SallieMae News & Analysis

Private Student Loans Offer Cash Back Rewards and Discounts

Many families are turning to private student loans as federal aid tightens. Private loans often require good credit and provide higher borrowing limits. Common benefits include a 0.25% interest-rate reduction for autopay and various lender-specific rewards. For instance, SoFi offers cash bonuses for good grades, while Sallie Mae provides a 2% cash back on payments. This matters for ordinary investors as it highlights the competitive lending landscape and potential opportunities for financial benefits through student loans.