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Student loans can be used to cover more than tuition and fees. They can pay for lodging, food, commuting, a computer, and study abroad (but not spring break!).

Most qualified education loans can be used to cover the entire cost of attendance — an estimate of total costs for an academic year at a college, as determined by each campus financial aid office — minus any aid you receive.

Let’s take a closer look at what student loans can cover, what they should not, and alternative ways to pay for living expenses.

Can You Take Out a Student Loan for Living Expenses?

Yes, you can take out a student loan to cover living expenses while in school. Federal and private student loans typically include funds for not only tuition and fees, but also necessities like housing, food, transportation, and personal expenses.

When applying for federal student loans, schools determine your cost of attendance (COA), which includes these expenses, and financial aid is disbursed accordingly. However, borrowing should be done wisely, as any money used for living expenses will need to be repaid with interest.

Private student loans can also cover living expenses, but eligibility and terms vary by lender. These loans often require a credit check or cosigner, and interest rates may be higher than federal options.

How to Use Student Loans for Living Expenses Off-Campus

Using student loans for off-campus living expenses requires careful budgeting and adherence to loan guidelines. Once your school disburses the loan funds, any remaining balance after tuition and fees is typically refunded to you. These funds can cover rent, utilities, groceries, and other essential costs. However, it’s important to prioritize necessary expenses and avoid using loan money for noneducational purchases, as this debt must be repaid with interest.

Federal Student Loans vs. Private Student Loans for Housing Expenses

When covering housing expenses with student loans, federal student loans are often the better option due to their lower interest rates, flexible repayment plans, and borrower protections. Federal loans do not require a credit check (except for PLUS loans), making them more accessible to students. Additionally, repayment options like income-driven plans and deferment help borrowers manage their financial obligations after graduation.

Private student loans, on the other hand, may offer higher borrowing limits but typically come with stricter credit requirements and fewer repayment protections. Interest rates vary based on creditworthiness, and repayment terms are often less flexible than federal loans. While private loans can help bridge financial gaps, they should be considered after maximizing federal aid and other funding sources like scholarships and grants.

Living Off Student Loans: Do’s and Don’ts

As long as a student is enrolled at least half-time, student loans can cover a range of expenses at a qualified institution of higher education or at a hospital or health care facility that provides postgraduate internship and residency training programs.

Do

•   Tuition and mandatory fees. The first thing student loans should be used to cover is tuition and fees, as these are necessary expenses for getting a degree.

•   Room and board. Whether it’s a dorm or an apartment off-campus, the expense can be covered. Board means a campus meal plan or groceries.

•   Transportation. Loan money can pay for maintaining, insuring, and fueling your car or for public transportation fares.

•   Books and supplies. New, used, or rented textbooks are covered, as are supplies ranging from software to notebooks.

•   A personal computer. You can buy or rent a computer with student loan money.

•   Dependent care. Child care expenses are covered.

•   Study-abroad costs. The Federal Student Aid office lists international schools that participate in the federal student loan program and describes the process.

•   Personal expenses. These include cell phone bills, laundry costs, bed linens, towels, a microwave oven, and anything else you normally spend money on.

Other qualified expenses may include utilities and furnishings.

Don’t

•   Nonessential travel. This includes vacations, leisure trips, and nonacademic travel expenses.

•   Luxury items. Expensive electronics, designer clothing, or nonessential purchases should not be paid for with student loans.

•   Entertainment costs. This includes concerts, streaming services, dining out frequently, and nightlife.

•   Car purchases. Buying a vehicle or making monthly car payments should not be used with student loan money.

•   Business investments. Student loans should not be used for starting a business or investing in stocks and cryptocurrency.

•   Credit card debt. Paying off personal credit card balances is not the goal of student loans.

•   Noneducational expenses. These may include costs unrelated to education, such as gym memberships or hobbies.

•   Recommended: Graduate Student Loans

Can I Get in Trouble for Misusing Student Funds?

The use of student loans for nonqualified expenses could be reported to the Office of Inspector General as fraud, or a lender could call the loan balance due immediately. But in general, no one is tracking how you spend loan money.

Both federal and private student loans are disbursed to your school, which takes out tuition and fees, and if you live on campus, room and board. Any remaining money goes to you, so it would be hard for lenders to tell if you’re using the remainder as intended.

It can be tempting to go on a spending spree with your student loan refund, but remember that you will pay, or are paying, interest on that borrowed money.

Federal student loans have annual and aggregate limits that may seem generous, especially for graduate and professional students.

Private student loans can help fill gaps in need. These loans are not backed by the federal government and therefore not subject to its qualification rules. They may also lack the borrower protections available to federal loans, such as deferment. It’s a good idea to obtain a private student loan only after maxing out federal student aid. A cosigner can often help a student qualify.

Recommended: A Guide to Private Student Loans

Other Ways to Cover Living Expenses

Aside from using student loans, there are several ways to pay for living expenses while in school. Here are some ideas.

Part-Time Job

Getting a part-time job can help students make extra money to cover costs. Generally, these side hustles offer flexible hours so students can more easily juggle work and class. Some students may also be able to find a job that’s related to their major or career of choice.

Recommended: Jobs That Pay for Your College Degree

Work-Study

Federal work-study may be offered as part of a student’s federal aid package and is based on financial need. Work-study programs are available to undergraduate, graduate, and professional students, regardless of whether you are a full-time or part-time student.

Becoming a Resident Assistant

A resident assistant (RA) is usually assigned to a particular floor or wing of a dormitory to oversee dorm residents. RAs might lead mandatory floor meetings, organize monthly social gatherings, and referee the occasional roommate disagreement. Not only do you typically get a better room than others on your dorm floor, you also get free housing.

Scholarships

Merit scholarships are often awarded to a student based on their skill or ability for a certain speciality. They’re offered through private companies, nonprofit organizations, colleges and universities, and professional and social organizations. As you’re researching scholarships that you might be eligible for, pay attention to any requirements. Some awards have certain conditions, such as requiring that the money be used only for tuition, while others allow you to use the funds for whatever you want.

Recommended: Grants for College — Find Free Money for Students

Summer Job

As an alternative (or addition) to a part-time job, you might want to consider a summer job or paid internship. During the summer, students may have more free time to work more hours and rack up cash to help cover their housing and living expenses for the following year.

Selling Unwanted Items

Cleaning out your closet? Selling castoffs on buy-and-sell apps and websites can be a quick way to earn money.

The Takeaway

Student loans can be used to cover housing, food, transportation, supplies, and other college essentials. Funds shouldn’t be used for “nonessential” expenses, like vacations, new clothes, pricey meals, or other debt. In general, no one tracks how you spend loan money. But remember, this is borrowed money that will have to be repaid, with interest. A part-time job, work-study program, and scholarships are different ways to earn extra money for expenses.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

Which living expenses are most often paid for with student loans?

Student loans commonly cover essential living expenses such as housing (rent or dorm fees), utilities, groceries, transportation, and personal expenses. They may also help pay for school-related costs like books, supplies, and technology. Federal and private loans can be used for these necessities but should be borrowed responsibly.

Do you have to tell the lender if you change housing?

Yes, you should inform your lender if you change housing, especially if it affects your residency status or financial situation. Keeping your contact information updated ensures you receive important loan-related communications, including billing statements and repayment details, helping you avoid missed payments or potential issues with your loan.

Can you take out more funds if your living expenses increase?

If your living expenses increase, you may be able to request additional student loan funds by appealing to your school’s financial aid office. They may adjust your cost of attendance, allowing you to borrow more. However, federal and private loan limits still apply, so additional funding isn’t always guaranteed.

Can you use student loan money on monthly car payments?

No, student loans are meant for education-related expenses, including tuition, housing, and supplies. While transportation costs like gas or public transit may be covered, using student loan money for monthly car payments is generally not allowed.

Can you use student loans to pay for a gym membership?

Student loans shouldn’t be used to cover membership to a gym. Many schools have a gym or fitness center on campus that’s available to students and included in the cost of tuition.

What should you do with leftover student loan money?

It’s a good idea to return the excess money to the lender — it lowers the total cost of the loan. You could also use the funds to pay for qualified educational expenses, like tuition, housing, child care, or transportation.

Can you use a student loan to pay a tuition bill that is past due?

In some cases, you can use a student loan to pay a past-due tuition bill, but it depends on the lender and school policies. Federal and private loans typically apply to current or future expenses. Some schools may offer emergency loans or payment plans for overdue tuition balances.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
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.

SOISL-Q125-018

Want to squeeze in a couple of classes this summer but not sure how to pay for them? You have several options, including federal and private student loans. The summer loan application process is generally the same as it is for the regular academic year. But the federal government limits how much you can borrow, so it’s important to consider your choice carefully.

Here’s what you need to know about paying for summer classes.

Costs of Going to School in the Summer

Tuition is one of the biggest costs associated with going to school in the summer. That said, some colleges offer summer courses at a reduced cost, or you may be able to take classes at a community college for a lower price and transfer the credits to your school. If you don’t plan on living at home, you’ll also need to budget for housing, food, transportation, and other personal expenses.

The short-term cost of going to school during the summer may be worth it in the long run, though. Taking extra classes can help you finish your degree — and start drawing income from a full-time job — faster.

Recommended: What Is the Average Cost of College Tuition?

Ways You Can Find and Get Money for Summer Classes

Just like during the fall or spring terms, financial aid is available during the summer. Let’s take a look at some common types of assistance.

Grants

Grants can help offset the cost of summer courses and typically don’t need to be repaid. One popular type of grant is the Pell Grant, which is awarded by the federal government and based on financial need. Qualifying students can receive Pell Grants for 12 semesters, and in certain circumstances, they may be eligible to receive additional funds for the summer term.

Some schools offer grants to students who are enrolling in summer classes. Contact the financial aid office to see if your school offers this option. Your state may also provide grants to help students cover the cost of summer classes. Visit the website of your state’s department of education to find out if this option is available to you.

Scholarships

Like grants, scholarships usually do not need to be repaid, and in general, you’re free to use the funds for a summer term. There are thousands of available scholarships based on financial need or merit offered by a variety of sources. Searching scholarship databases can help you narrow your options.

Recommended: What You Need to Know About Student Loans, Grants, and Scholarships

Work-Study

Federal Work-Study gives students with financial need part-time employment to help them earn extra money to pay for education expenses. Check with your college’s financial aid office to find out if the school participates in the program.

Student Loans

The loans you apply for to pay for the regular school year can also be used to cover summer courses. There are different types of federal student loans to explore: Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans.

Once you’ve exhausted federal aid options, you may consider private loans to pay for summer classes. Generally, lenders allow you to borrow up to the school-certified cost of attendance.

Federal vs Private Student Loans: How They Compare

Federal student loans are funded by the federal government and offer borrowers protections such as deferment, forbearance, and the option to pursue Public Service Loan Forgiveness. Most federal student loans do not require a credit check, and interest rates are fixed for the life of the loan. Students must fill out the FAFSA annually and be enrolled at least part-time to qualify for aid.

The federal government limits the amount of money students can borrow per academic year and in total, and this includes any aid you receive for summer classes. The limit is based on your dependency status and how long you’ve been in school. For example, in the 2024-25 academic year, a first-year dependent undergraduate may qualify for up to $5,500 in student loans, with a limit of $3,500 on what can be subsidized. An independent first-year undergraduate student may qualify for up to $9,500 in student loans, with a limit of $3,500 on what can be subsidized.

Private Loans

Private loans are offered by private lenders, such as banks, credit unions, and online lenders. Interest rates may be fixed or variable and are determined by the lender based on criteria including an applicant’s financial history and credit score. Many lenders require students to be enrolled in school at least part time.

Depending on the loan terms, borrowers may be required to make payments while they are enrolled in school, and they may or may not provide a grace period. Private student loans also lack the borrower protections afforded to federal student loans.

Students who take out the maximum amount of federal aid may consider private loans as an option to pay for summer classes. Generally, private lenders allow you to borrow up to the school-certified cost of attendance.

Recommended: A Complete Guide to Private Student Loans

When Applications Are Due

FAFSA applications for the following academic year are typically due around the end of June. The application requires borrowers to check the school year in which the funds will be used. If you’re submitting a FAFSA for the summer term, ask your school which year to check on the form and if any other forms are required. The sooner you submit the application, the more likely you are to receive funding, since many sources of aid are offered on a first-come, first-served basis.

What You’ll Need to Apply

To help the FAFSA application process go smoothly, it helps to have some information and a few documents on hand. This includes your Social Security number (or Alien Registration number if you’re an eligible noncitizen); your federal income tax returns, W-2s, and other records of income; bank statements and any record of investments; records of untaxed income, if applicable; and your FSA ID. Dependent students will need most of that information for their parents.

If you’re applying for a private student loan, you’ll apply directly with the lender. Applicants typically need to have a solid credit history, proof of income, be at least 18, and be a U.S. resident. Adding a cosigner to the loan may be an option that can help potential borrowers strengthen their application.

Recommended: Do I Need a Student Loan Cosigner?

Understand Your Loan Options

When considering student loans for summer classes, it’s important to explore all available options. Federal student loans, such as Direct Subsidized and Unsubsidized Loans, may be available if you meet eligibility requirements and have remaining aid from the academic year.

If federal aid isn’t enough, private student loans can help fill the gap, offering flexible borrowing limits based on your school’s cost of attendance. However, private loans typically require a credit check and may have higher interest rates than federal options.

Comparing loan terms, interest rates, and repayment options will help you choose the best financial solution for your summer coursework.

How to Pay for Summer Classes

There are several ways to finance your summer coursework, depending on your financial situation and eligibility. Consider the following options to cover tuition and related expenses:

•  Federal student aid: Use remaining federal loans or apply for a Pell Grant if eligible.

•  Private student loans: Borrow from private lenders if federal aid isn’t sufficient.

•  Scholarships and grants: Search for summer-specific funding opportunities that don’t require repayment.

•  Work-study programs: Earn money through on-campus or part-time jobs while taking classes.

•  Personal savings or payment plans: Use savings or set up a tuition payment plan with your school.

Evaluating these options carefully can help you find the most cost-effective way to pay for your summer courses.

The Takeaway

If you’re considering enrolling in summer classes, financial aid can help you cover the bill. Grants, scholarships, work-study, internships, and part-time jobs are all options to explore, as are federal and private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

Can federal student loans be used to pay for summer classes?

Yes, federal student loans, including Direct Subsidized, Direct Unsubsidized, and Direct PLUS Loans, can be applied toward summer courses. To determine eligibility, students should complete the Free Application for Federal Student Aid (FAFSA).

What should students do if federal aid isn’t sufficient to cover summer class expenses?

If federal aid doesn’t fully cover summer class costs, students might consider private student loans. Private lenders typically allow borrowing up to the school’s certified cost of attendance. It’s important to note that private loans usually cover only one academic year at a time, so a separate application may be necessary for summer term funding.

Are student loans applicable to expenses beyond tuition during the summer term?

Yes, student loans can be used to cover not only tuition and fees but also living expenses during the summer term. This includes costs such as housing, food, transportation, and other related expenses.

Photo credit: iStock/Prostock-Studio

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
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.

SOISL-Q125-017

If you’ve been making your student loan payments, yet your balance isn’t budging — or even worse, it’s gone up — you may be asking yourself, why did my student loan balance increase? The likely reason is that your monthly payments are not covering all the interest that has accrued, which may be a result of the payment plan you’re on.

Understanding how and when student loans accrue interest, and the role your repayment plan may play, can help you make smart choices about paying off your balance.

What Makes Up a Student Loan Balance?

To understand what increases your total loan balance, it’s important to know how student loans work. Your student loan balance is made up of two parts: the amount you borrowed plus any origination fees (the principal) and what the lender charges you to borrow it (interest).

Once you receive your loan, interest begins to accrue. If it’s a Direct Subsidized loan, the federal government typically pays the interest while you’re in school and for the first six months after you graduate. After that, you are responsible for paying the interest along with the principal.

If the loan is a Direct Unsubsidized loan or a private student loan, the borrower is solely responsible for accrued interest, even while they’re in school.

The Impact of Interest Accrual

The interest rate on your student loan is calculated as a percentage of your unpaid principal amount. Most federal student loans accrue interest daily. To determine the amount of interest that accrues each day, multiply your loan balance by the number of days since your last payment and then multiply that number by your interest rate.

In some cases, unpaid interest on federal student loans can capitalize — such as after a deferment for a Direct Unsubsidized loan. That means the interest is added to your principal balance. Interest then accrues on the new, larger balance moving forward, which increases how much you owe.

How Do Payments Affect My Student Loan Principal?

Many student loan borrowers pay a fixed monthly payment to their lender. That payment includes the principal and the interest. At the beginning of a loan term, a larger portion of your payment goes toward paying interest, and a smaller portion goes to the principal. But the ratio of interest to principal gradually changes so that by the end of the loan term, your payment is mostly going toward the principal.

💡 Recommended: Defaulting on Student Loans

How Does an Income-Based Repayment Plan Affect My Student Loan Balance?

The payment process is different if you’re making payments under an income-driven repayment (IDR) plan. Under these plans, your payments are tied to your family size and discretionary income. The interest, however, doesn’t change based on your income.

While an IDR plan can lower your monthly payments, the payment amount might be too low to fully cover the interest that accrues for that month, much less contribute to your principal. In fact, your student loan balance may actually grow over time, despite the payments you’re making, and you could end up repaying significantly more than you borrowed originally.

Forbearance and Deferment Periods

Borrowers can temporarily pause their federal student loans payments with a forbearance or deferment.

A student loan forbearance allows you to pause your payments for up to 12 months at a time. However, interest continues to accrue on your federal loans while you’re in forbearance. To qualify for a forbearance, you need to apply for it and demonstrate that you meet specific requirements, such as experiencing financial difficulties or facing medical bills. Your loan servicer will determine if you are eligible.

With a student loan deferment, you can temporarily pause the payments on your federal loans, but you must apply for a specific type of deferment and meet certain requirements to be eligible. The types of deferment include cancer treatment deferment, economic hardship deferment, and unemployment deferment, among others.

Interest accrues on your loans during deferment, and you may be responsible for paying it, depending on the type of loan you hold. For example, borrowers with Direct Unsubsidized loans, Direct PLUS loans, and Federal Family Education Loans (FFEL) typically need to pay the interest that accrues on these loans while in deferment. You can pay the interest as it accrues or not. However, if you don’t pay it, the interest will capitalize at the end of the deferment period, which means the total amount you pay over the life of the loan might be higher.

Private student loans may or may not allow forbearance or deferment, and the rules typically differ from lender to lender.

How to Pay Down Your Loan Quicker

When it comes to repaying student loans, the key is to find an approach you’ll stick with. One way to tackle the debt is by making extra payments toward the principal. Even a little bit can help bring down the loan balance.

Another approach is to consider a student loan refinance to a lower interest rate, if you qualify, or you could refinance to a shorter loan term. You could also potentially do both. Your payments may be higher, particularly if you switch to a shorter loan term, but you will be finished paying off the debt sooner.

Note that if you refinance a federal student loan, you will lose access to federal protections and programs such as the Public Service Loan Forgiveness program, and income-driven repayment plans.

Other Strategies to Reduce Your Student Loan Balance

There are additional methods you can use to help pay off your student loans. They may take longer than the approaches listed above, but they can help shrink your balance.

•   Switch to a different repayment plan. If you’re on an income-driven plan, you could change to the standard repayment plan instead. Your monthly payments will likely be higher on this plan, but that will typically reduce the total amount of interest you’ll pay. Plus, you’ll repay your loan in up to 10 years, rather than the 20 or 25 years on an IDR plan.

•   Enroll in autopay. When you sign up for automatic payment, your loan servicer will deduct the amount you owe from your bank account each month. You won’t have to remember to make your payments, and even better, if you have federal Direct loans you’ll get a 0.25% interest rate deduction for participating. Some private student loan lenders also offer a similar interest rate deduction for autopay.

•   Search for student loan repayment assistance or forgiveness options. The federal government, many states, and various organizations offer programs that help qualifying individuals in certain professions pay off their loans. This includes teachers, health-care professionals, members of the military, and those who work in public service. Do some research to see what programs you might be eligible for.

The Takeaway

The way loan payment schedules are set up is likely one reason why your regular payments don’t seem to be making much of a dent to your balance or loan principal. Initially, more of your payment goes toward paying interest and less goes toward the principal. But gradually that changes so that by the end of the loan term, most of your payment is going toward the principal.

In addition, the type of student loan repayment plan you’re on can increase the amount you owe. With an income-driven plan, your monthly payment may be low enough that it doesn’t cover the interest you owe, which could cause your loan balance to grow.

Fortunately, you have options to help pay off your loan faster or pay less interest over the life of the loan. For instance, you could switch to a different repayment plan, make extra payments toward your loan principal, or refinance your student loans.

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
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
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.