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How to Refinance Student Loans as an International Student

Refinancing student loans can help students save money and pay back their loan faster. However, for international students without a credit history in the U.S., refinancing options are limited. If you’re considering refinancing your student loans as an international student, it’s important to know how the process works.

This guide on student loan refinance for international students will walk you through it.

Key Points

•   International students can refinance student loans through select lenders, but eligibility depends on visa type and status.

•   Adding a U.S. citizen or permanent resident cosigner to the loan may improve approval chances and help secure a lower interest rate.

•   Refinancing doesn’t always guarantee a lower rate since approval depends on credit history and income.

•   Some lenders allow you to check potential rates with a soft credit pull, avoiding an impact on your credit score.

How Refinancing Student Loans Works

Student loan refinancing is the process of replacing your current student loans with a new loan that has one monthly payment. You can refinance both private student loans and federal student loans, potentially saving money and time as you pay off your debt.

Student loan refinancing companies like SoFi offer fixed and variable interest rates that may be lower than what you’re currently paying on your student loans.

With student loan refinancing, you can also choose from various student loan repayment options and terms, allowing you to pay off your loans as quickly as your budget allows. The shorter your repayment period, the more you’re likely to save on interest, while a longer repayment term typically means you pay more interest over the life of the loan.

As you consider your strategy for paying off your student loan debt, refinancing can be a crucial element in helping you achieve your goal.

Another term you may hear as you’re exploring the idea of refinancing is “consolidation.” The terms are sometimes used interchangeably, but they are not the same thing. With student loans, consolidation is generally associated with federal loans through the Federal Direct Loan Consolidation Program, while refinancing is typically done through a private lender.

Recommended: Can International Students Get Student Loans?

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Where to Refinance Student Loans for International Students

When you’re an international student, it’s not always easy to know where to go to refinance your student loan. Many lenders require you to be a U.S. citizen or permanent resident to be eligible for international student loan refinance, but fortunately, some companies provide more flexibility and may offer such options as student loans for H-1B visa holders.

For instance, SoFi as well as MPOWER offer student loan refinance for international students. SoFi considers U.S. citizens, permanent residents, and people who hold a J-1, H-1B, E-2, E3, O-1, or l-1 visa (as of the date of this article).

If you’re a permanent resident, you’ll need to either have at least two years left until your status expires to refinance student loans for international students. And if you’re a visa holder, you’ll need to have at least two years left before your status expires, or you’ve applied for permanent residency.

That said, qualifying based on your citizenship, resident, or visa status doesn’t necessarily mean you qualify based on all criteria. Student loan refinancing lenders also typically have credit and income requirements.
This means that if you don’t have an established credit history — which is not always the case for international students — you may have a tough time getting approved on your own.

If this is your situation, it might be worth getting a student loan refinancing cosigner, such as a trusted family member or friend who is a U.S. citizen or permanent resident, to apply with you to help strengthen the creditworthiness of your application. This can be helpful because a cosigner acts as a backup for your application, and they are also legally obligated to repay the loan if you can’t. Even if you do qualify to refinance your student loans on your own, a co-signer could help you get a lower interest rate.

To help improve your chances of getting approved for international student loan refinance with more favorable terms, such as a low rate, it’s a good idea to choose a co-signer who has a stellar credit history and a solid income.

Eligibility Requirements for International Students

Refinancing eligibility requirements for international students can vary by lenders. However, there are some specific criteria most lenders look for.

Credit Score and Financial History

To be eligible for student loan refinance, an international student needs to have a solid credit history. Lenders generally perform a credit check on borrowers before deciding whether to give them a loan. They check the borrower’s credit score and credit report to see if they have made loan and credit card payments, which helps them assess whether the borrower can repay a refinance loan.

Most international students don’t have a credit history in the U.S. Yet most forms of borrowing, including credit cards, typically require individuals to be U.S. citizens or permanent residents. That makes it difficult to get credit. That’s why having a creditworthy cosigner on the loan can be helpful.

Lenders may also consider your income when deciding whether to give you a loan. They want to see that you have a steady income that’s high enough to make loan payments. Again, a creditworthy cosigner with a steady and sufficient income may help bolster your chances of getting a refinance loan.

Consigner Requirements and Options

When choosing a cosigner, keep in mind that they, too, will need to meet certain requirements from the lender. This generally includes:

•   Being a U.S. citizen or a permanent resident

•   A Social Security number

•   Good to excellent credit (a good credit score is considered to be above 670)

•   A stable job and a steady income

It’s important for the cosigner to understand that they are taking equal responsibility along with the primary borrower for repaying the loan. Any late or missed payments could harm their credit. Make sure the person you choose as your cosigner is someone you trust, and that they are willing to take on the responsibilities — and possible risk — involved.

Two Things to Consider Before Refinancing Your Student Loans

Refinancing might not be the right option for everyone. Here are three things to think about before you make your decision:

You May Not Qualify for a Lower Rate

Your eligibility and student loan interest rate are based on several factors, including your credit history and income. As such, there’s no guarantee you’ll get approved for a lower interest rate than what you’re currently paying, even with a co-signer.

Also, if you already have a relatively low interest rate with your current lender, you may have a hard time getting an even lower rate.

Fortunately, some lenders, including SoFi, allow you to check your rate before you officially apply to refinance. This is done with a soft credit check, which doesn’t impact your credit score.

Refinancing Is Just One Piece of the Puzzle

As you think through your student loan repayment strategy, keep in mind that refinancing isn’t the end of the line. Once you complete the process of refinancing your loans, it’s important to make sure you’re paying down your debt.

For example, consider creating a budget and looking for ways to put extra cash toward your student loan payments each month. If you get some extra money — a chunk of cash for your birthday, say — you can put that toward your loan payments as well.

Additionally, you could go with a shorter repayment period to save even more time and money on your debt. Just be aware that a shorter repayment period means your monthly payments will be higher.

Pros and Cons of Refinancing as an International Student

Refinancing your student loans as an international student could be a way to help manage your monthly payments. But there are advantages and disadvantages to carefully consider before moving ahead.

Benefits of Refinancing

The pros of refinancing student loans include:

•   A lower interest rate: If they can qualify, a lower interest rate can save borrowers money on the amount of interest they pay over the life of the loan. They could potentially save thousands of dollars.

•   Lower monthly payments: With more flexible loan terms, a borrower could lower monthly payments by extending the loan term. However, with a longer repayment term, they will pay more in interest over the life of the loan.

•   Repayment is easier to manage: With refinancing, a borrower has just one loan to keep track of and pay each month, rather than multiple loans. This can simplify the repayment process.

Potential Drawbacks to Keep in Mind

There are several disadvantages to refinancing, such as:

•   Refinancing as an international student may be challenging: Many lenders don’t offer student loan refinancing to international students. Those that do typically offer refinancing to international borrowers with certain types of visas or those with permanent residency status.

•   A cosigner may be required: Many international students don’t have a credit history in the U.S, which is something lenders look for. In that case, a creditworthy cosigner may be needed to secure refinancing.

•   Refinancing federal student loans makes them ineligible for federal benefits: While both federal and private student loans can be refinanced, refinancing federal loans means that borrowers no longer have access to federal programs and protections, such as income-driven repayment plans and federal deferment. (Although federal student loans are not typically available to international students, some international students who are permanent residents of the U.S. or have certain types of visas may be eligible for them.)

The Takeaway

If you’re considering refinancing student loans as an international student, be sure to check your eligibility requirements with private lenders. If you don’t have a strong credit history, consider adding a co-signer who is a U.S. citizen or permanent resident to strengthen your refinance loan application.

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

What lenders refinance student loans for international students?

Lenders that refinance student loans for international students include SoFi, MPOWER, Earnest, and PNC among others. Generally, you’ll need to have a certain type of visa or be a permanent resident to be eligible. Check the specific eligibility requirements with each lender.

Do I need a U.S.-based cosigner to refinance my student loans?

A U.S.-based cosigner who is a citizen or permanent resident and has strong credit, a steady job, and a good income may strengthen an international student’s application for student loan refinance. That’s because lenders look at a borrower’s credit history and income when deciding whether to issue a loan. A cosigner takes equal responsibility for the loan and repays it in the event the primary borrower can’t.

What are the alternatives if I can’t refinance my student loans?

If you are unable to refinance your student loans, you could create a budget to save money and then put the money you save toward your loan payments to help pay down your debt faster. You can also pay more toward the principal on your loan each month, which may help you pay off your loans faster.

You can look into student loan consolidation if you have federal student loans and want to simplify the payment process, or income-based repayment plans if you’re trying to lower your federal monthly loan payment.

How does refinancing affect my credit score as an international student?

If you are able to refinance your loan as an international student, it could help build your credit over time as long as you consistently make your monthly payments by the due date. When you refinance and make on-time payments, you are helping to build a credit history for yourself, which could make it easier to be approved for loans or credit cards in the future.

Is refinancing worth it if I plan to return to my home country?

You will still be responsible for paying off your student loans if you return to your home country. So if refinancing gets you a lower rate or more favorable loan terms, it may be worth doing.


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.


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 .


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.

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What Should I Do After My Master’s Degree_780x440: Finishing a master’s degree is a big deal.

What Should I Do After My Master’s Degree?

Finishing a master’s degree is a big deal and deserves a huge congratulations. Countless hours spent tackling reading lists, group projects, and thesis research have finally come to an end. And after all that, you’re probably wondering what comes next after getting your master’s degree.

On one hand, an end to tuition payments and assignments is a relief. On the other hand, figuring out what to do after grad school can be daunting. Compared to navigating life after college, master’s students may be faced with more debt and responsibilities than when they finished their undergraduate degree.

Whether starting a new and exciting role, embarking on the job hunt, or making plans for an alternative path, the transition may take time adjusting to.

To help you make the next step, check out these tips for what to do after grad school.

Key Points

•   Completing a master’s degree presents opportunities in various fields, but the transition to post-graduate life can be challenging due to debt and job market conditions.

•   Utilizing university career resources, networking with alumni, and connecting with professionals on platforms like LinkedIn can enhance job search efforts.

•   Continuing education through a doctoral program may provide specialized knowledge and career advancement, but it requires careful consideration of time and financial investment.

•   Teaching college courses is a viable option for graduates, as many community colleges accept master’s degrees for teaching positions, offering flexibility and competitive salaries.

•   Engaging in national service programs or taking time to travel can be fulfilling alternatives, allowing graduates to apply their skills while gaining valuable experiences.

Utilize University Career Resources and Networking

Many graduate programs promote their job placement rates to attract future students and stay competitive in college rankings.

To help ensure master’s students have a plan for navigating life after college, many universities offer career resources and services. Possible programs include career planning, interview and resume workshops, job fairs, and networking events with employers and alumni.

If you find your university’s career services to be limited or you’ve already graduated, you can reach out to your former professors for advice on entering the job market or pursuing a PhD.

Some universities may have official alumni groups or organizations to tap into. Connecting with alumni, professors, and classmates on LinkedIn is another way to broaden your network and find jobs in your desired field.

Entering the Workforce

A master’s degree can be an asset in the job market and for long-term career growth. In 2024, employed individuals with a master’s degree earned median weekly earnings of $1,840, compared to median weekly earnings of $1,543 for those with bachelor’s degrees, according to the Bureau of Labor Statistics.

Still, landing a job that reflects your credentials immediately after graduate school can be difficult. Sometimes, factors like geographic location or an economic recession could pose challenges to gainful employment.

If you have limited work experience or changed careers after graduate school, it may be helpful to cast a wider net with job applications in your desired sector.

Not everyone’s career is a straightforward path. Finding a position that balances passion and professional development can be a good place to start.

Recommended: How to Financially Manage a Job Transition

Continuing Education

Depending on your career goals, a doctorate degree (Ph.D.) could be a way to develop specialized knowledge and stand out from the pack. As of 2023, the number of Americans whose highest degree was a master’s degree reached 25.5 million, compared to just 8.5 million for a Ph.D., according to the Education Data Initiative.

Besides working as a college professor, a PhD can be applicable for a variety of careers, such as researcher, scientist, psychologist, and high-level positions in government agencies.

Whereas completing a master’s degree generally takes one to three years, a PhD program can take between five and six years, possibly longer.

Given this considerable time commitment, it is worth considering the return on education for different doctoral programs. Even if you receive tuition reimbursement and stipend for a Ph.D., you may want to calculate the ratio of foregone earnings from studying to the income a doctorate will help you receive upon graduation.

Recommended: The Highest Paying Jobs in Every State

Teach College Courses

After earning a master’s degree, there may be opportunities to stay involved in academia without pursuing a doctoral degree. Some graduates utilize their master’s credentials to teach college courses as a full-time or adjunct lecturer.

Many community colleges only require their instructors to have a master’s degree. Usually, these positions are geared towards instruction more than research and writing. Thus, preference may be given to candidates with previous college teaching experience and to those with master’s degrees.

Pay for lecturer positions varies between community colleges, four-year institutions, and graduate schools. The average salary of an adjunct professor, though, is currently $78,476 per year.

You may choose to teach college courses full-time at your local community college or university or teach classes part-time as your schedule allows. Either way, teaching college courses can be a fantastic way to utilize your master’s degree.

National Service

Are you interested in applying knowledge and skills from your master’s degree to make a difference? National service programs, such as the Peace Corps and Americorps, let you do just that.

Peace Corps operates in over 60 countries, with volunteers working on programs related to agriculture, environment, health, community and economic development, education, and youth development.

The bulk of Peace Corps assignments are for two-year durations, preceded by two or three months of language and cultural training. However, candidates with more experience and advanced degrees can apply to Peace Corps Response to serve in more specialized roles for 3-12 months.

Although the organization refers to participants as volunteers, it does provide financial compensation and other benefits. Volunteers receive a living allowance structured according to the host country’s cost of living. Other benefits include healthcare, federal student loan assistance, and vacation time.

Taking Time to Travel

For many recent or soon-to-be master’s graduates, long-term recreational travel may not seem financially feasible for life after grad school. However, the transition from graduation to the workforce can be a good time to travel frugally before professional obligations and life’s responsibilities begin adding up.

To make the most of your travel budget, you can take advantage of free accommodation via couch surfing or work remotely part-time while you’re traveling to bring in some extra funds.

Recommended: How to Save for a Vacation: Creating a Travel Fund

Budgeting for Life After Grad School

Graduate students are no strangers to living on a shoestring budget. During the transition from student discounts and bargain hunting to full-time jobs and steady income, it can be easy to lose track of these money-conscious habits. Creating a budget can help keep you on track to save for things like retirement, a mortgage, and paying off student loans.

One way to possibly save money each month is to refinance your student loans into one new loan with one monthly payment. If you have a strong credit profile and are bringing in a decent income each month, you may qualify for the lowest rates. A lower rate will lower your monthly payment if you keep the term the same. If you want to pay off your loan quicker, though, you can shorten your loan term and reduce the amount you pay in interest overall. Note: You may pay more interest over the life of the loan if you refinance with an extended term.

It’s important to note that if you plan on using federal benefits, such as student loan forgiveness or income-driven repayment plans, you will lose access to these if you refinance. Make sure you won’t need to take advantage of federal benefits now or at any point in the future before deciding to refinance federal student loans.

The Takeaway

Your post-master’s degree path will vary depending on your career goals, industry, and personal interests. Options may include entering the workforce, continuing your education, teaching college courses, or taking time to travel. Whatever option you decide to pursue, you’ll need to do so with a budget in mind in order to make the most of your financial future.

If you are paying off student loans from your undergraduate and graduate degrees, you have options. Refinancing your student loans could give you more favorable loan terms with lower interest rates and flexible repayment plans.
As stated above, however, graduates refinancing federal student loans with a private lender will lose out on benefits like income-driven repayment and loan forgiveness.

If you’re interested in refinancing, consider SoFi. SoFi makes it easy to get pre-qualified online for student loan refinancing in minutes.

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

FAQ

What comes after a master’s degree?

There are a number of things you may decide you do after getting a master’s degree, depending on your career goals, financial situation, and personal interests. For example, you might decide to enter the workforce to take advantage of your higher earning potential (individuals with a masters earn approximately $300 more weekly on average than those with a bachelor’s degree), continue your education to pursue a Ph.D., teach at a local college, work in national service for an organization like the Peace Corps, or travel.

How many years is a Ph.D. after a master’s?

It typically takes four to seven years to earn a Ph.D. after getting a master’s degree. Many Ph.D. programs are designed to be finished in four to five years, but it usually takes additional time to research and write a dissertation, which is required. In addition, some doctoral students may also be working while earning their Ph.D., so it can take them longer to finish their program.

What is the highest-paying job with a master’s degree?

The highest-paying job for those with a master’s degree is computer engineering, which has an average starting salary of $86,804, according to the National Association of Colleges and Employers (NACE). The next highest paying jobs are computer science, with a starting salary of $86,359; marketing at $85,919; and information sciences and systems at $84,316.


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.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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Life Goals You Can Work on After Refinancing Your Student Loans

If you’re considering refinancing some or all of your student loans, you may wonder what comes next on your financial to-do list.

Refinancing student loans could result in a lower monthly student debt payment, either due to a lower interest rate, a longer loan term, or both.

Lower payments can free up some of your income for other key financial goals. Read on to learn how refinancing your student loans could help make your financial future more secure.

Key Points

•   Refinancing student loans may lower a borrower’s interest rates and reduce monthly payments, freeing up income for other financial goals.

•   Money saved by refinancing may be directed toward other goals like paying off high-interest debt, building an emergency fund, or increasing retirement savings.

•   Paying off loans ahead of schedule could also help borrowers get free from student debt faster and start saving for other goals.

•   Refinancing federal loans results in the loss of federal benefits such as forgiveness and deferment.

•   Spending the money saved by refinancing rather than directing it toward other financial objectives could derail borrowers’ goals.

What Happens When You Refi Student Loans?

Understanding what happens after student loan refinancing is key to planning your next steps.

As mentioned above, when you refinance, you get a new loan to replace your existing loans. Ideally, the new loan will have a more favorable interest rate or more flexible loan terms that will help reduce your monthly payment. SoFi’s student loan refinancing calculator can help determine how much refinancing could save you. You could then put those savings toward other goals.

Keep in mind, when you refinance a federal student loan into a private loan, you lose the benefits and protections that come with a federal loan, like deferment, forgiveness, and income-driven repayment plans.

What Is Your Next Financial Goal?

As you consider refinancing, it’s a good idea to keep your other financial goals in mind. How can refinancing student debt — and perhaps lowering the percentage of income dedicated to repayment — help you achieve those goals? Take a look at the following scenarios that might apply to you.

1. Pay Down High Interest Debt

Once your student loan debt is under control, turn your attention to any high-interest debt you may be carrying on credit cards. There are two common ways people approach paying down debt. Which one you choose depends on your financial situation.

•  The Debt Avalanche. With this system, you start by paying your debt with the highest interest rate first, by making payments above the monthly minimum. You do this while still keeping up with minimum payments on any other debt. Once that debt is paid off, you move to the debt with the next highest interest rate and do the same thing. When you eliminate your highest rate debt with the debt avalanche method, you can more quickly lower your overall debt picture.

•  The Debt Snowball. In this scenario, you pay off your debt in order of the smallest to the largest balances, regardless of interest rate. This way you see some of your smallest debts paid off quickly and get a psychological boost from doing so. As you pay off each debt, you assign the amount of the payment you were making on that balance to the next debt. Your debt repayment builds momentum, known as “the snowball effect.”

Recommended: Which Debt to Pay Off First: Student Loan or Credit Card?

2. Start an Emergency Fund

Having money saved for unexpected expenses is a vital part of financial wellness.

But saving for emergencies is a challenge for many Americans. According to a 2025 survey by U.S. News, 42% of Americans don’t have an emergency savings fund, and 40% don’t have enough cash or savings to cover a $1,000 emergency expense.

Starting or boosting your emergency fund with money saved on student loan payments is a great way to help keep your budget intact and stay out of debt.

To determine how much you should have in your emergency fund, the rule of thumb is that the amount should be equal to at least three to six months of living expenses (or take-home pay). That way, if you lose your job, have an accident, or get sick, you’re likely to have enough to see you through until your situation improves.

3. Increase Retirement Contributions

Are you putting away as much as you can for retirement? Starting early can pay off big down the line, thanks to the magic of compounding returns over time — and the fact that earnings grow tax-deferred in retirement accounts such as traditional IRAs and 401(k)s, and tax-free in Roth IRAs.

If your employer offers a matching 401(k) contribution benefit, upping your game may be even more important. This is free money. Whenever possible, contribute the amount necessary to qualify for the full match so you take the best advantage of this key benefit.

4. Save for the Next Stage of Life

With less student debt, you’re probably looking at what’s next. That may mean buying a car, saving for a down payment on a home, starting a family, or expanding a business. You can use what you save by refinancing your student loans to help achieve these other important life goals.

Careful budgeting means you can put the difference between your old student loan payment and your new one toward other important life goals.

Once you establish the goal you’re saving for, consider opening a high-yield savings account dedicated to that purpose. You’ll earn interest while your nest egg accumulates but still have liquidity so your money is available when you’re ready to pursue your goal.

5. Invest

Starting an investment account outside of retirement savings can be an important financial goal in and of itself. The reason? Long-term stock market returns consistently outperform many other types of investments. Over the past decade through December 2024, the average annual return for the Standard & Poor’s 500 Stock Index was 11.0%.

Returns vary, of course, depending on the years you are invested and the economic environment. But over the long haul, investing in stocks early — even small amounts — can pay off in the future.

To get started, two investment vehicles you may want to consider are mutual funds and exchange traded funds (ETFs). A mutual fund is a collective investment which pools funds from many investors to invest in stocks, bonds or other securities. ETFs work much the same way but unlike mutual funds, ETFs can be bought and sold like a stock as the price goes up or down during the day.

How to Pay Off Student Loans Ahead of Schedule

As we’ve seen, a refinance can help lower your monthly payments and perhaps bring some much-needed wiggle room to the rest of your finances.

That may motivate you to keep the momentum going and look at ways you can repay your remaining student debt faster. Here are two tried and true strategies.

Pay More Than the Monthly Amount

Your monthly payment amount isn’t set in stone. You can always pay more than the minimum amount. Payments over the minimum monthly amount owed are applied directly to the principal. So even a little bit extra can lower the amount of your loan and help you save on interest over the life of the loan.

Dedicate a Windfall to Student Loans

Another strategy for paying student debt faster: Whenever you get a windfall, use some or all of it to make a lump sum payment toward your student loan principal. Think tax refunds, cash gifts, work bonuses, or income from a side gig or inheritance.

What to Avoid After Refinancing Student Loans

After refinancing student loans, be careful not to fall into a common trap: It’s called “lifestyle creep,” and it happens when you spend all of your discretionary income instead of directing some of it to financial goals.

To avoid lifestyle creep, mindfully adjust your budget to account for any increase in income — such as lower student loan payments. That way the money will be put to good use instead of being frittered away.

Recommended: Living Below Your Means: Tips and Benefits

The Takeaway

Refinancing your student loans may help you lower your monthly payments, freeing up funds to put toward other financial goals. You might choose to pay down high-interest credit card debt, boost your emergency fund or retirement account, or even pay off your student loans faster. Just remember that refinancing federal student loans makes them ineligible for federal benefits.

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


Photo credit: iStock/RossHelen

FAQ

What are the benefits of refinancing student loans?

The benefits of refinancing student loans include potentially lowering your monthly payments if you qualify for a lower interest rate, replacing your old loans with one new loan that’s easier to manage, and possibly getting more flexible repayment terms.

It’s important to note, however, that refinancing federal student loans means you’ll lose access to federal programs and protections like income-driven repayment and deferment.

How can student loans affect your future?

Paying off student loans can make it more difficult to achieve other financial goals, such as setting up an emergency savings fund, saving for a house, and investing for your future. Paying off your loans ahead of schedule, if possible, or refinancing them if you can qualify for a lower interest rate, could save you money that you can put toward reaching your other goals.

Does refinancing student loans hurt your credit?

When you apply to refinance, a lender does a hard credit inquiry to check your credit. The hard inquiry can cause your credit score to temporarily drop a few points. However, over the long term, refinancing might help your credit if you consistently make your monthly payments on time because it improves your payment history.

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Do College Credits Expire?

If you’ve been thinking about going back to college to finish your degree, you may have wondered, how long are college credits good for? Are the credits I earned years ago still worth anything? Do college credits expire?

The answers to those questions depend on a few different factors. Here’s what you need to know about when college credits expire.

Key Points

•   Technically, college credits do not expire, but certain types of credits may face transfer issues if outdated.

•   Credits for core courses such as English and history remain valid and generally transfer smoothly.

•   STEM and graduate credits have a shorter shelf life, 10 and 7 years, respectively.

•   Colleges may restrict the number of transfer credits accepted.

•   New federal regulations mandate the release of transcripts for credits paid for with federal aid, effective July 2024.

When Do College Credits Expire?

Technically, college credits don’t expire. When students earn credits for taking college courses, those credits will always appear on the official transcript from the school they attended.

The question is whether another school or program will accept those credits if a student wants to transfer them. And that can be a gray area.

The good news is that older, “nontraditional learners” — undergraduate and graduate students in their mid-20s, 30s, 40s, and up — are not an unusual sight on college campuses these days. Schools that hope to attract students who are looking to complete a degree may be especially open-minded about transferring their credits.

In the fall of 2023, more than 6.2 million adults ages 25 and older were enrolled in college, accounting for almost one-third of total enrollment, according to the National Center for Education Statistics. And the number of adults going back to school and getting a bachelor’s degree or higher has been on the rise for at least a decade, the Census Bureau reports. So most college admissions offices should be prepared to answer questions about how long are college credits good for, the possibility of transferring old credits, or if some credits have a shelf life at their school.

Those policies can vary. A college doesn’t have to accept transfer credits unless it has a formal agreement with the transferring institution or there’s a state policy that requires it. A credit’s transferability also may depend on the type of course, the school it’s coming from, or how old the credit is. These deciding factors are sometimes referred to as the three R’s: relevance, reputation, and recency.

What Criteria Do Schools Consider?

How long do college credits last? Here are some things schools may look at when deciding whether to accept transfer credits:

Accreditation Is Key

Accreditation means that an independent agency assesses the quality of an institution or program on a regular basis. Accredited schools typically only take credits from other similarly accredited institutions.

General Education Credits Usually Transfer

Subjects like literature, languages, and history tend to qualify for transfer without a challenge. So if you completed those core classes while working toward your bachelor’s degree, you may not have to repeat them.

Other Classes May Have a ‘Use By’ Date

Because the information and methods taught in science, technology, engineering, and math courses can quickly evolve, credits for these classes may have a more limited shelf life — typically 10 years.

Graduate Credits May Have a Short Life Expectancy

If the coursework for your field of study in graduate school would now be considered out of date, it’s likely that some or all of your credits won’t transfer. Graduate program credits are generally denied after seven years.

There Could Be a Limit on Transfers

Many institutions set a maximum number of transfer credits they’ll accept toward a degree program. For example, the Rutgers School of Arts and Sciences won’t take more than 60 credits from two-year institutions for an undergraduate degree, and no more than 90 credits from four-year institutions. No more than 12 of the last 42 credits earned for a degree may be transfer credits.

At the University of Arizona, the maximum number of semester credits accepted from a two-year college is 64. There is no limit on the credits transferred from a four-year institution, but a transfer student must earn 30 semester credits at Arizona to earn an undergraduate degree. And credit won’t be given for grades lower than a C.

Some Transfer Credits May Count Only as Electives

If a student’s new school determines that an old class was not equivalent to the class it offers, it may require the student to repeat the coursework in order to fulfill requirements toward a major. But the new school still may consider the old class for general elective credits, which can at least reduce the overall course load required to obtain a degree.

If at First You Don’t Succeed, You Can Try Again

Many schools allow students to appeal a credit transfer decision — whether it’s an outright denial or a decision that a course will be allowed only as an elective. The time limit for an appeal may be a year, a few weeks, or just a few days, so it can pay to be prepared with the evidence necessary to make your case.

The relevant paperwork might include a class syllabus, samples of completed coursework, and a letter from the instructor that explains the coursework.

Students also may have to meet with someone at the school to talk about their qualifications, or they may be asked to take a placement exam to test their current level of knowledge in a subject.

How to Request Transcripts

Some schools allow students to view an unofficial record of their academic history online or in person through the registrar’s office. So if it’s been a while and you aren’t sure what classes you took or what your grades were, you might want to start there.

After a refresher on what and how you did at your old college, it might be time to check out how your target school or schools deal with transfer credits.

Many colleges post their transfer credit policies on their websites, so you can get an idea of what classes you may or may not have to repeat. Or you can use a website like Transferology.com, or try the “Will My Credits Transfer” feature at CollegeTransfer.net, to get more information about which credits schools across the country are likely to accept.

When you’re ready to get even more serious, you may want to see if your target school makes transfer counselors available, or if someone in the academic department you’re interested in will evaluate your record and advise you as to how many of the credits you’ve earned might be accepted toward your major.

You’ll probably need to have an official transcript sent directly to your target institution to document your grade-point average, credit hours, coursework, and any degree information or honors designations. There may be a small fee for this service, and it could take several days to process the request.

Once your target school has had time to review your transcripts, you can expect to receive a written notice or a phone call telling you how many of your credits will transfer. When you know where you stand, you can decide if you want to appeal any of the school’s transfer decisions, if you’re ready to move forward in the application process, or if you want to check out other schools.

Previously, students who still owed money to their schools could find it difficult to get their official transcripts because schools could withhold transcripts in those cases. But as of July 2024, new federal regulations require colleges to release transcripts for credits the student paid for with federal aid, such as federal loans, grants, or work-study. The only credits schools may withhold are those that the student still owes money for.

State governments may have their own laws regarding transcripts. The following 13 states ban most holds on transcripts.

•   California

•   Connecticut

•   Colorado

•   Illinois

•   Indiana

•   Louisiana

•   Maine

•   Maryland

•   Minnesota

•   New York

•   Ohio

•   Oregon

•   Washington

•   The District of Columbia also bans transcript holds.

In addition, certain schools may have their own policies about transcript holds. So some students might hit a road bump at the registrar’s office if they’re behind on their loans.

Recommended: Private Student Loans Guide

How Old Debt Can Affect Transferring Credits

Of course, one of the basics of student loans is repaying them. If you’re delinquent, the problems caused by unpaid student debt can go beyond trouble with transcripts.

If you’re planning to return to school and you’re behind on your student loans, you may have difficulty borrowing more money until you’ve put some money toward student loans and gotten them back on track.

The Federal Student Aid (FSA) Program offers flexible repayment plans, loan rehabilitation and loan consolidation opportunities, forgiveness programs, and more for federal borrowers hoping to get back in good standing. The Federal Student Aid office’s recommended first step (preferably before becoming delinquent or going into default) is to contact the loan servicer to discuss repayment options.

Another possible solution for those who have fallen behind on their payments can be refinancing student loans. Borrowers with federal or private student loans, or both, may be able to take out a new loan with a private lender and use it to pay off any existing student debt.

One of the advantages of refinancing student loans is that the new loan may come with a lower interest rate or lower payments than the older loans, especially if the borrower has a strong employment history and a good credit record. (Note: You may pay more interest over the life of the loan if you refinance with an extended term.) A student loan refinancing calculator can help you determine how much you might save.

Even if you’re doing just fine and staying up to date on your student loan payments, if you’re thinking about going back to school and you’ll need more money, a new loan with just one monthly payment might help make things more manageable.

However, if you have federal loans, it’s critical that you understand what you could lose by switching to a private lender — including federal benefits such as deferment, income-driven repayment plans, and public student loan forgiveness.

Recommended: How to Get Out of Student Loan Debt

Moving Forward (With a Little Help)

If you’re excited about the possibility of going back to school to finish your degree (or earn a new one), you might not have to let concerns about financing keep you from moving forward.

You can contact your current service provider with questions about payment options on your federal loans. And if you’re interested in refinancing with a private loan now, you can start by shopping for the best rates online, then drill down to what could work best for you.

With SoFi, for example, you can prequalify online for student loan refinancing in minutes, and decide which rate and loan length suits your needs.

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

FAQ

Are my college credits still good after 20 years?

Possibly, but it depends what kind of credits they are. Credits earned for core courses like English, history, art, and languages should still be valid after 20 years. However, credits for STEM (science, technology, engineering, and mathematics) courses typically expire in 10 years, and graduate-level courses generally expire in seven years.

Do your credits expire if you don’t finish your degree?

Technically, college credits don’t expire if you don’t finish your degree. However, you may or may not be able to transfer them to another school, depending on what type of credits they are and how long it’s been since you earned them. Credits for core courses like English and history typically remain valid over the long-term and you should be able to transfer them. But credits for STEM courses generally expire after 10 years.

Can a college withhold your transcripts if you still owe them money?

As of July 2024, thanks to new federal regulations, a college can no longer withhold your transcript for credits you paid for with federal aid, such as federal loans, grants, or work-study. The only credits schools are allowed to withhold from your transcript are those for which you still owe money.


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.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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How and When to Combine Federal Student Loans & Private Loans

One of the biggest student loan myths is that borrowers can’t combine federal student loans and private student loans into one refinanced loan.

It’s understandable why people may think that, since this wasn’t always an option. And consolidation through the Department of Education is only available for federal student loans.

But now you can choose to combine federal and private loans. So it’s important to learn whether combining them is right for you, and if it is, how to consolidate private and federal student loans.

Key Points

•   Borrowers can now combine federal and private student loans through refinancing, which simplifies payments and may result in lower interest rates.

•   Refinancing federal loans with a private lender results in the loss of federal benefits, such as forgiveness programs and income-driven repayment plans.

•   Interest rates for federal student loans are fixed and determined annually, while private loans may offer lower rates based on creditworthiness and income.

•   Federal student loans offer various benefits, including deferment and forbearance options, which are not available once loans are refinanced as private loans.

•   Evaluating financial goals and loan details is essential before deciding to refinance, as it can impact payment terms and overall debt costs.

Can I Consolidate Federal and Private Student Loans?

If you’ve ever wondered, can I consolidate federal and private student loans?, the answer is yes. You can combine private and federal student loans by refinancing them with a private lender.

Through this process, you apply for a new loan (which is used to pay off your original loans) and obtain one with a new — ideally lower — interest rate.

Although you are combining your loans, refinancing isn’t the same thing as federal student loan consolidation.

Key Differences Between Consolidation and Refinancing

Some people use the words “refinance” and “consolidate” interchangeably, but consolidating student loans is a different process than refinancing student loans.

Federal student loans can be consolidated into one loan by taking out a Direct Consolidation Loan from the government. To be eligible for a Direct Consolidation Loan you must have at least one Direct Loan or one Federal Family Education Loan (FFEL). Federal loan consolidation does not typically lower your interest rate. The new student loan consolidation rate is the weighted average of the interest rates of your prior loans, rounded up to the nearest ⅛ of a percent.

You can only consolidate federal student loans in this way. Private student loans are not eligible for federal loan consolidation.

When you refinance student loans, you exchange your old student loans for a new private loan. You can refinance private student loans, federal student loans, or a combination of both types. When you refinance, you may be able to get a lower interest rate, which could help you save money on interest over the life of the loan, or more favorable loan terms, if you qualify.

However, refinancing federal loans makes them ineligible for federal benefits such as deferment and income-driven-repayment plans.

Pros and Cons of Combining Federal and Private Loans

Before you combine federal and private student loans, there are a number of things to think about. Consider the following advantages and drawbacks.

Pros:

•   Combining federal and private loans may result in a lower interest rate if you qualify, which could help you save on interest over the life of the loan.

•   You may be able to lower your monthly payments through refinancing by extending the term of your loan.

•   Combining your loans can help you manage and streamline your payments since you’ll have just one loan rather than several.

Cons:

•   Combining federal and private loans through refinancing means you’ll lose federal protections like forgiveness and deferment.

•   In order to get lower interest rates, you’ll need a good credit score, a stable job, and a steady income.

•   If you extend the term of the loan to lower your monthly payments, you’ll pay more interest over the life of the loan.

If you’re still debating what to do, here’s an easy decision tree to help you understand whether refinancing federal and private loans is the right option for you:

Federal-Loans-Decisions--Tree-853x500

Steps to Consolidating Private and Federal Loans

If you decide that loan consolidation makes sense, here’s how to consolidate private and federal student loans through refinancing:

1.    Decide which loans you want to consolidate. For instance, maybe you’d like to combine some of your federal loans with your private loans, but not all of them.

2.    Look into lenders. Private lenders that provide refinancing include banks, credit unions, and online lenders. Each one offers different rates and terms. Find out about any fees they might charge, what kind of customer service they have, and what their eligibility requirements are.

3.    Shop around. Each lender uses different criteria to determine if you’re eligible for a loan and the rates and terms you may get. To help find the best deal, you can prequalify with several lenders. Prequalifying involves a soft credit check, not a hard credit inquiry, so your credit score won’t be affected.

4.    Apply for refinancing. Once you’ve selected a lender, you can fill out a loan application. You can typically do this online. You’ll need to provide your personal, employment, and salary information, as well as details about your private and federal student loans. Be sure to have backup like pay stubs and loan paperwork readily available since you may need to provide it. The lender will do a hard credit check, which could temporarily cause your credit score to drop a few points.

5.    Find out if you’re approved. In general, you’ll learn whether you’re approved within several days. Keep an eye out for information from your new lender about the payments and due dates on the new loan.

Federal Student Loan Interest Rates

Depending on loan type and disbursement date, federal student loan interest rates are reassessed annually, every July. For the 2025-2026 school year, interest rates on new federal student loans range from 6.39% to 8.94%. Interest rates on federal student loans are determined by Congress and fixed for the life of the loan.

How Interest Rates Affect Consolidation and Refinancing Decisions

As noted earlier, when you apply to refinance, private lenders evaluate things like your credit history and credit score, as well as other personal financial factors, to determine the interest rate and terms you may qualify for.

If you’ve been able to build credit during your time as a student, or your income has significantly improved, you may be able to qualify for a more competitive interest rate than the rate on your current federal student loans — and perhaps any private student loans you have — when you consolidate your loans by refinancing with a private lender.

To get an idea of how much refinancing could potentially reduce the cost of interest on your loans, crunch the numbers with SoFi’s student loan refinancing calculator.

Federal Student Loan Benefits

Federal student loans come with a number of federal benefits and protections. If you refinance your federal loans — whether you’re consolidating them with private loans or not — the loans will no longer be eligible for federal benefits and protections.

Protections You May Lose When Combining Loans

Before you move ahead with refinancing, take a look at your loans to see if any of the following federal loan benefits and programs apply to you — and whether you might want to take advantage of them in the future. If you think you might need any of these protections, combining loans by refinancing them likely isn’t a good idea for you.

Student Loan Forgiveness

There are a few forgiveness programs available for borrowers with federal student loans. For example, under the Public Service Loan Forgiveness Program (PSLF), your Direct Loan balance may be eligible for forgiveness after 120 qualifying, on-time payments if you’ve worked in public service for an eligible nonprofit or government organization that entire time.

Pursuing PSLF can require close attention to detail to ensure your loan payments and employer qualify for the program. The qualification requirements are clearly stated on the PSLF section of the Federal Student Aid website.

Similarly, the Teacher Loan Forgiveness Program is available for teachers who work in eligible schools that serve low-income families full-time for five consecutive years. The total amount forgiven depends on factors like the eligible borrower’s role and the subject they teach.

Income-Driven Repayment Plans

Income-driven repayment plans can ease the burden for eligible borrowers who feel their loan payments are higher than they can afford. With income-driven repayment, monthly payments are calculated based on borrowers’ discretionary income and family size, which can lower how much you owe each month. That can make your student debt more manageable. The repayment period on these plans is 20 to 25 years.

Just be aware that when you lower your payments or extend your repayment term, you’ll pay more interest over time.

Deferment or Forbearance

Borrowers who are having difficulty making payments on their student loans may qualify for deferment or forbearance, two programs that allow borrowers to temporarily pause payments on their federal student loans.

The biggest difference between them is that with forbearance, the borrower is responsible for paying the interest that accrues on the loan. Forbearance can have a major financial impact on a borrower, as any unpaid interest will be added to the original loan balance. With deferment, the borrower may or may not be responsible for paying the interest that accrues. For instance, those with Direct Subsidized Loans are not responsible for paying the accruing interest.

Refinancing Your Student Loans

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


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

FAQ

How does refinancing affect my credit score?

Refinancing affects your credit score because when you submit a formal loan application, the lender will check your credit score and credit history, which is known as a hard credit inquiry. That may cause your credit score to drop a few points temporarily.

Can I keep federal loan protections if I refinance?

No. Refinancing federal student loans with a private lender means that you lose access to federal programs and protections like income-driven repayment and forgiveness.

What are the risks of refinancing student loans?

The risks of refinancing federal student loans is losing access to federal programs and protections. In addition, if you extend the term of the loan through refinancing to lower your monthly payments, you’ll end up paying more interest over the life of the loan.

Is it better to consolidate or refinance student loans?

Whether it’s better to consolidate or refinance your student loans depends on your situation. If you have federal loans and want to combine them all into one loan to streamline your payments and make them more manageable, consolidation may be the right option for you.

On the other hand, if you have private loans and your credit and financial background is strong, refinancing may help you get a lower interest rate, which could help you save money. Refinancing may also be worth considering if you have federal loans and won’t need to use any of the federal benefits they provide, and you can qualify for a lower interest rate.

What should I consider before combining federal and private student loans?

Before combining federal and private student loans through refinancing, make sure you won’t need to use any of the federal benefits that federal student loans provide, such as income-driven repayment and deferment. Remember, refinancing makes federal loans ineligible for these programs.

Also, consider whether your credit and financial history is strong enough to qualify for a lower interest rate than you have on your current loans before refinancing.


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

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

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

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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.


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 .


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.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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