On Figure student loans, the EFT discount is applied to the loan during origination and is included in the rate disclosed on the loan disclosure documents:
For eligible loans, your effective interest rate is reduced by 0.25% when participating in Auto Pay. So you will accrue less daily interest and reduce the amount you owe on your loan over time. The Auto Pay rate reduction is not included in the payment amount calculation.
Three consecutive payments returned due to insufficient funds will result in the removal of Auto Pay and the loss of the 0.25% interest rate reduction.
If you make additional payments, your Auto Pay will continue to withdraw your regular amount due each month, plus any additional amount you have requested.
If you are struggling with your student loans, please fill out this form to get help from the State of Massachusetts Ombudsman's Student Loan Assistance Unit.