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A budget is a great way to take control of your money: It gives you vital intel about your earnings, spending, and saving while providing guidance so you can hit your financial goals.

That said, a key step in the budgeting process is finding the right technique for you. Which is why it can be helpful to learn about two different budget types that are often used in business accounting. The two varieties, a static budget and a flexible budget, can apply them to your personal finances.

A static budget presets your spending limits per category, but doesn’t vary with real-time events, like an unexpected car repair bill or low-earning quarter. When you use a flexible budget, however, you can adjust amounts month by month or even week after week.

Depending on your personal and financial style, one type of budget may work better than another for you. This guide will explain each approach and spell out their pros and cons so you can pick what will work best for you.

What Is Flexible Budgeting?

What is a flexible budget? It’s a way of tracking and managing your money that relies on current information. It does not stay fixed. Rather, you can review the data — what’s coming in and what’s going out — and adjust accordingly. So if a client doesn’t pay his bill one month as you expected or an unexpected expense pops up, you can juggle things around a bit.

You might temporarily cut some discretionary expenses, such as entertainment or clothing, for example.

What Is Static Budgeting?

A static budget vs. a flexible budget is more rigid. Sometimes referred to as a master budget, a static budget can be a good way to establish financial guardrails. You always know how much you have allotted to pay for certain expenses.

Say you typically spend $500 a month on groceries. In a static budget, that is the amount that will be earmarked, regardless of whether, say, you are throwing a 30th birthday party for a pal and need to load up on supplies for charcuterie boards.

The budget won’t vary, and you may perhaps have to figure out how to make it work.

Comparing Static vs Flexible Budgeting

Here, you’ll learn about the differences between static vs. flexible budgets by exploring the pros and cons of each.

Pros and Cons of Flexible Budgeting

Here’s a closer look at flexible budgeting, starting with the upsides.

Pros of Flexible Budgeting

If you review the different budgeting methods and choose a flexible one, you will likely enjoy these positives:

•   Reflects income fluctuations. If you work as a freelancer, a seasonal employee, or on commission, you are used to the ups and downs of your earning. With a flexible budget, this variation is acknowledged and addressed.

•   Adjusts for changing expenses. A flexible budget can help you account for shifts in spending, such as needing to shell out for a new phone or getting a month of free rent when you move to a new apartment.

•   Allows for spontaneity. It can let you jump on an opportunity, like a chance to go to London for half-price when you find a killer deal online.

Cons of Flexible Budgeting

Next, consider the downsides of flexible budgeting.

•   Requires time and energy. Because it isn’t a “set it and forget it” method of budgeting, it means you need to check in regularly on your income, spending, and saving to stay on track.

•   Limits your ability to plan. Since you are adjusting and recalibrating, that may detract from how well you can map out and achieve your financial goals.

•   May minimize accountability. If you know your budget is flexible, you may feel as if you have license to deviate from your money management habits. You may give yourself permission to overspend (like that half-price trip to London mentioned above.)

Pros and Cons of Static Budgeting

Here’s the lowdown on static budgets so you can decide if they suit your personal and financial style.

Pros of Static Budgeting

First, the positives about these budgets:

•   Provides structure. A static budget is a rigorous way of tracking and managing your money. You determine how much cash goes where and then follow those guidelines. It tells you what you can and can’t do month to month.

•   Needs little maintenance. As mentioned before, this is a “set it and forget it” type of plan, not one that needs constant adjustment.

•   Can enhance goal-setting. This kind of plan helps you prioritize and follow through. If you are trying to sock away money for the future (whether that means a vacation next year or the down payment on a house several years down the road), a static budget can help you hit your marks without fail.

Cons of Static Budgeting

That said, there are downsides to static budgets:

•   Can be too rigid. Life happens: You try the new Brazilian steakhouse in your neighborhood and blow your dining out budget. You get hit with an unexpected car repair bill. A static budget doesn’t give you wiggle room.

•   Can be discouraging. A corollary to the above point: Some people feel less motivated to follow a budget when they feel it doesn’t “get” what’s going on in their life. It may lead them to be less diligent about tracking their expenses and money in general.

If you aren’t sure which budgeting method is best for you between static budgets and flexible budgets, a hybrid approach might be appropriate. That could include:

•   Setting up a master budget at the beginning of the year based on projections and using it as a guide.

•   Tracking costs as the year progresses and making adjustments when necessary.

•   Using that information and learning to better inform next year’s plan.

7 Steps to Start Budgeting

The point of a budget — whether you’re a freelancer or a full-time employee — is to spend less than you earn so you can save and reach future financial goals. Here are a few steps for budgeting for beginners; they could help you get started.

1. Figuring out What You Spend

If you aren’t already tracking your spending, that may be a good place to begin. There are several ways to do this, from carrying around a small notebook and writing down every expense to using a spreadsheet to downloading an app on your phone (your financial institution may offer a good option).

•   Understand your fixed expenses. Once you’ve tracked your spending for a few months, you can determine your average spending in various recurring categories. Some of this will be fairly easy, because the costs are often the same (housing, car payment, student loans, etc.).

•   Get a handle on variable expenses. Your discretionary expenses will likely vary from month to month or at different times of year. Utility costs may go up or down, for instance, depending on the season. Or your travel costs may go up if you take a summer vacation. And some costs, such as clothing, entertainment, and household goods, will be more discretionary than others.

•   Don’t skip important items. Be sure to include commonly forgotten expenses, such as pet-care costs and charitable donations. If you’re self-employed, you may want to consider taxes, retirement savings, insurance, and other expenses that others might have automatically withdrawn from their paychecks every month.

2. Determining What You’ll Earn

Pinning down how much you can expect to earn is often much easier for those with regular paychecks. If you’re self-employed but have steady clients who pay on time, or your job is a mix of paychecks and tips or commissions, you may be able to come up with a fairly accurate estimate.

But if you’re a freelancer or contractor whose work and pay varies widely from month to month, it can be a challenge to set this amount.

•   Example: You can use your spreadsheet or tracking app to determine an average amount earned ($4,000 in July + $5,000 in August + $3,000 in September would be $4,000 a month, for example). This may give you a more realistic number on which to base your budget calculations than guessing (or hoping) that you’ll make a certain amount.

3. Creating a Budget Using What You’ve Found

Here’s where you can make a budget that you want to use.

•   With a static budget, you would set spending limits and stick with them throughout the year.

•   With a flexible budget formula, you would set spending limits, but adjust when necessary: If you make less than expected, you spend less than you planned.

•   If you see that you’re spending more in one category than expected, you can shift allocations or find ways to cut recurring costs like your cable bill, haircuts or pedicures, or gym membership.

•   If it looks as if you’re headed for a long-term shortfall, and you just can’t cut it any tighter, you may have to find a way to earn extra money by taking on a side gig or perhaps raising your freelance rates. What’s important is setting a realistic budget, so you can stick with it.

4. Considering the 50/30/20 Plan

Looking for flexibility, but don’t want a budget you have to rework every month? You may be a candidate for the 50/30/20 budgeting method, which was made popular by Sen. Elizabeth Warren and her daughter, Amelia Warren Tyagi.

The plan suggests the following:

•   Putting 50% of after-tax income toward essentials like rent and food, as well as minimum debt payments.

•   Allocating 30% toward discretionary spending, or the fun stuff in life.

•   Committing 20% toward savings.

This method also makes sense for people who are on a steady salary as well as those who don’t have a steady income, because it’s based on percentages. And those percentages are just a guideline for getting started, so you can shift the amounts to make it work for your finances.

You can save more or less, depending on what you’re earning or what long-term debts you have. Or you might move a few percentage points from discretionary spending to cover essentials if you live in a city with higher housing or transportation costs.

5. Building a Backup Fund

If possible, consider making an emergency savings account a priority. Life has unexpected ups and downs for everyone, and financial experts’ recommend that you build up to three to six months’ worth of living expenses in the bank.

This can help protect you if, say, you were to lose your job or face a large, unexpected expense. It can help you stay afloat and avoid racking up high-interest credit card debt.

An emergency fund can be especially important for freelancers and other self-employed workers. If you have a slow month or quarter (or get injured or sick), that money can tide you over.

Even if saving anything at all seems daunting, don’t worry or give up. Starting small, with a $100 or $200 deposit or the addition of $20 at a time can be better than never starting at all.

6. Splurging Responsibly

With a personal budget, cost-cutting measures can be a sign of fiscal responsibility, but if you can’t splurge every once in a while, it may make it harder to stick to your overall plan.

So how can you splurge responsibly? Living on a budget doesn’t mean you don’t get to have fun! Maybe you earmark $25 a week for fun little purchases if you’re the kind who loves getting a gelato or buying a book from time to time. Or you might choose to put any bonuses, unexpected earnings, and tax refunds straight into the bank with a trip or some other big spend in mind.

Or you could build the extravagance into your budget, with a category specifically for vacations or travel, or one for home renovations, and deposit that amount into a separate account just for that purpose.

7. Thinking About Tomorrow

A smart personal finance budget involves saving for retirement. Many experts recommend signing up ASAP if your employer offers a 401(k) or some other retirement plan — especially if there’s a matching contribution involved. If an employer plan isn’t available to you, you may still want to make it a goal to invest something each month in a traditional IRA, Roth IRA, or Simplified Employee Pension (SEP) IRA.

With a traditional IRA or SEP, you can defer paying taxes on the money you invest until you take withdrawals in retirement, which can keep you in a lower-tax bracket.

Or, if you’re nervous about tying up the money that long, you could go with an after-tax Roth account, which allows you to withdraw contributions (but not earnings) at any time. You can open an IRA at a brokerage, bank, or other financial services provider.

Savings With SoFi

If you’re convinced you should use a budget — static or flexible — or are already doing so, it’s wise to keep your money with a financial institution that helps you track your spending and make the most of your cash. Like SoFi.
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Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What is the difference between a fixed and flexible budget?

Here’s the difference between a fixed vs. flexible budget: With a fixed budget, it’s expected that your income, spending categories, and savings will remain constant. With a flexible budget, there is wiggle room for adjusting and updating these numbers.

What is an example of a fixed budget?

With a fixed budget, the numbers for earnings, spending, and saving would be set and then stay constant. It would be assumed, say, that your housing expenses, your dining out and clothing spending, and your retirement savings will be steady, month after month.

What is an example of a flexible budget?

An example of a flexible budget is one that varies and takes into account the ups and downs of income, spending, and saving. For instance, it might add a category for gift-buying in December as the holidays approach, or drop in a sum of vacation spending in July.

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SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

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SOBK0923004

Working as a nurse can be a fulfilling career with plenty of job opportunities. However, working as a nurse also requires you to meet specific educational and certification requirements, which could mean taking on student loan debt.

Fortunately, the federal government anticipated this issue, and it’s trying to put nurses in places with the most need while helping them get out of debt. If you commit to working in a high-need or shortage area for a certain period of time, you could qualify for forgiveness of your student loan debt.

The Nurse Corps Loan Repayment Program , one of the student loan forgiveness programs for nurses, can be a great help for nurses who find themselves overwhelmed by student loan debt . Read on to learn how the program works, including how much loan forgiveness it offers and how to qualify.

Requirements for the Nurse Corps Loan Repayment Program

To be considered for the Nurse Corps Loan Repayment program, there are some key requirements you have to meet. Checking off as many of the eligibility requirements as possible will give you the best chance of success.

So, what are the requirements? They include:

•   Being a U.S. citizen, U.S. national, or permanent resident who is licensed as a registered nurse.

•   Working full-time at one of the Critical Shortage Facilities the government recognizes in an underserved area or at a nursing school.

•   Graduating with a nursing degree from an accredited nursing school in the U.S. or its territories.

Since the program is so competitive, the government gives preference to nurses with the greatest financial need. For nurse faculty applicants, it gives preference to those who work in a school where at least 50% of the students are from a disadvantaged background.


💡 Quick Tip: Get flexible terms and competitive rates when you refinance your student loan with SoFi.

Nurse Corps Loan Repayment Program Service Commitment

Many U.S. residents go without needed treatment because there’s a shortage of healthcare workers where they live. By participating in the Nurse Corps Loan Repayment program, you can realize your passion for providing care to people who really need it.

Specifically, you must commit to working in a Critical Shortage Facility full-time for two years. In some cases, nurses can elect to continue for an additional year.

Once your service commitment to the Nurse Corp Loan Repayment Program is complete, the program will pay 60% of your unpaid nursing debt. If you can get a one-year extension, the government will pay back 25% of the original loan balance. Keep in mind you’ll have to pay taxes on the amount of the loan repayment you receive.

Are There Other Loan Repayment Options for Nurses?

As a nurse, there are other repayment options worth exploring that could help you manage your student debt. Here are a few options to check out:

•   National Health Service Corps Loan Repayment Program: If you’re a nurse practitioner, you can tap into this program. In exchange for working two-years at an approved site , the National Health Service Corps Loan Repayment Program provides up to $50,000 in loan repayment to full-time workers and up to $25,000 to half-time workers. If you’re selected to continue past the service term, you can get more debt paid off.

•   Apply for income-driven repayment. If you’re having trouble keeping up with payments on your federal student loans, consider applying for an income-driven plan like the SAVE Plan. These plans adjust your monthly payments to a percentage of your discretionary income while extending your loan terms. If you still owe a balance at the end of your term, it will be forgiven.

•   Consolidate your federal loans. Federal Direct loan consolidation involves combining your federal loans into one new loan with a new interest rate. You can also choose a new repayment plan and may qualify for terms as long as 30 years, depending on your loan amount.

Another Option: Refinancing

With competition so high for loan repayment programs, many applicants won’t be selected. And if you’re not working at a Critical Shortage Facility, you’re not going to qualify. Others may complete their service commitment, but still struggle with student loan debt. But there’s another option to consider that can help you manage student loan debt beyond the Nurse Corps Loan Payment Program or the National Health Service Corps Loan Repayment Program.

Refinancing your student loans can make sense for borrowers who are established in their careers and have built up a solid credit rating. Depending on your credit score and other factors, you could qualify for a lower interest rate than you have now.

You also have the option of choosing a fixed-rate loan or a variable-rate loan. If you like the idea of having a set payment amount, month after month, a fixed-rate loan fits the bill. If you can live with flexibility, a variable-rate loan follows the market, which means it could start lower but then rise. Of course, when rates rise, so does your payment amount.

All that said, refinancing federal student loans can have a major downside. If you refinance federal loans with a private lender, you’ll lose eligibility for federal programs, including income-driven repayment and federal loan forgiveness programs. Make sure you’re not relying on any federal benefits before refinancing federal loans, since you can’t reverse the process after it’s done.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.

On top of sorting out whether you’re eligible for federal student loans and the difference between subsidized and unsubsidized loans, you may be wondering how student loans may impact your taxes and whether student loans count as income. In a nutshell, the answer is no, student loans are debt, and do not count as income.

Fellowships and other forms of financial grants, however, may be counted as income, depending on how the funds are spent. And loans that are forgiven have counted as income.

Read on for more about the tax implications of student loans, grants, and student loan repayment. Of course, this is just a helpful guide as you begin to explore the basics of student loans and taxes; always seek out a tax professional to help you with your specific situation.

Are Student Loans Taxable?

There are multiple types of student loans — each with their own unique terms. As noted earlier, though, student loans are not taxed as income.

This is true of other types of loans generally as well, like credit card spending, mortgages, and personal loans (unless the loan is forgiven) — basically most credit that needs to be repaid. The IRS considers student loans a form of debt — not income — therefore, it is not taxed.

The only time that student loans (or other types of debt) can be taxed is if they are forgiven during repayment. If you are eligible for a federal student loan forgiveness program and have met the requirements (which vary, and may include stipulations like making eligible payments for 20 to 25 years via an income-driven repayment plan or completing eligible public service work/payment requirements, and others), the remaining balance on your student loans (the amount forgiven) may be taxed as income, depending on the repayment plan. This could amount to a hefty tax bill.

Are Scholarships Taxable?

The high-level answer to this question is: it depends. There are many different forms of scholarships, grants, and fellowships that are awarded to students to cover the costs of studying and research. Some are need-based and some are merit-based. The basic difference between scholarships and loans is that a scholarship is given while a loan is borrowed. You won’t typically have to pay back a scholarship, but you do have to pay back a loan.

Most scholarships are not taxed when you are enrolled in a formal educational institution and the scholarship is directly used to cover the costs of tuition, fees, books, and supplies used for study.

There are some situations in which scholarships can be taxed, however. For instance, a scholarship can be taxed as income if you use it to cover what are considered “incidental” expenses related to your education such as travel, room and board, and supplementary equipment and supplies.

Another type of scholarship that can be taxed is a scholarship that has a service-related requirement to it. This frequently applies to scholarships for graduate students. If you are required to teach, provide research assistance, or perform other services as a condition of your scholarship, it can be taxed as income and you will be required to report the scholarship as part of your gross income.

(For more about which types of scholarships are considered income and what scholarship-related activities are taxable, check out IRS Publication 970 .)


💡 Quick Tip: Get flexible terms and competitive rates when you refinance your student loan with SoFi.

Do Student Loans Come with Any Tax Benefits?

Student loans aren’t usually taxable as income, and in fact, may come with a tax benefit that is meant to make repayment a little easier on borrowers investing in their education.

The Student Loan Interest Deduction allows you to deduct the amount of interest you paid on both federal and private student loans, up to a maximum of $2,500 per year. In order to be eligible to deduct the full amount, your modified adjusted gross income (AGI) must be $70,000 or less (or $145,000 for married couples filing jointly). The amount you’re allowed to deduct is gradually reduced if your modified AGI is more $70,000 but less than $85,000 (or more than $145,000 but less than $175,000 for married couples filing jointly. Income above these thresholds renders you ineligible for the deduction.

As a tax deduction, the amount deducted helps to lower your overall taxable income, potentially resulting in a lower tax bill or higher tax refund. This deduction can also help defray some of your repayment costs.

Are Employer Student Loan Payments Taxable?

An increasingly popular benefit offered in some workplaces is help with education costs and student loan repayment. Employers such as Aetna, Fidelity Investments, Google, and more offer student loan assistance programs to employees.

Currently, employers are allowed to contribute up to $5,250 toward employees’ qualified education costs tax-free. Payments or reimbursements above that amount are considered taxable income for the employee. It’s important to note that this special tax treatment is temporary, however, and expires December 31, 2025. After this date, the full amount of any employer contributions toward education expenses or student loan repayment will be taxed as income.

How Can I Make My Student Loan Repayment Easier?

The cost of a student loan comes in the form of the interest you pay each month on the balance owed. Consider this example: Say you have a $30,000 loan with a 7% interest rate. On the 10-year Standard Repayment Plan, you would pay roughly $11,800 in interest in addition to repaying the $30,000 principal.

So what can make repayment easier, other than the student loan interest deduction? One option is to refinance your student loans with a private lender.

If you already have private and/or federal student loans, you may be able to refinance your student loans at a lower interest rate than you currently are paying. If you are eligible to refinance your student loans, you could shorten your term length, qualify to lower the interest rate on your loans, or possibly lower your monthly payment (by extending your term). But you may pay more interest over the life of the loan if you refinance with an extended term.

There are other potential drawbacks to think about. For instance, federal student loans come with several benefits and protections such as forbearance, deferment, income-driven repayment plans, and certain forgiveness programs that private loans do not offer. If you think you might need some of these benefits, or if you are eligible for student loan forgiveness, it might not be the right time to refinance.

However, if you have a steady income and good cash flow — along with other aspects of your financial picture that are appealing to a lender — and you are ready to focus on paying down your loans, refinancing might be the right solution for you.

SoFi is a leader in the student loan space, offering refinancing options to help you save on the loans you already have.

The Takeaway

Generally, student loans are not considered income, so they are not taxed. The exception is when some or all of your student loan balance is forgiven. In some cases, the IRS may count the canceled debt as taxable income.

Educational grants and scholarships, on the other hand, may or may not count as income. Typically, they are taxed when they are spent on expenses outside of tuition and fees, such as room and board and travel.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.