclosure: *Ascent Funding, LLC products are made available through Bank of Lake Mills or DR Bank, each Member FDIC. Subject to credit approval. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent’s Terms and Conditions please visit AscentFunding.com/Ts&Cs. Annual Percentage Rates (APRs) displayed above are effective as of 3/1/2026 and reflect an Automatic Payment Discount (ACH). The ACH discount consists of 0.25% on credit-based college student loans submitted prior to 6/1/2025, a 0.5% discount for on credit-based college student loans submitted on or after 6/1/2025 and a 1.00% discount on outcomes-based loans when you enroll in automatic payments. Loans subject to individual approval, restrictions and conditions apply. Loan features and information advertised are intended for college student loans and are subject to change at any time. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. Variable rates may increase after consummation.1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. Ascent applicants and borrowers that agree to the AscentUP Terms of Service and Privacy Policy, as well as students associated with an Ascent parent loan application, have access to the AscentUP platform.
Abe
The longer you’re punctual with payments, the more Abe rewards you: After six months of consecutive on-time principal and interest payments, your interest rate is reduced by 0.05%. It continues to drop 0.05% every six months you pay on time, up to a maximum rate reduction of 0.25%.
Want more rewards? Abe lets eligible borrowers request a 2% principal reduction after graduation.
- 2% reduction on principal balance at graduation
- Grace periods can be extended to up to 12 months
- No application fee or late fee.
- 0.05% rate discount for every six months of on-time payments (up to 0.25% maximum reduction).
- Student loan refinancing not available
- Parent loans not offered
Citizens Bank
Citizens Bank offers a 0.25% loyalty discount to borrowers with an eligible Citizens mortgage, deposit account, credit card or previous student loan. Pair it with the lender’s 0.25% autopay discount, and you can lower your interest rate by 0.50%.
- No co-signer required
- International students can qualify with a U.S. co-signer
- 0.50% rate discount for autopay from a Citizens account
- Offers student loan refinancing
- Multi-year approval lets you apply once and then just have a soft credit inquiry when they need funds in the following semesters
- Co-signers can’t be released until after 36 payments.
- Banking services not available in every state
FAQs
Do student loans have an autopay discount?
Yes, many lenders offer a 0.25% interest-rate reduction for borrowers who sign up for automatic payments from a linked deposit account. Some offer larger discounts, as well as additional reductions for returning borrowers or customers with other accounts.
Do I need to graduate to take advantage of student loan lender rewards?
While some lenders offer a percentage of your principal back when you graduate, others offer cash bonuses or rate reductions based on good grades, on-time payments and other criteria unrelated to graduation status.
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Interest Rates: Eligibility and Important Details. Fixed rates range from 2.98% APR to 15.99% APR with a 0.25% autopay discount. Variable rates range from 4.39% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 5/21/2026 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one-hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases.
Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly payments as outlined in your loan agreement by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. When the autopay interest rate deduction is added or removed, the next time the loan is re-amortized (quarterly for fixed-rate loans; monthly for variable-rate loans), the principal balance of your loan will be spread over the remaining loan term, and your monthly payment amount will change. This benefit is suspended during periods of deferment, grace period, or forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
