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While bad financial decisions can set you back, it’s important to remember that mistakes can also be an opportunity to learn and grow. While you can’t go back and undo the things you’ve done or didn’t do (if only!), you can acknowledge where you went wrong and change your behavior moving forward.

Below, take a look at some of the most common financial missteps people make, as well as what can be done to overcome them.

15 Bad Financial Decisions

Here’s a look at where things can go wrong, and how you set them right.

1. Not Paying Down Your Credit Card Debt

Just making the minimum payment on your credit cards each month can drain your pockets and damage your credit. The reason: When you carry a balance, interest keeps on building, making the total balance higher and even more challenging to pay off. Debt also shows up on your credit report and can have a negative effect on your scores.

To break the pattern, consider putting any extra money toward the card with the highest interest rate, while paying the minimum on the rest. When that card is paid off, you can tackle the next-highest interest debt, and so, until you’re out of debt.

Recommended: Creating a Credit Card Debt Elimination Plan

2. Putting Important Financial Decisions off to the Side

Delaying important financial decisions, such as saving, investing, and paying off debt, can cost you money and put your goals further out of reach. A good way to stop the procrastination cycle is to break down your financial goals into small to-dos that feel manageable. You might want to set aside time once a month to check in on your finances and make one small change that can help you get closer to your goals.

3. Not Protecting Personal Financial Information From Fraud

Identity theft and financial fraud are all too common these days, and not taking a few steps to protect your personal and financial information can come back to haunt you. The financial damages caused by fraud can last for months or even years. What’s more, the recovery process usually isn’t easy, and may even involve working with the IRS or Social Security Administration to clear your name.

To protect your information, it can be smart to regularly check your credit reports (and report any suspicious activity immediately). You’ll also want to avoid sharing your personal data unless absolutely necessary and never over public wifi.

4. Overspending so You Can’t Save

Overspending means you’re spending everything you earn (and not putting anything into savings) or, worse, you’re spending more than you’re bringing in. This can be a costly financial mistake that puts your goals further from your grasp. It means you may be living just paycheck to paycheck.

To change course, you may want to take a look at the last three months of financial statements and assess exactly how much you are spending each month and on what. This can be eye-opening, and you may immediately see some easy ways where you can cut back. Any money you free up can then become money saved, and little by little, it will add up.

5. Not Having Any Backup Options

A recent study found that not even 44% of Americans could not afford an unexpected expense of $1,000 from their savings. Without an emergency cushion, many Americans are at risk of going into high-interest debt should they face an unexpected bill or any loss of income.

It’s generally recommended to have enough cash set aside to cover all your living expenses for three to six months. In some situations, this amount should be as much as 12 months. To get there, you may want to put a percentage (10%, for example) of your monthly take-home income into a high-yield savings account or online bank account — online banks often offer higher interest rates than traditional banks. If that doesn’t seem doable, it’s fine to start smaller and gradually work up. Consistently saving a modest amount, such as $25 per paycheck, can be a good habit to start.

6. Paying High Amounts on Multiple Monthly Subscriptions

Subscription streaming services, box deliveries, and apps that bill on a monthly basis can add up to a significant sum. And, since these service providers typically bill automatically, you may not even be fully aware of what you are paying for each month, or that you may be overpaying for some of these services.

To cut your monthly bills, go through your statements and tally up everything you are currently paying for on a recurring basis. Can anything go? Could you get a better deal on some of these services? It never hurts to shop around or call up a service provider and ask for a lower price.

7. Not Investing Any of Your Money

You may think you have to be rich or an expert on stocks to start investing, but this is a common money misconception. And one that can leave you ill prepared for the future.

While investing can be intimidating (and does come with some risk), there are easy ways to get started. If you don’t want to do the work of picking and choosing investments, for example, you might start investing with a robo-advisor. These are digital platforms that provide automated investment services based on your goals and tolerance for risk. Robo-advisors are typically inexpensive and require low opening balances.

8. Not Planning for Retirement

When you don’t plan for retirement, you forgo the factor of time that is key to achieving your goals. Giving your investments a long time to grow is vital to having a nest egg you can retire on. If your employer puts any matching funds towards your retirement fund, that can be a valuable boost, too.

However, there is more to retiring than starting an IRA or contributing to a 401k. You’ll also want to consider when you want to retire, what kind of lifestyle you will want to lead, and how much money you will need. This can help you determine how much you should be putting away each month starting now.

9. Making Small but Unnecessary Purchases

An iced cappuccino here, a pay-per-view there. These little extras may not seem like a big deal, but they add up. Consider that spending just $50 a week eating out costs you $2,600 a year. That sum could go a long way toward paying off your credit card or car and help you take a big step toward achieving financial freedom.

To curb impulse buys and cut back on spending, you might want to set a weekly spending limit for “extras.” (Yes, you are earmarking some money for fun little splurges.) To keep to your limit, consider taking out that amount of cash at the beginning of the week and leaving your credit card at home. That way, when the money’s gone, you can’t spend any more.

10. Allowing Your Credit Score to Drop

A low credit score can keep you from obtaining competitive rates on loans and credit cards. It could block you from housing and employment opportunities. Poor credit can also be costly, since the financing options available to you will be more expensive.

To start building a better credit profile, you may want to put all your bills on autopay, so you never make a late payment. Paying down any credit card debt can also be helpful, since how much of your available credit you are using also factors into your score. If you have an old credit card you rarely use, it can be a good idea to still keep that account open, since the length of your credit history is another factor that impacts credit scores.

11. Not Making Budgeting an Important Priority in Your Life

Budget may sound like a bad word. But in truth, not tracking how much money you’re making versus how much you’re spending can be a bad financial decision with many repercussions, including never getting ahead and having constant money stress.

Making a budget, on the other hand, can mean the difference between staying in debt vs. getting out of it, remaining in your rental vs. becoming a homeowner, and working overtime vs. going on vacation. Convinced? You can start budgeting by assessing what’s currently coming in and out of your bank each month, and making a plan for how you want to allocate your income, making sure that some money goes to savings each month. There are multiple budget methods and apps; take some time to experiment until you find the right fit.

12. Financing Purchases Rather Than Saving for Them

While some purchases, such as a house, usually require financing, many others can be achieved through saving instead of going into debt. Whether you want a new laptop or a high-end refrigerator, financing can make a big purchase more expensive. Plus, the ease of buying on credit can make you think you can afford a lot more than your income allows.

A wiser strategy can be to determine what you want to buy, how much it will cost, and when you, ideally, want to get it. You can then start putting money aside each month and when you meet your goal, buy the item with cash.

13. Using Savings to Pay Off Debt

It may seem counterintuitive, but paying off debt with your savings is not always a good idea. Draining your bank account can leave you vulnerable to financial emergencies, causing you to plunge back into debt.

A better strategy can be to use a debt repayment method such as the snowball method. This involves putting extra money toward the smallest revolving debt balance each month, while continuing to make minimum monthly payments on your other debt. When the smallest balance is paid off, you can move on to the next smallest balance, and so on. This can help you start saving money right away and motivate you to keep going.

14. Withdrawing From Retirement Savings Early

It can be exciting to watch your retirement account grow throughout your career. And, it can be tempting to want to touch that money before you are officially “retired.” However, taking early distributions from your retirement account can be among the worst money mistakes you can make. For one reason, you will likely have to pay penalties and income tax on the amount you withdraw. For another, you will lose the opportunity to continue accruing gains on that money.

Remember: The main benefit of a retirement account is to let your money compound and grow over time. When you withdraw retirement funds early, you lose that opportunity to secure your future and take a big step backward.

15. Not Recognizing and Avoiding Scams

Yes, it’s getting harder to detect scams; they are becoming ever more sophisticated. And they prey upon both young and old consumers. To avoid scams, you’ll want to be suspicious of any text, email, or snail mail offer that seems too good to be true, and avoid clicking on any links in an email or text claiming to be from one of your financial institutions. If you receive this kind of message, a smart move is to call customer service or log onto your online accounts to see if the information in the email or text is correct.

Also beware of appeals with a sense of urgency; say, that you must pay a fee immediately to unlock your account or receive delivery of an important package.

Since scams are constantly evolving, it’s worth your time to search online every six months or a year to see what’s new and make sure you have your guard up as much as possible.

Tips for Recovering From Bad Financial Decisions

If you’ve made some poor financial decisions, you might feel embarrassed or scared. It can help to remember that one accident or blunder doesn’t spell doom for your finances forever. Here are some ways you can start turning things around.

Acknowledging Bad Financial Decisions and Taking Action

Even if you’ve made one of the worst money mistakes, a smart first step is to simply acknowledge your misstep, take a step back, and at first do nothing. A rash attempt to fix a problem can actually make it worse. Once you’ve accepted and assessed the damage, you can put a recovery plan into action.

Taking Steps One at a Time

Building your credit or paying off a mountain of credit card debt won’t happen overnight. And, if you set your sights too high, you might be tempted to give up before you even get started. A better bet is to break your larger goals into a series of small, achievable steps. Each time you accomplish one of these mini-goals, you’ll likely feel a sense of accomplishment. This can motivate you to save money and crush other goals, little by little.

Do Not Shame Yourself, but Forgive Yourself

Everyone makes mistakes. Even if you have been doing your best, it’s possible to have a credit card balance get out of hand or have your identity stolen after you accidentally click on a phishing text link.

Forgiving yourself is crucial to your emotional health and will help you take positive action to undo your mistake. A bad decision doesn’t have to define you; instead, it can be something you learn from and overcome. The mental energy spent beating yourself up can be better used to help address the problem.

Improving Your Money Mindset

If you have a positive money mindset, you will likely make better money decisions. Having a negative view, on the other hand, can keep you from setting goals and taking positive action. For example, if you think you will never get out of debt, you may not feel motivated to even try. However, putting a positive spin on the situation — that, with a plan, you will be able to one day be debt-free — can motivate you to start (and keep) attacking your debt.

The Takeaway

Though everyone tries to do their best with their money, mistakes happen all the time. No one likes losing money, but it’s vital to remember that one or even several financial slipups can be overcome by keeping a positive mindset and taking the recovery process one step at a time.

If you want to gain better control of your finances, help is available, starting with the right banking partner.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

What are the consequences of poor financial decisions?

Poor financial decisions can lead to a low credit score, lack of savings, and overreliance on debt. It can also make you vulnerable to financial emergencies and limit your access to loans and credit cards with favorable rates and terms.

Do bad financial decisions lead to bad financial habits?

Yes, if left unaddressed, bad financial decisions can lead to bad financial habits. Not putting money aside for emergencies, for example, can cause you to rely on your credit card to cover a large, unexpected expense, and lead to a cycle of high interest debt that can be hard to get out of.

Can bad financial decisions be overcome?

Yes, you can overcome bad financial decisions by identifying where you went wrong and coming up with a realistic plan to address the problem moving forward. You can also likely benefit from budgeting and managing debt well.

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SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

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 .

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Anyone can use a money order to send or receive money. While money orders aren’t the most common tool, they’re usually simple to obtain and cash. To cash a money order at no charge, visit your local post office branch and present your money order at the window.

In this article, we outline where to cash postal money orders and what the process looks like.

What Is a Postal Money Order?

A postal money order is a type of financial certificate issued on paper by the post office. Similar to a paper check, the document is worth the amount of money determined by the person or company that purchased it. While you can obtain a regular money order from almost any bank, only the United States Postal Service (USPS) issues postal money orders.

Unlike a check, a postal money order is prepaid by the party sending it, so it can’t bounce. Money orders also never expire. A receipt is provided to the purchaser in case the money order is lost, stolen, or damaged. As a result, you can use a postal money order to securely send a payment through the mail.

Another advantage of money orders is that they are difficult to counterfeit. You can make a payment of up to $1,000 with a single order.

To send a money order, you must pay for it ahead of time using cash, a debit card, or a traveler’s check. Although it is possible to buy a regular money order with a credit card, you cannot put postal money orders on a credit card.

Recommended: What Is a Niche Bank?

How to Cash a Postal Money Order Step by Step

If you receive a postal money order, you can redeem its face value by cashing it. There is no advantage in keeping a postal money order long-term, since it doesn’t earn interest and cannot be used directly to make a purchase.

Here’s how to cash a money order at the post office for free:

1.    Bring the money order and a photo ID to a post office service counter.

2.    Sign the money order in view of the postal worker (do not sign it ahead of time).

3.    You will immediately receive the cash value of the money order.

Where to Cash a Postal Money Order

You can cash a postal money order in certain places outside the post office. Many banks will cash postal money orders, as long as you have an account there. Some grocery stores and retailers will cash money orders, too.

Because proof of ID is required, you cannot deposit money orders via a mobile banking app.

List of Places That Cash Money Orders

Here are some locations that may cash a postal money order:

•   Most banks. Check with your local branch.

•   Check-cashing retailer. Consumers without a bank account or nearby post office may cash money orders here for a fee.

•   International postal office. The post office offers special international money orders that can be cashed at banks and post offices in some other countries.

•   Rural mail carrier. Some mail carriers may cash money orders for rural customers if they have enough cash on hand.

•   Some supermarkets and major retailers. Search online for “places to cash a money order near me.”

Recommended: Alternative to Traditional Banks

How to Identify a Fake Postal Money Order

You’ll want to examine your money order before attempting to deposit it in order to ensure it’s authentic. Here are a few ways to spot a fraudulent postal money order:

•   Look closely at the paper. Valid postal money orders have special markings and designs to prevent fraud. Visit USPS.com to view a sample money order.

•   Review sum amount. If the dollar amount is faded, too large, or not printed twice on the paper, it could be fraudulent. All postal money orders must be under $1,000 and have the sum printed twice on the paper. International postal money orders cannot exceed $700, or $500 for El Salvador and Guyana.

If you think your postal money order is fake, contact the U.S. Postal Inspection Service at 1-877-876-2455.

Recommended: 7 Ways to Cash a Check Without a Bank Account

The Takeaway

Cashing a USPS money order is a straightforward process. Your local post office can cash a postal money order at no cost to you. You may also be able to cash a postal money order at a bank branch if you have an account there, or at your local supermarket.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

Can you mobile deposit a USPS money order?

Unfortunately, you cannot use mobile deposit for USPS money orders. Instead, you must deposit it in person with a valid ID.

Where can I cash a money order for free?

You can cash a postal money order for free at your local post office. You may also be able to cash it at your local bank branch.

Can you cash a money order online?

Since you need proof of ID to deposit a postal money order, you usually can’t deposit it online.

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SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

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.

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Your student loans are owned by the government or a financial institution like a bank, credit union, or online lender. Who owns your student loans depends on the type of loans you have.

Knowing which organization or entity owns your student loans is important for managing your payments — and for anyone who wishes to be an informed consumer. Here’s how to find out who owns your student loan debt.

Overview of Student Loan Ownership

Federal student loans are typically owned by the U.S. Department of Education (DOE), while private student loans are owned by the private lender who issued them.

However, both the DOE and private lenders may partner with a third party known as a loan servicer to manage your loans. The loan servicer handles billing and can also help you with repayment options, such as loan consolidation or income-driven repayment (IDR) plans for federal loans. Whether your loans are federal or private, your loan servicer is your resource for any questions or issues.

Student loan servicers can change, however. This can happen if your student loan is sold to another company, for instance. In this case, you should receive a notification by mail or email about who your new servicer is and where to send your payments. But even if you miss the notice, it’s still your responsibility to make sure your loan payments get to the new loan servicer by the due date.

If you choose to refinance your student loans, potentially for a more favorable interest rate or term, you will get a new lender and loan owner in the process.

💡 Quick Tip: Refinancing comes with a lot of specific terms. If you want a quick refresher, the Student Loan Refinancing Glossary can help you understand the essentials.

Identifying Federal Loan Servicers

Your federal loan servicer is typically who you reach out to for anything related to your federal student loans. It’s important to know who they are and how to reach them.

How to Find Your Federal Loan Servicer

Once the DOE disburses your federal student loan, they will assign a loan servicer to manage it. The loan servicer will usually contact you directly. That way, when it’s time to start paying back student loans, you’ll know who to reach out to.

If you didn’t save their contact information, finding common student loan servicers is usually simple. Just log into your account dashboard at StudentAid.gov and go to the “My Loan Servicers” section. Or call the Federal Student Aid Information Center (FSAIC) at 800-433-3243.

The DOE sometimes moves student loans from one loan servicer to another. This transfer simply means a different company will be handling your loan and helping you manage it. For instance, you could talk to them about different student loan repayment options if you’re looking for another plan.

If your loan is transferred, the new loan servicer will typically inform you of the change by email or letter. Update your payment information with your bank or adjust the payment method for your monthly student loan bill to make sure your payments go through smoothly. Also, set up an account with the new servicer and double-check that your personal information is accurate so they can reach you if needed.

Identifying Private Loan Lenders

Determining who owns your private student loan can be a little more complicated. Here’s how to do it.

Checking Private Loan Ownership

There’s no one central website for private student loan servicers like there is for federal loans. To find out who owns your private student loans, you’ll need to individually contact each of your lenders.

Another option is to get your credit report from one of the three credit bureaus. Private lenders usually report loans, including student loans, to the credit bureaus, and the loan servicer should be listed on the report.

Why Loan Ownership Matters

Knowing who owns your student loan is critical for managing your student loan debt. Whether you’re still in college and not yet repaying your loans, or you’re paying off student loans early, your loan servicer is the one who handles the transactions and answers any questions you might have. They can also explain different repayment options and be a resource if you’re facing financial difficulties.

If you don’t know who your servicer is, you might miss important updates, payment deadlines, and opportunities to adjust your repayment plan.

The Takeaway

If you have federal student loans, the government owns your loans. With private loans, your loans are owned by a private lender. Both entities often use loan servicers to handle payments for your loan, so be sure to find out who your loan servicer is.

The owner of your loan may change over time. Student loans can be transferred or sold to other lenders. And if you decide to refinance your student loan — say, because you qualify for a lower interest rate or better term — you’ll get a new lender as part of that process.

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

Can student loans be sold to other lenders?

Yes, a lender can sell your student loans. They may do so to free up capital and make other loans. Typically, the new owner of the loan will notify you of the change of ownership. Be sure to update your payment information with the new lender.

How can I find out who services my loans?

If you have federal student loans, you can log in to your account dashboard at StudentAid.gov and click on the “My Servicers” section to see who your loan servicer is. For private student loans, contact your lender directly for the information or pull your credit report, which should have the loan servicer listed.

What if I don’t recognize my loan servicer?

If you come across a loan servicer you don’t recognize, it’s a good idea to make sure they’re legitimate. Check with your lender to find out if this is the servicer they’re working with. Don’t give out any personal or sensitive information to anyone you don’t know. Be alert for scammers offering to help you with payments or loan forgiveness. Report anything that feels off or questionable. You can file a complaint online with the Department of Education’s Federal Student Aid.

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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).

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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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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.

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.
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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