A Direct Consolidation Loan provides auto-debit interest rate discounts for making automatic monthly payments by direct debit from a bank account (ACH). The interest rate reduction will be 0.25%.
Many private student loan refinance lenders also provide auto-debit interest rate discounts for making automatic monthly payments by direct debit from a bank account. Typical discounts include an interest rate reduction of 0.25% or 0.50%. You will need to check with your refinance lender to see if this benefit is offered.