Jan
29
2025

DeVry University Student Loan Forgiveness

By | Debt Payoff, Fresh Out of School, Student Loans, student_loan | Comments Off on DeVry University Student Loan Forgiveness

Students who attended DeVry University between 2008 and 2015 may be entitled to federal and private student loan forgiveness. During that time period, the school made deceptive claims, according to the Federal Trade Commission (FTC), which brought a lawsuit against the school.

Read on to learn about the options regarding DeVry University student loan forgiveness, including who’s eligible and how to apply for loan cancellation.

Key Points

•   Students who enrolled in DeVry University between January 1, 2008, and October 1, 2015, may be eligible for federal student loan forgiveness because of misleading claims the university was found to have made.

•   Those eligible must have paid at least $5,000 via cash, loans, or military benefits and completed at least one class credit, among other requirements.

•   To apply, complete a Borrower Defense Loan Discharge application at StudentAid.gov.

•   Decisions are currently not being made on applications due to a court injunction on borrower defense regulations.

•   Filing the application is still recommended despite the delay.

Background on DeVry University Settlement

DeVry University, a for-profit college with locations in 11 states, offers online and in-person courses in various areas of business, health care and technology, with undergraduate and graduate degree programs and certificate programs for students.

Between 2008 and 2015, DeVry advertised a 90% employment success rate and 15% higher income levels for students after graduation. The FTC alleged that those claims were deceptive, and in January 2016, the agency brought a lawsuit against DeVry for $100 million dollars.

In December of that year, DeVry settled with the FTC, agreeing to a $100 million settlement. Under the settlement terms, DeVry was ordered to pay qualifying students who attended their schools between September 2008 and September 2015 and were harmed by the deceptive ads.

As part of the DeVry University student loan forgiveness, DeVry agreed to pay $49.4 million to the FTC to be distributed to students for partial refunds, and provide $50.6 million in debt relief for those who took out private student loans and any other outstanding debts related to attending DeVry.

Types of Loan Forgiveness Available

As part of the FTC settlement terms, DeVry agreed to forgive student loan debt that included the full balance owed on all private student loans ($30.35 million) and any other student debts such as tuition, books, and lab fees ($20.25 million).

In June 2017, The FTC began mailing refund checks to the eligible DeVry students. However, in May 2024, the FTC reported there were 5,942 checks that had not been cashed. As a result, the FTC announced it was resending those payments, and instructed students to cash their check within 90 days.

Students who took out federal student loans to attend DeVry were not part of the FTC settlement. In February 2022, the U.S. Department of Education (DOE) announced it would forgive $71.7 million in federal student loan debt through borrower defense to repayment regulation, holding DeVry liable for $24 million.

That means if you took out federal loans to attend DeVry, you could apply for federal loan forgiveness.

However, DeVry challenged the DOE’s decision. In 2023, a court issued an injunction delaying the effective date of the DOE’s borrower defense regulation until there is a final judgment on it. As of mid-January 2025, the injunction is still in place. On January 10, the Supreme Court agreed to review the case, though no date for the review has been announced. In the meantime, borrowers may still apply online for borrower defense relief.

On January 16, 2025, the DOE announced they had approved forgiveness through borrower repayment to defense for 4,100 DeVry borrowers as part of the Biden administration’s final student loan debt relief approvals, though nothing can move forward while the injunction is in place.

Recommended: Who Pays for Student Loan Forgiveness?

Eligibility Criteria for Loan Forgiveness

Students who are eligible to receive private or federal student loan forgiveness related to attending DeVry need to fulfill all of the following criteria:

•   Enrollment in a bachelor’s or associate degree program at DeVry University between January 1, 2008 and October 1, 2015

•   Paid at least $5,000 in cash, loans, or military benefits

•   Did not get debt or loan forgiveness as part of this settlement

•   Completed at least one class credit

How to Apply for DeVry Loan Forgiveness

If you meet the criteria above, you’ll need to complete a Borrower Defense Loan Discharge application to start the process of having your DeVry federal student loans forgiven. As noted, while the injunction is in place, individuals can continue to file applications.

Under the law, to be eligible for borrower defense, your school must have engaged in misleading activities or other misconduct directly related to the loan or to the educational services for which the loan was given. If you attended DeVry during the specified time period and took out a federal student loan, you may qualify for a student loan discharge.

When applying for borrower defense repayment, be sure to have the following information:

•   Verified account username and password (FSA ID)

•   School name(s) and program of study

•   Your enrollment dates

•   Documentation to support why you believe you qualify for borrower defense and to demonstrate the harm you suffered

Alternative Debt Relief Options

Besides DeVry student loan forgiveness, there are some other options for getting out of student loan debt and managing student loan payments that you can explore.

Income-Driven Repayment Plans

If you have federal student loans, you may want to consider income-driven repayment (IDR). These plans base your federal student loan payments on your discretionary income and family size. This typically results in a lower monthly loan payment. There are several different IDR plans to choose from.

Under an IDR plan, you could qualify for forgiveness of your remaining debt after 20 or 25 years.

Public Student Loan Forgiveness

If you work full-time in public service for a qualifying employer like the government or a nonprofit organization, you may be eligible for Public Service Loan Forgiveness (PSLF). This program forgives the remaining balance on most Federal Direct loans.

Qualifying borrowers can get PSLF after making the equivalent of 120 qualifying monthly payments under an IDR plan or the Standard Repayment Plan.

State Loan Repayment Programs

Some states help pay off student loans through state loan repayment assistance programs (LRAPs). These programs can assist borrowers with both private and federal student loans, depending on the program. Check with your state’s department of education to see what opportunities are available.

Student Loan Refinancing

When you refinance student loans, you replace your old loans with a new private loan, ideally one that has a lower interest rate and more favorable terms, which could lower your monthly payments.

Borrowers interested in refinancing student loans to save money should compare lenders and offers to choose the best one. But be aware that refinancing federal loans makes them ineligible for federal benefits like income-driven repayment.

A student loan refinancing calculator can help you decide whether refinancing makes sense for your situation.

Impact of Forgiveness on Credit and Taxes

Student loan forgiveness may affect your credit in surprising ways. For instance, having DeVry student loan debt forgiven could cause your credit score to dip temporarily.

One reason for this is that if you wipe out student loan debt, you’re no longer building a payment history for it. And a history of repayment makes up 35% of your credit score, according to FICO, the credit scoring company.

In addition, eliminating student loan debt can impact the mix of credit you have. Lenders like to see a diverse mix of credit because it shows you can responsibly manage different types of credit accounts.

On the other hand, not having a monthly student loan payment improves your debt-to-income ratio, which creditors view as a positive. Plus, you can use the extra money for other expenses or to build up your savings.

Forgiveness may also have some tax implications. The IRS generally requires that you report forgiven or canceled debt as income. However, thanks to a provision in the American Rescue Plan, if your federal or private student loans are dismissed between December 31, 2020 and January 1, 2026, those forgiven student loans won’t be taxed by the federal government.

You may need to pay state taxes on forgiven student loans, however, so it’s a good idea to consult a tax professional or contact your state’s tax department to find out.

The Takeaway

If you attended DeVry University between September 2008 and September 2015, you may be eligible for federal student loan forgiveness through “borrower defense to repayment.” You can start the process of getting your DeVry student loan forgiven by applying for a borrower defense loan discharge at StudentAid.gov.

Borrowers who are not eligible for DeVry forgiveness can explore alternative debt relief options such as income-driven repayment, state loan repayment assistance programs, Public Service Loan Forgiveness, and student loan refinancing.

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.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

Who is eligible for DeVry University loan forgiveness?

DeVry University students who were enrolled in an undergraduate (bachelor’s or associate degree) program between January 1, 2008 and October 1, 2015, paid at least $5,000 with cash, loans or military benefits to attend the school, completed at least one class credit, and didn’t receive debt or loan forgiveness as part of DeVry’s settlement with the FTC.

What types of loans qualify for forgiveness?

Through the federal government, borrower defense discharges apply to the following federal student loans: Direct Loans or those that can be consolidated into a Federal Direct Consolidation Loan. These discharges don’t apply to private student loans or loans that can’t be consolidated into a Federal Direct Consolidation Loan.

How long does the forgiveness process take?

Unfortunately, it might take a while. Because of a 2023 federal court injunction, no decisions may be made on applications until there is a final judgment on borrower defense regulations. The Supreme Court has agreed to review the case, though no date for the review has been given.

Will I owe taxes on forgiven DeVry loans?

Under the American Rescue Plan, federal or private student loans dismissed between December 31, 2020 and January 1, 2026, are not subject to federal taxes. However, you may have to pay state taxes on the forgiven loans, depending on the rules in your state. Consult a qualified tax professional for more information.

What if I’ve already paid off my DeVry loans?

If you have already paid off your DeVry loans, forgiveness through borrower defense is not an option. According to the Office of Federal Student Aid, in order to be eligible to apply for borrower defense, you must have at least one outstanding federal student loan associated with the school.

Photo credit: iStock/South_agency

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).

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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).

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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.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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SOSLR-Q424-021

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Jan
28
2025

Student Loan Forgiveness for Nurses

By | Fresh Out of School, Student Loans, student_loan | Comments Off on Student Loan Forgiveness for Nurses

Almost 70% of nurses graduate with student loan debt, according to the American Association of Colleges of Nursing, and many of them owe a substantial amount. Nurses have a median student loan debt of more than $40,000, reports the Education Data Initiative.

Fortunately, there are a number of programs that offer student loan forgiveness for nurses, typically in return for a specific service commitment. Depending on the program, a nurse might have their student loan debt partially or fully forgiven.

Read on to learn more about loan forgiveness for nurses and the programs that may help you get relief from nursing student loan debt.

Key Points

•   About 70% of nurses have student loans to repay, and the median student loan debt for nurses is more than $40,000.

•   Nurses may qualify for student loan forgiveness in exchange for working in high-need or shortage areas for a specific number of years.

•   Eligibility for the Nurse Corps Loan Repayment Program includes RNs, APRNs, and nurse faculty members with a two-year service commitment. The program pays up to 85% of a nurse’s student loan debt.

•   The Faculty Loan Repayment Program provides up to $40,000 for nurses from disadvantaged backgrounds who teach at an eligible school for two years.

•   The National Health Service Corps Loan Repayment Program offers nurses up to $75,000 for two years of full-time service in designated shortage areas.

What Is Loan Forgiveness and How Does It Work?

If you borrowed student loans to pay for nursing school, student loan forgiveness can eliminate some or all of your debt, relieving you of the responsibility of repaying it.

It’s possible to receive nursing loan forgiveness for both federal and private student loans.

You must apply for forgiveness through one of several programs, and agree to the program’s terms, which may include working in a high-need area and committing to a certain number of years of service.

In the meantime, you will typically continue to make your student loan payments until you achieve forgiveness. You can factor those monthly loan payments into your financial plans as you’re creating a budget as a nurse.

Student Loan Forgiveness Programs for Nurses

Many of the forgiveness programs for nurses are available at the federal level. These are some of the top programs and their eligibility requirements.

Nurse Corps Loan Repayment

Offered through the Health Resources and Services Administration (HRSA), the Nurse Corps Loan Repayment program pays up to 85% of eligible federal and private student loan debt for qualifying nurses.

To be eligible, you must be a registered nurse (RN), an advanced practice registered nurse (APRN), or a nurse faculty member who attended an accredited nursing school. In addition, you must agree to a full-time two-year service commitment at an eligible critical shortage facility or nursing school.

During the two years that you work, you’ll receive 60% toward your qualifying student loan debt. After you complete your service, you will have the opportunity to serve for an additional year and receive another 25% of your student loan balance.

Public Service Loan Forgiveness

The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance on federal Direct loans, which include Direct Subsidized loans, Direct Unsubsidized loans, Direct PLUS loans, and Direct Consolidation loans.

To be eligible, borrowers must work full-time in public service for an eligible employer such as a federal, state, local, tribal, or military government organization or qualifying nonprofit, and make the equivalent of 120 qualifying monthly payments under an income-driven repayment (IDR) plan.

If you are a nurse working for a qualifying employer, you may be eligible for PSLF. To apply, log onto StudentAid.gov and sign up for an IDR plan if you are not currently on one. Then you can submit an application. The PSLF Help Tool can walk you through the process.

Perkins Loan Cancellation

Nurses with federal Perkins loans may be eligible for up to 100% cancellation of their loans after five years in a public service job through Perkins Loan cancellation.

Perkins loans are subsidized low-interest federal student loans for students with exceptional financial need. Although the Perkins loan program ended in 2017, the loans are still eligible for forgiveness.

To qualify for Perkins Loan cancellation, you must work full-time as a nurse and provide direct care to patients.

Perkins Loan cancellation takes place in increasing percentages for each year worked:

•   Years 1 and 2: 15% of the loan amount

•   Years 3 and 4: 20% of the loan amount

•   Year 5: 30% of the loan amount

To apply for Perkins student loan forgiveness for nurses, contact the school that issued your Perkins loans or reach out to your loan servicer to get the application forms.

Active Duty Army Nurse Loan Repayment Program/Health Professions Loan Repayment Program

The Army offers student loan forgiveness for nurses, including the following programs:

•   Active Duty Health Professions Loan Repayment program (ADHPLRP): Nurses on active duty for a minimum of two years can get up to $40,000 of their qualified loans repaid annually for a maximum of three years through the ADHPLRP program.

•   Health Professions Loan Repayment Program (HPLRP): Nurses in the Army Reserves Troop Program Unit (TPU), Army Medical Department Professional Management Command (APMC), or Individual Mobilization Augmentation (IMA) program may be eligible for loan repayment if they are a psychiatric nurse practitioner; family nurse practitioner; operating room nurse; or a nurse anesthetist, critical care and public health. Those who qualify can receive a maximum of $20,000 annually applied to their education loans for a total of $60,000.

Find out more about these Army loan repayment programs for nurses, including how to apply.

Faculty Loan Repayment Program

Nurses (RNs and APRNs) from disadvantaged backgrounds who are faculty members may be eligible for the Faculty Loan Repayment Program from the HRSA.

Those who qualify can get up to $40,000 of forgiveness for their federal and private student loan debt. In return, they must serve for at least two years as faculty at an eligible health professions school in a U.S. state or territory.

National Health Service Corps — Indian Health Service

Nurse practitioners and certified nurse midwives who work at Indian health service facilities, tribally operated 638 health programs, and urban Indian health programs may be eligible for student loan repayment through this program.

Because of the critical shortage of nursing professionals who provide primary care services in high-need areas, the National Health Service Corps (NHSC) has increased the award amount. Qualifying nurses can now receive up to $75,000 for a full-time, two-year service commitment, or up to $37,500 for a half-time, two-year service commitment.

You can get additional information and application instructions from the NHSC.

National Health Service Corps (NHSC) Loan Repayment Program

The NHSC Loan Repayment Program offers loan repayment assistance to qualifying nurses who serve at least two years at an NHSC-approved site in a health professional shortage area or designated maternity care target area.

Nurses can choose a full-time or half-time clinical practice at an NHSC-approved site for their two years. Those who provide full-time primary care can receive up to $75,000 for their federal or private student loans, while those in other nursing roles can receive up to $50,000 for a two-year term. Nurses who work half-time providing primary care can receive up to $37,500, and those in other qualifying roles can receive up to $25,000.

If you have Spanish-language proficiency, you may also be eligible for a one-time enhancement award of $5,000, in addition to your loan repayment award.

NHSC Substance Use Disorder Workforce Loan Repayment Program

To help fight the opioid crisis by recruiting and retaining health professionals to work in underserved areas and expand substance use disorder treatment and prevent overdose deaths, the NHSC launched this program.

To be eligible, nurses must work in primary care or behavioral health. Those who provide full-time direct clinical care can receive up to $75,000 toward their federal and private loans for a three-year service commitment, while those who work half-time providing direct clinical care can receive up to $37,500.

Any nurse interested in applying to the NHSC Substance Use Disorder Loan Repayment Program must also meet the following requirements:

•   U.S. citizenship (U.S.-born or naturalized) or a U.S. national

•   In an eligible discipline with qualified student loan debt for your nursing education

•   A provider in the Medicare, Medicaid, and the State Children’s Health Insurance Program

•   Fully trained and licensed to practice in the NHSC-eligible discipline and state you’re applying to serve

•   Work at an approved treatment facility

Nurses with Spanish-language proficiency may qualify for a $5,000 one-time award enhancement for a total loan repayment award up to $80,000 for full-time participants and up to $42,500 for half-time participants.

NHSC Rural Community LRP

This loan repayment program from the National Health Service Corps (NHSC) Rural Community Loan Repayment program in conjunction with the Rural Communities Opioid Response Program (RCORP) is for nurses who work to combat the opioid epidemic in rural communities.

Eligible nurses may receive up to $100,000 for full-time service and up to $50,000 for half-time service to repay qualifying federal and private student loans. In exchange for loan repayment, nurses must serve three years at an NHSC-approved substance abuse disorder treatment facility in a shortage area.

If you have Spanish-language proficiency, you may receive a one-time enhancement award of up to $5,000 for a total loan repayment of up to $105,000 for full-time service, and up to $55,000 for half-time service.

Alternatives to Student Loan Forgiveness for Nurses

If you don’t qualify for nursing loan forgiveness, there are other ways to make repaying your student loans more manageable. Options to explore include:

Income-Driven Repayment

Income-driven repayment (IDR) plans base your federal loan payments on your discretionary income and family size. This often results in a lower monthly loan payment. Under an IDR plan, you could qualify for forgiveness of your remaining student debt after 20 or 25 years.

You can apply for one of the income-driven repayment plans online through your loan servicer. You can select the IDR plan you’d like or ask your servicer to choose a plan for you based on the lowest monthly payment possible.

Student Loan Refinancing

With student loan refinancing, you replace your current loan with a new loan from a private lender. Ideally, the new loan will have a lower interest rate and more favorable terms that could reduce your monthly loan payments.

You can refinance federal student loans, private student loans, or both. However, be aware that when you refinance federal loans, they become ineligible for federal benefits like income-based repayment plans and forgiveness.

Using a student loan refinancing calculator can help you determine whether refinancing makes sense for your situation.

Borrowers interested in refinancing student loans to save money should compare lenders and offers to see what they can qualify for, and then choose the best option.

Recommended: Student Loan Refinancing Guide

The Takeaway

Nurses with student loan debt may be able to have some or all of their debt canceled through one of the many available programs that offer student loan forgiveness for nurses. To qualify, nurses generally must be employed in an eligible job in a designated location and make a commitment to work for a certain number of years.

Borrowers who don’t qualify for forgiveness programs still have options to help manage their nursing student loan debt. Methods to explore include income driven repayment plans and student loan refinancing to potentially help lower monthly loan payments.

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.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

Will student loans be forgiven for nurses?

There are a variety of student loan forgiveness programs for nurses. For instance, the Health Resources and Services Administration offers the Nurse Corps Loan Forgiveness Program for qualifying nurses who commit to working two years in a critical shortage area. The National Health Service Corps has several different loan repayment programs that nurses may apply for. And nurses who work in public service may qualify for the Public Service Loan Forgiveness program. Do some research to see what forgiveness programs you may be eligible for.

Do nurses qualify for student loan forgiveness?

Nurses may qualify for student loan forgiveness as long as they meet the eligibility requirements for one of the nursing student loan forgiveness programs. Many of these programs require you to work in certain types of jobs for a specific period of time in return for partial or full cancellation of your student loans. You can explore some of the popular loan forgiveness programs for nurses, such as the Nurse Corps Loan Repayment Program and the nursing forgiveness options offered by the National Health Service Corps Loan Repayment Program.

Can my student loan be forgiven due to COVID?

While your student loan cannot be forgiven due to COVID, your student loan payments that were paused from March 13, 2020 until September 1, 2023 because of the COVID-19 pandemic do count toward Public Service Loan Forgiveness as well as forgiveness under income-driven repayment plans.

Photo credit: iStock/Delmaine Donson

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 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.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOSLR-Q424-009

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Jan
17
2025

How to Get Perkins Loan Forgiveness in 2025

By | Fresh Out of School, Student Loans, student_loan | Comments Off on How to Get Perkins Loan Forgiveness in 2025

Borrowers with Perkins Student Loans may be eligible for forgiveness. Although the Federal Perkins Loan Program was discontinued in 2017, forgiveness is still an option for qualifying individuals who are repaying these loans.

Read on to learn the details about Perkins loan forgiveness, the eligibility requirements, and how to apply.

Key Points

•   Perkins loan forgiveness may partially or fully cancel Perkins student loan debt for those who work full-time in public service.

•   Qualifying roles include certain teaching, law enforcement, and health care jobs, each with specific requirements.

•   Perkins forgiveness is granted incrementally — typically, 15% in the first two years, 20% in the third and fourth years, and 30% in the fifth year.

•   To apply for forgiveness, contact your school or loan servicer for application forms and detailed instructions.

•   Those not eligible for Perkins forgiveness may consider alternatives like Federal Direct Loan Consolidation, income-driven repayment plans, or refinancing student loans.

How Does Perkins Loan Forgiveness Work?

Through Perkins loans forgiveness, your Perkins loan debt could be partially or fully canceled. You may qualify for forgiveness by working full-time in a public service job, such as military service, law enforcement, or education.

Once a Perkins loan borrower applies and is approved for student loan forgiveness, they will no longer be required to repay some or all of their loans. However, federal Perkins loan forgiveness doesn’t happen all at once. Instead, forgiveness happens in percentage increments that increase over time (see more on that below).

What Are Perkins Loans?

Perkins loans are subsidized low-interest federal student loans for undergraduate and graduate students who have exceptional financial need. Under the Perkins loan program, undergraduate students could borrow $5,500 per year with a cumulative maximum of $27,500, while graduate or professional students could take out $8,000 annually with a cumulative maximum of $60,000.

Perkins loans have a fixed federal student loan interest rate of 5.00%. Because the loans are subsidized, the government covers the interest that accrues on Perkins loans while borrowers are in school. Repayment for Perkins loans begins nine months after a student graduates, leaves school, or drops below half-time status.

As noted, the Perkins Loan program ended in 2017, when Congress did not renew it. The federal government allowed final Perkins loan disbursements through June 30, 2018.

Who Qualifies for Perkins Loan Forgiveness?

You may be eligible for Perkins loan forgiveness if you work full-time in a public service role. Jobs that may qualify a borrower for forgiveness include:

•   Elementary or secondary teacher in a low-income district or service agency in a teacher-shortage area

•   Special education teacher at a public or nonprofit school

•   Preschool or prekindergarten teacher

•   Law enforcement officer or correctional officer

•   First responder

•   Attorney for a federal public or community defender organization

•   AmeriCorps, VISTA, or Peace Corps volunteer

•   Member of the U.S. Armed Forces

•   Health care worker such as a nurse or medical technician

For each job, there are a number of requirements that need to be met to qualify for federal Perkins loan forgiveness, including the number of years worked, and in some cases, the year you started. Some Perkins loan holders may have as much as 100% of their Perkins loans forgiven after five years in a public service job.

Borrowers who are not eligible for Perkins student loan forgiveness might be able to have their Perkins student loans discharged in certain circumstances. For instance, you may qualify for total and immediate cancellation of your Perkins loans in the following situations:

•   Your school closed while you were attending it

•   Bankruptcy

•   Total and permanent disability

•   Death

If any of these circumstances apply to your situation, contact your school’s financial aid office or loan servicer about getting a loan discharge.

How to Apply for Perkins Loan Forgiveness

To apply for Perkins student loan forgiveness, contact the school that originally issued your Perkins loans or your loan servicer to get the application forms. Your school or loan servicer can also give you specific instructions on how to apply.

As part of the application process, be aware that you will need to show proof that you work in a qualifying public service job.

What Happens If You’re Approved for Perkins Loan Forgiveness?

If you’re approved for Perkins loan forgiveness, you will likely receive forgiveness for your loans in increasing percentages. For example, if you are eligible for 100% forgiveness, your debt will typically be forgiven in these years and increments:

•   First and second years of qualifying employment: 15% of the loan amount

•   Third and fourth years of of qualifying employment: 20% of the loan amount

•   Fifth year of qualifying employment: Final 30% of the loan amount

Recommended: Are Forgiven Student Loans Taxed?

What to Do If You Don’t Qualify for Perkins Loan Forgiveness

If you aren’t eligible for Perkins student loan forgiveness, there are other options that can help you manage or lower your student loan payments. Methods to consider include:

Federal Direct Consolidation Loan

With a Direct Consolidation loan, you can combine one or more federal student loans, including Perkins loans, into a new loan to lower your monthly payment amount and access federal forgiveness programs, including Public Service Loan Forgiveness. After consolidation, you’ll have one loan with a fixed interest rate, which may be easier to manage.

Income-Driven Repayment Plans

Income-driven repayment (IDR) plans base your federal loan payments on your discretionary income and family size. This often results in a lower monthly loan payment. Under an IDR plan, you could qualify for forgiveness of your remaining debt after 20 or 25 years.

Perkins loans are not eligible for IDR plans, but if you consolidate them with a Direct Consolidation Loan, you can enroll in an IDR plan.

Student Loan Refinancing

Refinancing student loans allows you to replace your old loans with a new private loan, ideally one that has a lower interest rate and more favorable terms.

Borrowers interested in refinancing student loans to save money should compare lenders and offers to choose the best one for their situation. Also, be aware that refinancing federal loans makes them ineligible for federal benefits like income-driven repayment.

A student loan refinancing calculator can help you decide whether refinancing makes financial sense for you.

Recommended: Student Loan Refinancing Guide

The Takeaway

Borrowers with Perkins loans may qualify for forgiveness if they are employed full-time in a qualifying public service job. They might get up to 100% of their loan amount forgiven.

Those who are not eligible for Perkins forgiveness may be able to have their Perkins loans fully discharged in certain situations, such as bankruptcy or if their school closed before they could earn their degree.

However, these aren’t the only options to help borrowers tackle student loan debt. You can also explore methods that could help lower your monthly loan payments, such as an income-driven repayment plan, a Federal Direct Consolidation Loan, or student loan refinancing.

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.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

About the author

Melissa Brock

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.


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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 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.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Jan
13
2025

ITT Tech Loan Forgiveness: Things to Know

By | Debt Payoff, Fresh Out of School, student_loan | Comments Off on ITT Tech Loan Forgiveness: Things to Know

Students who attended the now-defunct ITT Tech are entitled to federal student loan forgiveness. If you attended an ITT Tech institution between 2005 and 2016, you should be able to get your federal student loan debt discharged.

Learn the details about what happened at ITT Technical Institute, how it affected more than 200,000 students, and what you need to know about ITT Tech student loan forgiveness if you attended the school during the specified time period.

Key Points

•   ITT Tech loan forgiveness cancels federal student loan debt for students who attended ITT Technical Institute between 2005 and 2016, when the school closed its doors.

•   The Department of Education discharged $3.9 billion in federal loans for 208,000 ITT student borrowers.

•   The forgiveness program applies automatically, without students having to apply for loan discharge.

•   The Consumer Financial Protection Bureau forgave hundreds of millions in private student loans to ITT borrowers.

•   Students with private loans whose debt was not forgiven can contact their lender to explore their options, find out about any state assistance programs, or consider student loan refinancing.

What Is ITT Tech?

ITT Technical Institute, also known as ITT Tech, was a private, for-profit technical school that had approximately 130 campuses in 38 states. Owned by ITT Educational Services, ITT Tech schools had associate and bachelor’s degree programs in various areas of technology, including software, electrical engineering, and cybersecurity, as well as criminal justice and business management.

The institution, which was founded in 1969, offered students a chance to get their undergraduate degree without going the traditional college route.

Recommended: Why College Is Not for Everyone

What Happened to ITT Tech?

On September 6, 2016, ITT Tech ceased operations, closing all of its campuses. After years of investigations and lawsuits from federal agencies and some state attorneys general, the U.S. Department of Education (DOE) cut off ITT’s federal aid.

According to a report from the Project of Predatory School Lending at Harvard Law School, ITT made false promises to prospective students, such as offering a valuable education, flexible schedule, the ability to easily transfer credits to other schools, and a high likelihood of job placement after graduation. ITT also engaged in unethical, predatory practices, the report found, which included recruiting and taking advantage of low-income students.

Without the billions of dollars ITT Tech had received from federal student loan aid, it could no longer remain open. ITT filed for bankruptcy 10 days after closing its doors.

ITT Tech’s closing left more than 35,000 students in limbo, without a viable path to obtain their degree. And hundreds of thousands of students were on the hook for the federal student loans they had taken out to attend ITT.

Who Will Get Their ITT Tech Loans Forgiven?

On August 16, 2022, the DOE announced the cancellation of all remaining federal student loan debt to students who attended ITT Tech from January 1, 2005 through its September 2016 closure.

According to the latest information, a grand total of $3.9 billion of federal student loan discharges have been given to 208,000 borrowers who attended an ITT Tech school during the time period.

The DOE’s ITT Tech student loan forgiveness only applies to federal loans, not private student loans. However, the Consumer Financial Protection Bureau (CFPB), which investigated ITT and brought a lawsuit against the institution, eventually reached settlements with ITT that forgave hundreds of millions of dollars in private student loan debt.

Students who borrowed private loans to attend the institution and didn’t receive ITT Tech loan forgiveness may want to consider options to make repaying their student loans easier, such as checking whether their state has a program to help students after a college closure, or exploring student loan refinancing. When you refinance student loans, you replace your current loans with a new private loan.

Ideally, the new loan will have a lower interest rate, if you’re eligible, or more favorable terms, in which case refinancing could save you money.

Use SoFi’s student loan refinancing calculator to see if refinancing makes sense for you.

What ITT Tech Student Loan Debt Relief Is Available?

With the federal government’s ITT student loan forgiveness decision, anyone who took out a federal student loan should be eligible to have their debt erased. What’s more, the DOE made ITT Tech loan forgiveness easy by not requiring former students to apply for a borrower defense to repayment discharge. Instead, students who attended ITT Tech automatically had their loans discharged without having to take any action.

In addition, hundreds of thousands of dollars in private student loans were forgiven through the efforts of the CFPB.

If you were a student at an ITT Tech school during the specified time period, and you haven’t had your federal student loan amount waived, the DOE advises you to contact your loan servicer. If you’re not sure who your servicer is, you can find out by logging into your account on StudentAid.gov.

Recommended: Student Loan Refinancing Guide

The Takeaway

The 2016 closure of ITT Tech campuses nationwide left tens of thousands of students with no opportunity to finish earning their degree. It also resulted in hundreds of thousands of students being left with private and federal student loan debt.

The Department of Education has canceled federal loans borrowed by students who attended ITT Tech between 2005 and 2016. And separately, hundreds of millions of dollars in private student loans were forgiven through the efforts of the Consumer Financial Protection Bureau.

If you attended ITT and your federal loans haven’t been forgiven, contact your loan servicer. Those individuals still dealing with private loan debt may want to consider other methods to help manage it. For example, they could speak with their lender about any repayment options the lender might offer given the circumstances, check to see if their state has any programs to help students after a college closure, or explore student loan refinancing to see if they qualify for more favorable rates and terms.

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.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

Photo credit: iStock/T-studios2

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 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.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This article is not intended to be legal advice. Please consult an attorney for advice.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Jan
09
2025
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7 Financial Aid Secrets You Should Know

By | Debt Payoff, Fresh Out of School, Student Loans, student_loan | No Comments

As a student, it can be easy to focus solely on the college application process and completely forget about financial aid. You spend so much time studying for the SATs (or ACTs) and tweaking your college essay so it perfectly represents you, that after you’ve been accepted and the reality of tuition payments set in, you might feel momentary panic.

It’s no secret that college tuition is expensive. Students and parents save for years to pay for higher education, but sometimes that’s just not enough. According to a Sallie Mae® study, parent income and savings covered 37% of college costs in the 2023-24 school year, while student income and savings covered 11% of the costs.

Many of us rely on financial aid to bridge the payment gap. Financial aid may come from multiple sources, including scholarships, grants, work-study, federal student loans, and private student loans. Keep reading for a look at financial aid secrets you should know.

Key Points

•   Filling out the Free Application for Federal Student Aid (FAFSA) is essential, even for families who believe they won’t qualify for need-based aid. Many schools use it to determine merit-based aid eligibility.

•   Submitting the FAFSA as early as possible maximizes your chances of receiving aid since some funds are distributed on a first-come, first-served basis.

•   Explore opportunities beyond federal aid, including scholarships and grants offered by schools, community organizations, and private institutions, which don’t require repayment.

•   Review the complete cost of attendance, including tuition, fees, room, board, and other expenses, to make informed financial aid decisions.

•   If your financial situation changes or the offered package doesn’t meet your needs, consider reaching out to your school’s financial aid office for an appeal or reevaluation.

Types of Financial Aid

Scholarships and grants are extremely useful forms of financial aid, since students are not typically required to pay back the money they receive. An online survey of students and parents found 27% of college families in 2023-24 relied on scholarships and grants to cover a portion of college expenses, according to Sallie Mae’s study.

Scholarships, grants, and savings often aren’t enough to cover the cost of attending college. Sallie Mae says 23% of college families borrowed money to help pay for college in 2023-24. Some families used home equity loans and credit cards, but federal student loans represented the most frequently used source of borrowed money followed by private student loans.

To top it all off, the financial aid application process can be confusing. Between federal aid and other scholarships, it can be difficult to keep everything straight.

Most often, the first step in applying for financial aid is filling out the Free Application for Federal Student Aid (FAFSA®). You can begin filling out the FAFSA on October 1 for the following academic year. The federal FAFSA deadline for the 2024–25 academic year is June 30, 2025, but you’ll likely want to file well before the school year starts – colleges and states may have their own FAFSA deadlines.

Taking the effort to apply for financial aid early can have a positive impact on your tuition bill. Below we highlight seven financial aid secrets you should know.

Financial Aid Secrets You Should Know

1. Decision Day vs Summer Melt

May 1 is usually decision day, the deadline when prospective college students must decide which college they plan to attend in the fall. But even after this deadline, students can change their minds. This phenomenon is known to industry professionals as “summer melt,” and sometimes it’s triggered by FAFSA verification setbacks.

Students who receive insufficient need-based financial aid, for example, might be compelled to reconsider their college enrollment decisions. Summer melt can give you an opportunity to select a more affordable school for you if you’ve encountered a FAFSA verification roadblock.

Summer melt is a common problem that causes schools to lose students during the summer. Because of this, schools may have a bit of secret wiggle room in their acceptance policy to admit new students over the summer for the fall semester.

Recommended: Should You Choose a College Based on Price?

2. Writing a Letter

You might be able to take advantage of summer melt with this secret: write a letter. After you get your financial aid offer, you could write a letter to your school’s financial aid office to open the lines of communication.

Let them know how excited you are to attend school in the fall. That’s where you could include a thoughtfully worded inquiry for any additional aid that you might qualify for as a result of summer melt.

When students decide to switch schools or not attend at the last minute, it means that they also won’t be using their financial aid award — which could now be available to other students.

3. Calling the Financial Aid Office

Another way to potentially take advantage of summer melt is to call your school’s financial aid office. Instead of calling immediately after you receive your financial aid award, think about calling in June or July. This allows financial aid offices time to account for students who have declined their financial aid packages.

An appropriately timed call to the financial aid office at your school could mean additional financial aid is allocated to your package — no guarantees, of course, but it never hurts to ask.

4. Submitting Paperwork and Applications On Time

Every school’s financial aid office has to follow a budget. Some financial aid is offered on a first-come, first-served basis, so it helps to submit forms, like the FAFSA, and other applications, on time or even ahead of schedule.

You may be out of luck if you apply for assistance after your university’s financial aid office has met their budget for the year. Some states have early winter deadlines for awarding scholarships and grants. Tennessee residents, for example, must complete their FAFSA by April 15 to be considered for a state-funded Tennessee Student Assistance Award grant.

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5. Being Prepared

Have the basics ready to go before you sit down to fill out the FAFSA. If you have all of the information you need before you begin filling out the FAFSA, you’ll likely have an easier time filling out the information.

Usually, each parent and the student will need to create a username and password, which is called the Federal Student Aid ID (FSA ID). You’ll also need:

•   Social Security numbers (for you and your parents)

•   Bank statements and records of untaxed income (possibly)

•   You and your parents’ tax returns (aid awards are based on income from two years ago)

•   Any W2 forms

•   Net worth calculations of your investments (for students and parents)

6. Being Wary of Services that Charge You for Help

If you need assistance filling out the FAFSA, avoid any services that charge you. The first F of FAFSA stands for “Free,” so there is no need to pay for a service to fill the form out for you.

If you need assistance filling out the FAFSA, there are plentiful online resources through the U.S. Department of Education .

7. Filing the FAFSA Every Year

For every year you are a student and want to receive federal aid, you’ll have to file the FAFSA. Get in the habit of filing it every fall, so you’re closer to the top of the financial aid pile.

Navigating financial aid can feel overwhelming, but understanding key strategies can significantly impact your college funding.

The Takeaway

Scholarships and grants can be super helpful additions to a federal financial aid package. The money can reduce your tuition bill and doesn’t usually need to be repaid. Work-study can also be beneficial in helping college students make ends meet, as can 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.


Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

What is the most common FAFSA mistake?

The most common FAFSA mistake is providing incorrect or incomplete information, such as inaccurate income details or failing to list all schools you’re considering. Errors can delay processing or reduce financial aid eligibility, so double-check entries and ensure all required documents, like tax returns, are accurate and up to date.

How can I maximize my financial aid eligibility?

To maximize financial aid eligibility, submit the FAFSA early, accurately report income, and reduce assets in the student’s name. Explore scholarships and grants, appeal for additional aid if circumstances change, and ensure all financial aid deadlines are met. Focus on schools with robust need-based aid programs for added support.

How do I get a bigger financial aid package?

To secure a larger financial aid package, submit the FAFSA early and accurately, apply for scholarships and grants, and appeal for more aid if your financial situation changes. Choose schools with strong aid programs, minimize student-owned assets, and maintain good academic performance to qualify for merit-based assistance.

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).

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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.


Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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