bride and groom holding hands

Marrying Someone With Student Loans

Getting married is a momentous occasion—you’re choosing to legally commit to your partner in sickness and in health. And that’s something to celebrate. But before you say “I do,” it is important to understand how your student loan obligations might change after your big day.

After all, you’re ready to share your life, but do you have to share your student loans? Here are five things to know about student loans and marriage.

Open and Honest Communication is Key

Let’s be real for a second: money is stressful. In fact, money is one of the most common topics of relationship stress. Whether you’re arguing about high student loan payments or how much you want to spend on eating out every month, money can cause relationship problems.

There is good news, though: couples who talk openly about money daily or weekly are more likely to have strong marriages. That means that learning how to talk about money before you get married is one great way to create a strong relationship from the get-go, especially if you’re marrying someone with student loan debt, or have student loan debt yourself.

In addition to figuring out your money and budgeting style, it can be helpful to hash out the basics before your marital bliss is interrupted by your next student loan bill. For starters, it may be helpful to discuss exactly how much each of you owe on your student loans. It is important that you both understand exactly how much is owed so you can plan for repayment together.

Once you’ve got the hard numbers down, it may also be helpful to share what type of current student loan repayment plan you are on, and what your repayment priorities are. After all, if your partner wants to pay off their law school debt right away but you’re happy on an income-driven repayment plan as a school teacher, it is important that you have a plan for navigating potential disagreements.

While every relationship is different, all relationships will require decision-making about money. Learning to talk about money now can help set you up for success down the road.

Who is Responsible For Repayment?

You’re not automatically on the hook for your spouse’s loans. If you or your spouse took our student loans prior to your marriage, you likely won’t be responsible for those loans if your spouse stops paying.

Of course, if you or your spouse takes on new loans while you’re married and you live in a community property state, you may end up responsible for a portion of that debt.

The law is complicated, so if you’re worried about dividing up your assets before you get married, it is always good to talk to a lawyer. Many young couples are even now considering pre-nups to protect themselves and set up expectations in advance.

Will My Monthly Payments Change?

So then when it comes to student loans, marriage doesn’t change anything? Not so fast. One often-overlooked aspect of marriage is that it can change your income—and this matters for many reasons, including determining your monthly income-driven loan payments.

For example, if you’re on a repayment plan that uses your household income to determine your monthly payment, and are married and filing jointly, your lender will take into account both you and your spouse’s income, which could lead to higher monthly payments.

Likewise, you may miss out on the student loan interest deduction when it comes time to file your taxes. P.S., talking to an accountant or tax attorney when when it comes to all things taxes and student loans could be a smart idea. When in doubt, definitely speak with a licensed professional.

Thinking About Refinancing Your Loans with Your Spouse

Just because your student debt doesn’t automatically become a joint obligation the moment you say “I do” doesn’t mean you can’t combine your debt and focus on paying it off together.

Many couples choose to combine their student loan debt through refinancing so they can pay off one bill together, rather than juggling multiple debt payments.

Student loan debt and marriage can be stressful, and student loan refinancing allows you to combine multiple loans into one (potentially with a lower interest rate).

Of course, refinancing isn’t for everyone. If you or your spouse is planning on taking advantage of income-driven repayment or other federal repayment programs, joint refinancing with a private company could make you ineligible.

It’s important to start your marriage off on a strong foot by making sure that you and your partner can talk honestly about money. Together, you can navigate anything—including student loan debt.

Learn more about refinancing your student loans with SoFi.



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.

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.

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


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.

SOSL18263

Read more
woman sitting in library

Should You Start Paying Off Student Loans Before Graduation?

Like getting a case of the Mondays—but with much higher stakes—the specter of looming student loan debt can be a real buzz kill. As a result, you may be wondering whether it makes sense to start paying off that debt while you’re still in school. Here’s a look at whether it’s possible to pay off loans early and the pros and cons of doing so.

Prepaying Student Loans

You can prepay federal loans and some private student loans without facing penalties. That means that you can direct money toward paying down the principal of your loan at any time, likely without facing extra fees.

Federal student loans typically become due when you graduate after a grace period of six months. This grace period can be extended to three and a half years for active duty military members.

The Parent Loan for Undergraduate Students doesn’t have a grace period and the Perkins loan grace period might vary from school to school.

Private loans might also have a grace period, though these vary depending on the terms and conditions of your loan. You may choose to get a head start on paying off your debt and start making loans payments before you graduate.

Beyond gaining some peace of mind, prepayment may have other benefits. As you pay down your principal you’ll be reducing the amount of money you owe in future interest payments, saving you money over the life of the loan.

Some loans may accrue interest while you’re in school, and these are worth targeting first. Prioritize paying down loans with the highest interest rates. As you pay these off, focus on the next highest rate.

Direct Subsidized Loans do not accrue interest while you’re in school at least half-time. If you pay down the balance while you’re in school, you’ll only be paying off the amount borrowed, essentially securing an interest-free loan for yourself.

Contact your lender when you want to make a prepayment. When you do, include a note that you want the prepayment to go toward paying off the principal of your loan. Otherwise, your lender may treat your payments as though you’re paying your first installment.

But here’s the good news: Federal student loans and private student loans don’t come with prepayment penalties . So you can proceed with paying off your student loans early without incurring prepayment penalty fees.

Other Ways to Manage Your Debt

If your cooktop ramen budget leaves you with little room to prepay your college loans, don’t despair. There are other ways you can make your loans more manageable.

If you carry federal student loans, one option is student loan consolidation, which allows you to bundle your loans through the Direct Consolidation program. This strategy may leave you with a lower rate on your new loan.

The government sets your new rate as a weighted average of all your current loans’ interest rates. So, in some cases, your new rate may actually be higher than your previous lowest rate.

Direct Consolidation loans may qualify you for student loan forgiveness or income-based repayment plans. This can be particularly useful if you plan on going into a field that qualifies for student loan forgiveness such as jobs in the government or some nonprofit sectors.

One note, however: Federal student loan consolidation lets you consolidate federal loans, but doesn’t allow you to consolidate your private loans.

Refinancing Through a Private Lender

If you have a mix of federal and private loans, you may consider refinancing your student loans through a private lender. If this sounds like an option for you, you’ll want to look into a lender that can help you lower your interest rate.

Paying a lower interest rate can save you money in the long term. And if you choose to keep your monthly payment the same, you may even pay off your loans earlier than you would with your original loan.

You can refinance your private loans and some lenders allow you to bundle both federal and private loans. However, be aware that once you’ve refinanced federal and private loans together, you can’t undo the consolidation.

Federal loans that are consolidated in this way are no longer eligible for consolidation under the Direct Consolidation Loan program and, therefore, may lose the potential for loan forgiveness and income base repayment options down the road.

Learn how refinancing with SoFi may make your loan payments more manageable.


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.

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


SOSL18268

Read more
woman on laptop in cafe

Ways to Pay for Grad School Without Using Loans

When you first take out student loans after graduating high school, it’s hard to truly feel the weight of that debt. You’re young and looking forward to the best years of your life. It’s not until you’ve finished your undergraduate degree, that you begin to realize just how much money you actually owe.

If you’re pursuing a graduate degree you may feel motivated to avoid taking out additional loans to finance your education. Perhaps your goal is to finish your Master’s degree without borrowing a single penny.

It won’t happen easily, and you might need to sacrifice your comfort and free time to make it happen, but people do it every year. These tips could help you become one of them.

Become an In-State Resident

If you’re applying for graduate school, after taking a few years off to work you might be surprised to find how costs have changed since your undergraduate days. Tuition has been rising for decades, and a bachelor’s degree now costs two-and-a-half times what it did in 1988 after adjusting for inflation.

Graduate students interested in a public university can save tens of thousands of dollars by becoming in-state residents. As just one example, at UCLA graduate students who qualify for in-state tuition pay $16,847 a year while out-of-state students pay almost double the cost—$31,949.

Each state has different requirements for determining residency, so if you are planning on relocating to attend grad school be sure to look into the requirements for the state the school you are planning to attend.

Certain states require only one year of full-time residency before you can qualify for in-state tuition, while others require three years. During that time, you can work as much as possible to save money for graduate school.

Apply for Work-Study

Work-study is a type of financial aid available to students who qualify based on their financial need. You can apply for the program when you fill out your FAFSA form. If you qualify for work-study it will be part of your financial aid award.

After you receive your work-study award you’ll still have to find a job that qualifies. Many schools have online databases where you can look for and apply to jobs.

Typically, financial aid is awarded on a first-come, first served basis, so the earlier you file your FAFSA the better chance you’ll have of securing work-study as a part of your award.

Become an RA

You probably remember your undergrad Resident Advisor (RA). They were the ones who helped you get settled into your dorm room, showed you how to get to the nearest dining hall and yelled at you for breaking quiet hours.

RAs may be under-appreciated, but they’re compensated handsomely for their duties. Students are typically compensated for a portion or all of their room and board. Some schools even include a meal plan and sometimes even reduced tuition or a stipend.

The compensation you receive will depend on the school you are attending, so check with your residential life office to see what the current RA salary is at your school.

While there are plenty of perks to being an RA, don’t underestimate the responsibility that comes with the position. It can be a time-intensive position, requiring round-the-clock supervision.

Still, the perks of being an RA may be measured in saving money each year. By having a free place to live and a free meal plan, you can save and eat a diet that doesn’t just consist of Ramen and stale pizza. RAs rarely have to share a room, so you’ll also have more privacy than you would in an apartment.

Because RAs receive so many benefits, competition for the job can be fierce and selective. Polish your resume and hone your interview skills before applying. The difference between working as an RA and having to take out loans for rent could affect your life for years to come.

Apply for Grants and Scholarships

Like undergraduates, grad students have to submit the Free Application for Federal Student Aid (FAFSA) in order to qualify for federal grants. Many universities use FAFSA information to determine their own financial aid, so applying for it is mandatory.

The average graduate student earned $9,290 in grants during the 2016-2017 academic year. Grants and scholarships are a great source of financing for graduate school because they don’t need to be repaid.

Grants are available from both the federal and state governments, as well as from the university itself. Some companies provide their own grants or scholarships, and many private organizations sponsor grants.

It never hurts to apply for a grant or scholarship, no matter how small it might seem. Think of it this way—every dollar received is one less dollar you need to borrow or earn.

Find a TA Position

If you’re a graduate student, you can often find a position as a Teaching Assistant or Research Assistant for a professor. The position will be related to your undergrad or graduate studies and often requires grading papers, conducting research, organizing labs or prepping for class. You probably had several TAs during your undergraduate classes and didn’t even realize they were students too.

TAs can be paid with a stipend or through reduced tuition depending on which school you attend. Not only can the job help you to potentially avoid student loans, but it also gives you networking experience with people in your field.

The professor you work with can recommend you for a job, bring you to conferences, and serve as a reference.

Being a TA may help boost your resume, especially if you apply for a Ph.D. program or want to be a professor someday. According to PayScale.com, the average TA earns $12.17 an hour, or about $1,000 a month before taxes.

Similarly to a job as an RA, securing a TA position can be competitive. Apply early and get to know the professors who will make the decisions.

Refinance Your Undergrad Loans

If you currently have loans from your undergraduate program, you can refinance them to get a lower monthly payment. That will free up more money to put towards grad school.

Refinancing your student loans at a lower interest rate can also help you pay less interest over the loan’s lifetime. That may not seem like such a big deal now, but you’ll be thankful when you’re saving up for a down payment on your first house.

Switching to a lower monthly payment gives you more flexibility in your budget, which is perfect for a time when money is tight. Once you finish grad school, you can start making extra payments and repay your loans ahead of schedule.

Paying for grad school without student loans is possible, but only if you plan ahead, apply for every opportunity and make decisions carefully. Many professions don’t care where you went to grad school, only that you have a master’s degree. Pick an affordable university and you’ll never regret your decision to go back to school.

Ready to make the most of your student loan debt? Refinancing could mean a lower interest rate and more money in your pocket over the life of the loan. See what your new rate could be when you refinance with SoFi in just a few minutes.


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.

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


SOSL18149

Read more
rolled dollar bills

Return on Education: How Graduate Degrees Impact Lifetime Earnings

That master’s degree in art history may help you understand cubism, but is it going to help you buy a Picasso one day? While material gain is not the only driving factor in most people’s decision to pursue higher education, it is worth considering, especially as more Americans become conscious of graduating with large outstanding student loan debt.

Lifetime Earnings by Education

When you’re considering graduate school, you have a lot to think about, including which programs best fit your interests, where the school is located, how much it costs, and how you’ll pay for it. The price of some grad programs can be dizzying: One year at Harvard Business School may set you back over $109,000.

A potentially hefty price tag means you have to consider whether a degree is worth the cost, especially if you have to take out student loans to help you get there. One way to help you do this is to examine the ratio of the cost of obtaining a new degree relative to the income it will help you generate once you graduate.

This measure is very much like return on investment—the ratio between net profit and cost from an investment of resources.

Your time and tuition can be considered your investment resources, and your future income is your profit. For the purposes of this article, we’ll call this measure a return on education, or your ROEd. And of course, your ROEd depends on how much of a boost you get by going for a graduate degree and how much money you put into securing the degree.

So what graduate degrees are yielding students a high ROEd? Unfortunately, a grad degree in the humanities may provide a relatively small boost in income.The average salary for a graduate with an MA in the
humanities
is $68,000. Other degrees—especially professional degrees like JDs, MDs, and MBAs—can provide a significant boost to your post graduation prospects. Stanford University Class of 2018 MBA grads have an average starting salary and bonuses of nearly $174,000, the highest in the country.

It’s clear that in some cases a graduate degree can have a huge impact on your lifetime earning potential, offering a high ROEd. Yet, this isn’t always the case, and with a low ROEd, you’ll want to weigh the benefits of a degree carefully.

Weighing a Graduate Degree

Your ROEd and other factors can help you decide whether a graduate program is worth it before you apply to graduate school.

Determining need: Determine whether or not you need a graduate degree to advance in your field. If you want to go into academia, you’ll likely need a PhD. However, if you have an undergrad engineering degree, you may not need more school to rise through the ranks of your company.

Factoring in your undergrad degree: not all undergrad degrees are created equal. Some undergrad degrees, like business, engineering, and mathematics degrees, are relatively lucrative out of the starting gate. Will a grad degree really produce a significantly higher salary? If you asked a Magic 8 ball this question, it would say “signs point to yes”: Someone with a bachelor’s in business can expect to earn an average entry-level salary of $56,720, whereas an MBA can earn a projected starting salary of $78,332.

Considering job prospects: When you achieve your graduate degree, will it be easy for you to find a job? With a PhD in an obscure subject, you may be competing for very few available positions. More general degrees may give you more job options and flexibility to grow.

Examining opportunity cost: The value of one choice relative to another alternative is known as opportunity cost. This concept is particularly relevant when you consider the financial opportunities you might lose by taking a few years off from working while you’re in school.

In other words, you won’t be getting a salary while you’re hitting the books. And if you’re already working at a relatively lucrative position, your opportunity cost could be high. You might want to factor this cost in when considering ROEd.

Note: There are ways to offset opportunity cost, such as working while you’re in school. Some employers will offer to pay for part of your schooling in exchange for an agreement that you will work for them for a given period of time.

Making conservative estimates: When calculating your own ROEd, being conservative with how much you think you will earn when you graduate, especially in your first years out of school, can be a big help. A conservative estimate helps keep you from overestimating your ROEd and can give you a better chance of arriving at a decision that’s financially beneficial to you.

Tipping the Balance

One way to improve your ROEd is by lowering the amount you pay for your degree. Look for scholarship programs that can help you pay for your tuition. Also, some degree programs offer full rides to students, often in exchange for teaching undergrad classes.

Sadly, help with tuition can be a rarity for degree programs that typically lead to high-paying jobs, such as MBAs, law degrees, and medical degrees.

If you need to take out student loans to pay for your degree, being smart about terms and interest rates can help you keep your costs down. When you’re considering student loans, shop around for lenders who offer low interest rates, low fees, and favorable terms.

You can refinance your student loans through lenders such as SoFi to help secure lower interest rates or a more flexible loan term. Doing so can be a good idea if you have a better financial profile than when you originally took out your loans.

Lowering the interest rate on your loan can reduce the amount you’ll pay over the life of the loan, helping to improve your ROEd. You can also refinance for a longer loan term—that would get you a lower monthly payment, but wouldn’t help your ROEd because it ultimately might mean paying more interest on your loan overall. Keep in mind that if you do refinance, keep in mind that you’ll lose access to federal loan benefits when refinancing for a private loan.

Also, don’t forget to look into student loan forgiveness programs. If you plan to find employment with a nonprofit or a government organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness program after you make 10 years worth of qualifying monthly payments.

You may also want to consider looking for employers who will help you pay back your loans as part of the benefits package they offer to employees.

Intangible Benefits

Though money is an important part of your decision about whether to go to grad school, it isn’t everything. There are lots of benefits that can’t be pegged to a dollar amount, including social connections and whatever extra skills you acquire that aren’t directly related to your degree.

Visit SoFi to learn more about how to pay for graduate school, and how student loan refinancing could aid your repayment plan after grad school.


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.

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


SOSL18148

Read more
top down hands on laptop

Finding Grants to Help Pay Off Student Loans

College students are graduating with tens of thousands of dollars in student loan debt, which can make it difficult to make monthly student loan payments, let alone get by financially each month.

For those looking to get some help, the federal government offers some potential options, including income-driven repayment plans and the Public Service Loan Forgiveness program. Or refinancing your student loans can also help you potentially lower your interest rate or your monthly payment.

One option you may not be aware of is to apply for repayment program “grants.” These grants function similarly to scholarships in that you don’t have to pay them back, at least not monetarily. Instead, post-graduation, you’ll typically agree to work in a certain field for a set period in exchange for the help.

There are several student loan repayment programs that act like grants but don’t technically refer to themselves as such. You might consider them grants to pay off student loans, however, because they don’t require you to pay back the money plus interest.

Here are a few repayment programs to look into:

National Health Service Corps Loan Repayment Program

Qualifying health care providers can receive up to $50,000 if they agree to a two-year commitment to work in a Health Professional Shortage Area (HPSA).

You can apply if you’re a licensed primary care physician, nurse practitioner, certified nurse-midwife, physician assistant, dentist, dental hygienist, or a qualifying behavioral and mental health provider.

In addition, to be eligible for this grant you must have qualifying student loan debt and also be:

•  A U.S. citizen or national

•  As applicable, a provider or be eligible to be a provider in Medicare, Medicaid, or the State Children’s Health Insurance Program

•  Fully trained and licensed to practice

National Institute of Mental Health Loan Repayment Program

If you work or plan to work in biomedical, behavior, social, or clinical research, you may qualify for a grant to pay off student loans up to $35,000. You can apply the award to qualifying undergraduate, graduate, or medical school loans.

In return, you’d “agree to engage in at least two years of qualified research funded by a domestic nonprofit organization,” according to the National Institute of Mental Health .

NURSE Corps Loan Repayment Program

The Health Resources and Services Administration provides this program to registered nurses (RN), advanced practice registered nurses (APRN), and nurse faculty with nursing debt that meets the program’s qualifications. To qualify, you must also:

•  Commit to working at least two years in an eligible Critical Shortage Facility (CSF) in a high-need area or an accredited school for nursing

•  Have received your nursing education in an accredited school of nursing in the U.S.

If you qualify, you may receive up to 85% of unpaid nursing debt over three years—that’s 60% over the first two years with an option to extend to a third year for an additional 25%.

Indian Health Service Loan Repayment Program

This grant is for health professionals who agree to work in an American Indian or Alaska Native community for at least two years. In exchange, you can receive up to $40,000 in grants to help pay off student loans.

Recipients also have the option to extend their contract each year until their debt is completely paid.

Veterinary Medicine Loan Repayment Program

If you’re a veterinarian working in an area designated by the National Institute of Food and Agriculture as a “shortage area,” you may be eligible to receive up to $25,000 each year for a (minimum) three-year service commitment. The grant is reserved only for veterinary school student loan debt, however.

John R. Justice Student Loan Repayment Program

This program provides assistance to local, state and federal public defenders, and state prosecutors. To qualify, you would agree to work as a prosecutor or public defender for at least three years.

In return, you may be eligible to receive up to $10,000 in assistance per year up to a total of $60,000.

Department of Justice Attorney Student Loan Repayment Program

If you agree to a three-year service obligation with the Department of Justice as an attorney, you may be able to qualify for loan repayment assistance of up to $6,000 per year in matches based on your payments.

To be eligible, you must have at least $10,000 in qualifying federal student loan debt. The maximum amount you can possibly qualify for is $60,000 in total.

Armed Forces Repayment Programs

Each major branch of the military offers free grants to help enlisted service members pay off student loans. Here’s a high-level overview of some of the notable programs:

•  Army Student Loan Repayment Program (College Loan Repayment Program): If you meet specific qualifications and are active duty, Army Reserve, or Army National Guard Soldiers, you can get up to $65,000 of your student loans repaid by the Army.

•  National Guard Student Loan Repayment Program: If you enlist for a minimum of six years and satisfy other requirements , you can receive up to $50,000 in assistance.

•  Navy Student Loan Repayment Program: With a three-year commitment, you may be eligible to receive up to $65,000 in repayment assistance over that time.

•  Air Force JAG Student Loan Repayment Program: Once you’ve completed one year of service as a JAG officer , you may be eligible to receive up to $65,000 in grants to pay student loans over a three-year period.

State-Based Grants

Several states offer free grants to help pay student loans for borrowers who agree to live and work in the state, usually in a specific field. Here are some examples:

•  New York State Young Farmers Loan Forgiveness Incentive Program: Eligible college graduates pursuing a career in farming who agree to operate a farm in New York state for at least five years can receive up to $10,000 per year to help pay their student loans.

•  North Dakota Science, Technology, Engineering, and Mathematics (STEM) Student Loan Program: Qualifying college graduates who work in STEM-related fields in North Dakota may be eligible to receive up to $1,500 per year and up to $6,000 total student loan forgiveness.

•  Pennsylvania Primary Health Care Loan Repayment Program: If you’re a physician, dentist, or another practitioner who commits to two-years in an underserved area in Pennsylvania , you may be eligible to receive between $30,000 and $100,000 in student loan repayment assistance.

•  California Bachelor of Science in Nursing Loan Repayment Program: RNs living in California who agree to a one-year service commitment may receive up to $10,000 to help repay their student loans. They can also renew that commitment for up to two more years and receive up to $10,000 each year they qualify.

•  Maine Alfond Leaders Program: If you live in Maine and work in a STEM-designated job, you may qualify for repayment of up to half of your outstanding student loan debt, with a $60,000 maximum.

What to Do While You’re Waiting for Your Grant Money

If you qualify for a grant or student loan repayment based on your career or where you choose to work and live, the assistance can make a world of difference for your student loan repayment strategy.

But in the meantime, you’ll still have to make regular payments on your loans. One way to potentially get a lower payment or interest rate is student loan refinancing.

Depending on the terms you qualify for, you could significantly reduce the amount of money you pay in interest over the life of the loan. Or you could extend your loan term and potentially reduce your monthly payments, but that would mean you’d pay more in interest overall (longer term=more payments).

One thing to keep in mind, though: If you’re applying for grants that only apply to federal loans, you may want to hold off on refinancing, because you’ll lose your federal loan benefits when you refinance.

If you qualify to refinance with SoFi, there are no origination fees or prepayment penalties. You can even use our convenient student loan refinancing calculator to compare your current loan with a SoFi loan to get an idea of how refinancing could help you accelerate your student loan repayment.

Ready to see how refinancing your loans with SoFi could help you take control of your student loan repayment plan? You can get a quote in less than two minutes.


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.

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


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.

SOSL18265

Read more
TLS 1.2 Encrypted
Equal Housing Lender