Explore Your Options

With a few simple questions, the tool takes your unique student loan situation into account which will help you to figure out what options are available for you to reduce the burden and pay it all off faster.

What’s your current monthly student loan payment?

$

What is the weighted average interest rate of your loans?

%

What type of student loans do you have?

Federal
Private
Mix of both

How much do you currently owe?

$

What would you like to change most about your loans?

Reduce monthly payment
Become debt free sooner
Pay less over time

Can you afford to make your current payments?

Yes
Barely
No

Are your student loans currently in default?

No
Yes

What is your annual household gross income?

$

Do you plan to work for the government or a 501(c) 3 non-profit organization for ten years?

No
Yes

Are you a medical or dental resident with less than four years on your residency?

No
Yes
Disclaimer: This interactive Student Debt Navigator was created by Social Finance, Inc. as a self-help tool for your independent use and is intended for educational purposes only. These services are not being offered by SoFi Wealth, LLC., nor is SoFi Wealth, LLC responsible for any of the content provided by Social Finance, Inc. through this tool. By using this Student Debt Navigator, you understand that Social Finance, Inc., and its affiliates or subsidiaries, are not liable for any inaccurate statements or information provided in this tool. The information on this website is not intended to provide tax, legal, insurance, investment, credit or financial advice and any action taken in reliance on the information contained herein is done so at your own risk. This information, in whole or in part, was obtained from Federal Student Aid, An Office of the U.S. Department of Education.

Explore Your Options

Option 1

Start investing

What is it?

When you put your loans into forbearance or deferment, you are temporarily pausing all payments. Deferment is available for borrowers who have federal loans and meet certain criteria; interest may be paid by the government. Forbearance is available for borrowers who have federal loans, and even some private loans; interest typically continues to accrue. A good option if delinquency or default is possible, since both things can harm your credit and may cost you even more in late fees.

SoFi recommends

When you put your loans into forbearance or deferment, you are temporarily pausing all payments. Deferment is available for borrowers who have federal loans and meet certain criteria; interest may be paid by the government. Forbearance is available for borrowers who have federal loans, and even some private loans; interest typically continues to accrue. A good option if delinquency or default is possible, since both things can harm your credit and may cost you even more in late fees.

Option 2

Consolidation

What is it?

When you put your loans into forbearance or deferment, you are temporarily pausing all payments. Deferment is available for borrowers who have federal loans and meet certain criteria; interest may be paid by the government. Forbearance is available for borrowers who have federal loans, and even some private loans; interest typically continues to accrue. A good option if delinquency or default is possible, since both things can harm your credit and may cost you even more in late fees.

SoFi Recommends

When you put your loans into forbearance or deferment, you are temporarily pausing all payments. Deferment is available for borrowers who have federal loans and meet certain criteria; interest may be paid by the government. Forbearance is available for borrowers who have federal loans, and even some private loans; interest typically continues to accrue. A good option if delinquency or default is possible, since both things can harm your credit and may cost you even more in late fees.

Learn more about consolidation

Your debt snapshot

With a current monthly payment of $400, you will be done paying off your loans in 30 years.
 
With a balance of $15,517 and a weighted average interest rate of 6.5% , you will add $15,517 in interest, making your lifetime cost $15,517 .
Based on these inputs, your interest owed exceeds your payments, meaning your debt will never be successfully paid off.
Disclaimer: This interactive Student Debt Navigator was created by Social Finance, Inc. as a self-help tool for your independent use and is intended for educational purposes only. These services are not being offered by SoFi Wealth, LLC., nor is SoFi Wealth, LLC responsible for any of the content provided by Social Finance, Inc. through this tool. By using this Student Debt Navigator, you understand that Social Finance, Inc., and its affiliates or subsidiaries, are not liable for any inaccurate statements or information provided in this tool. The information on this website is not intended to provide tax, legal, insurance, investment, credit or financial advice and any action taken in reliance on the information contained herein is done so at your own risk. This information, in whole or in part, was obtained from Federal Student Aid, An Office of the U.S. Department of Education.