SoFi Blog

Tips and news—
for your financial moves.

3 people who refinanced their student loans and saving over $10K

3 People Close To Paying Off Student Debt Discuss Their Payoff Strategies and What They’ll Do Next

Life, interrupted. That’s what millennials with student loans are discovering as they try to meet their financial goals, such as buying a home.

But there’s a way to eliminate that debt faster. Refinancing your student loans to reduce interest rates is a strategic move savvy borrowers are making to save money over the life of their loans. Then they can turn their attention to saving for retirement and improving their quality of life.

We talked to three of our members, each with a different set of life circumstances, who were tired of putting their dreams on hold. For James Hilton Harrell, Melonia Bennett and Josh Grant, refinancing their student loans with SoFi has help put them on the path to a brighter financial future.

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SoFi Member Spotlight on UCLA grad Mavrick Goodrich

Beating the Odds on the Way to UCLA: MBA Grad Mavrick Goodrich Shares His Inspiring Journey and How He’s Tackling Six Figures of Student Debt

In our latest SoFi member spotlight, we catch up with Mavrick Goodrich to discuss the experiences that lead to his UCLA undergrad, pursuing his MBA and furthering his career as a Management Consultant. It’s a moving tale of resilience, learning and always moving forward – personally, professionally and financially. 

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Here's what you need to know about refinancing student loans

Should I Refinance My Fed Loans? Here’s What You Need to Know

If you’ve thought about refinancing student loans, chances are your next question is whether you can refinance federal student loans. After all, most of the $1.4 trillion in outstanding student loan debt is made up of fed loans.

The short answer is yes— you can refinance federal student loans with a select few private lenders, including SoFi. This is great news for borrowers with high-interest rate federal unsubsidized or PLUS loans.

However, there are a few things to be aware of before you refinance fed loans. We’ve gathered the most frequently asked questions from our blog and social media channels about federal student loan refinancing to help you decide whether it’s right for you.

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A visual timeline of student loans

A Visual Timeline of Student Loans: Where We’ve Been and Where We’re Headed

More Americans than ever are taking out student loans to invest in their futures. And that’s leading to…a huge amount of debt across the nation. $1.3 trillion in fact. This year alone, college grads who have their bachelor’s degrees face an average of $37,000 in student debt. And, as of July, over seven million borrowers are in default.

So how to solve it all? Let’s start at the beginning. Scroll through the visual timeline below to see the highlights and lowlights of the past 80 years in student loan history.

Rest assured, there is definitely a light at the end of the tunnel (er…timeline).

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Grace Period Ending? Create a Student Loan Repayment Strategy to be Thankful For

During this time, many Americans are taking time to reflect on the things they’re grateful for. But for some people, the season of giving thanks actually represents something that they aren’t all that thankful for—student debt. November and December mark the end of many student loan grace periods, which means this is the time of year when recent grads have to start paying back student loans.

If you fall into this category, here’s something you can be thankful for: a smart student loan repayment strategy. Because make no mistake – paying back student loans does require a strategy, particularly for the average graduate, law or medical school grad shouldering six figure of student loan debt. .

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