Sep
18
2025
Man working at desk

How to Get Student Loans Out of Default

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

As student loan debt increases, it’s likely that so will the number of borrowers defaulting on their student loans. Student debt in the U.S. has reached crisis levels at $1.814 trillion, with the average borrower owing $39,075 in federal student loan debt.

About one in 10 borrowers have defaulted at some point, and 6.24% of student loan debt is in default at any given time.

Failure to make payments on your student loans can result in serious consequences. If you’re struggling with your student loans and are in danger of defaulting, there are options. The sooner you take action to remedy your student loan troubles, the better.

If your loans are already in default, there are steps you can take to recover. Read on to learn how to get student loans out of default.

Key Points

•   Federal loans enter default after 270 days of nonpayment, leading to serious consequences like wage garnishment and credit damage.

•   Loan rehabilitation lets you restore good standing by making nine on-time payments and can remove the default from your credit report.

•   Loan consolidation combines multiple loans into one and may offer access to income-driven repayment plans to lower monthly payments.

•   Refinancing with a private lender may reduce interest or payments, but it removes access to federal benefits and requires good credit.

•   Act early to avoid default — use deferment, forbearance, or income-driven plans to stay current and protect your financial health.

What is Considered Student Loan Default?

At its most basic, student loan default happens when you have failed to make payments on your student loans.

If you have a federal student loan, the U.S. Department of Education considers your loan delinquent the day after you miss your first payment. After 90 days, your failure to pay will be reported to all three credit bureaus, which may negatively impact your credit score.

If your loan is delinquent, there are steps you can take to prevent the loan from going into default. If you’ve failed to make a payment or two, consider applying for student loan deferment or forbearance, especially if you’re facing a temporary financial hardship.

Keep in mind, for loans made after July 1, 2027, borrowers will no longer be eligible for deferments based on unemployment or economic hardship.

If you’re having long-term difficulty paying your monthly student loan payments, an option is to see if you can change your payment terms to reduce your monthly bill. This process will extend the life of the loan (lowering your monthly loan payments usually involves lengthening your loan term) and you’ll most likely pay more in interest over the life of the loan. However, making payments on time can help you avoid defaulting and the consequences that come with it.

After 270 days of nonpayment, the loan is considered in default, triggering a series of consequences for the borrower.

Consequences of Student Loan Default

The default and history of missed payments can stay on your credit report for years to come. You also become ineligible for federal payment assistance such as forbearance, deferment, and student loan forgiveness. Any costs associated with collecting the loan are added to your balance due, and the government has the ability to garnish your wages or seize your tax refund.

Tips for How to Get Student Loans Out of Default

If you’re wondering how to get student loans out of default, there are options. These include: loan rehabilitation, consolidation, refinancing, or paying off the loan in full—including any additional interest accrued on student loans. Oftentimes, borrowers in default are unable to repay their loans in full, so the following alternatives may be more practical.

1. Loan Rehabilitation

You may be able to remove a default from your credit report through student loan rehabilitation. Here’s roughly what the process looks like if you have federal loans in default:

First, you contact your lender’s customer service office to request a rehabilitation plan for your loan. Second, you want to be sure you can commit to the program since you can’t rehabilitate a loan a second time. However, starting on July 1, 2027, borrowers will be able to rehabilitate student loans twice (instead of once).

Third, you follow your lender’s plan. That means making nine payments on time, usually at a lower payment rate (your lender determines the monthly payment amount, usually equal to 15% of your annual discretionary income, divided by 12).

Once you’ve successfully made all payments on rehabilitated student loans, the default can be removed from your credit report, but sometimes it takes about 90 days. Note that missed payments prior to the default on your loan will remain on your credit report, and your loan holder may still take involuntary payments (like wage garnishment) until your loan is no longer in default and/or you begin making rehabilitation payments.

Once you have rehabilitated student loans and you’ve again become a borrower in good standing with your lender, you now have the opportunity to get further relief through forbearance or deferment, especially if you’re still struggling.

2. Loan Consolidation

If you have federal student loans, you may be able to consolidate your student loans into one Direct Consolidation Loan. By consolidating, you pay off your existing loans and replace them with one new loan. The new rate is a weighted average of the interest rates on your old loans, rounded up to the nearest one-eighth of a percent.

If you qualify to consolidate your student loans, you have the ability to choose a different payment plan, including income-driven repayment plans. These plans lower your monthly payment to a percentage of your discretionary income. Most plans also extend the term out to 20 or 25 years, and cancel any remaining balance once the term is up. Keep in mind that extending your repayment term could mean paying more in interest over the life of the loan.

3. Refinancing Your Loans

If you have a solid personal financial picture (which includes things like your income and credit score), you may be able to refinance your loans with a private lender instead of consolidating them with the government. You may get a lower interest rate, which can allow you to trim the amount of interest you’ll pay over time. You could also extend your loan term to get a lower monthly payment. Keep in mind, though, that extending your term will make it so you pay more in interest over the life of the loan.

If you have a less-than-great credit score, you may need to find a cosigner for the loan. A reliable cosigner can help you qualify for refinancing. However, your cosigner would be equally responsible for the loan.

When you refinance a federal student loan with a private lender, you’ll no longer be eligible for federal protections, such as income-driven repayment plans or Public Service Loan Forgiveness.

Recommended: Student Loan Refinancing Guide

The Takeaway

Getting student loans out of default is a crucial step toward financial stability and can open doors to better loan management options, such as refinancing. By exploring methods like loan rehabilitation, consolidation, and maintaining consistent payments, you can regain control of your debt and improve your credit standing.

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 is the first step to getting student loans out of default?

The first step is to contact your loan servicer to understand your options and the specific requirements for getting out of default. They can provide detailed information on the processes available, such as loan rehabilitation or consolidation.

How does loan rehabilitation work?

Loan rehabilitation involves making a series of on-time payments, typically nine out of 10 consecutive months, to bring your defaulted loans back into good standing. Once completed, the default status is removed, and you regain eligibility for federal benefits like deferment and forbearance.

What are the benefits of refinancing student loans after getting them out of default?

Refinancing student loans after getting them out of default can lead to lower interest rates and more manageable monthly payments. It can also simplify your finances by combining multiple loans into one, making it easier to manage and pay off your debt.

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.


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

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

SOSLR-Q325-078

Read more
Sep
13
2025
A female student sitting at a desk, writing in a notebook as she studies for the GMAT.

Applying for a Student Loan Cosigner Release

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

If you borrow a student loan with a cosigner, you may want to officially remove them from the loan by applying for a cosigner release. The specific requirements for this can vary by lender but may include things like a minimum number of on-time monthly payments and a review of your credit history.

Borrowers will likely be required to file a formal application with their lender in order to release their cosigner from a student loan. Continue reading for a high-level rundown of what the process of cosigner release can look like and what other options might exist if a cosigner release is not available.

Key Points

•   A cosigner release allows the cosigner to be officially removed from a student loan if certain conditions are met.

•   Eligibility requirements may include a minimum number of on-time payments, proof of stable income, and a good credit history.

•   Borrowers must submit a formal request to the lender, often requiring documentation like tax returns or pay stubs.

•   Cosigners of student loans can benefit by building their credit profile, limiting financial liability, and avoiding risks such as automatic default in the event of their death.

•   An alternative to a cosigner release is refinancing the loan in the borrower’s name only, which can remove the cosigner while potentially lowering interest rates.

What Is a Cosigner?

The financial aid process typically begins with families filling out the Free Application for Federal Student Aid (FAFSA®) to see how much aid they’ll receive. Direct Subsidized and Unsubsidized federal loans don’t need a cosigner, but they don’t always cover the whole cost of your education. If you’re unable to get a student loan yourself, a cosigner — often a parent, relative, or close family friend — may be able to help secure funding.

Cosigners are just as responsible as the primary borrower to repay the loan. If the primary borrower doesn’t make a payment on time, the cosigner is legally required to make the payment. Late or missed payments can affect the credit scores of both the primary borrower and the cosigner. If a debt goes into default and the lender hires a collection agency, that agency can pursue the cosigner to collect the debt.

Cosigners may choose to help their child or family member take out a loan when they are in college, but once the student graduates and gets a job, they may decide it’s time for them to take full responsibility for the loan.

Recommended: Getting Private Student Loans Without a Cosigner

What Is a Cosigner Release, and How Do You Qualify?

A cosigner release is the process of removing a cosigner from a loan. Depending on the loan’s terms, the cosigner may be removed from the loan with a cosigner release after the student has graduated and met certain requirements as outlined by the lender. Here’s a list of the typical requirements that a primary borrower must have in order to remove a cosigner from their loan:

Minimum Full Monthly Payments

Typically, the primary borrower will have to show that they’ve made one to two years’ worth of full monthly payments, depending on the lender. Full payments include principal and interest rate payments, and they must be made on time.

Satisfactory Credit

The lender will generally check the primary borrower’s credit to make sure they can qualify for the loan on their own and meet minimum credit requirements. For example, they’ll be looking to make sure that the borrower doesn’t have any loans in default and that they have a good consumer credit report.

Employment

Lenders may ask for proof of employment and determine whether a primary borrower is meeting minimum income requirements. Borrowers may be asked to prove income with recent paystubs, W-2s, or the borrower’s most recent tax return.

Depending on your lender, there may be other criteria you have to meet.

How to Apply for Cosigner Release

Before a lender will release a cosigner, primary borrowers must submit an application. Here is a step-by-step guide to applying for a cosigner release.

1. Check with Your Lender

First things first, if you’re unsure if the loan you have qualifies for a cosigner release, check directly with your lender. Generally, lenders will have certain requirements that borrowers are required to meet before they can apply for a cosigner release. These may include things like making a minimum number of on-time monthly payments, establishing a strong credit history, and securing employment. Again, each lender is able to set their own criteria.

2. File an Application

Once you’re confident you can meet the requirements, you will likely have to file a formal application with your lender to have the cosigner removed from your loan. Depending on the lender, you may be able to submit the application online or by mailing in a printed form. Read the application requirements thoroughly because some lenders may require supporting documentation, like a W-2 or recent pay stubs.

Once you have submitted an application with the information your lender requires, the lender might then issue a cosigner release.

Why Get a Cosigner Release?

A cosigner may want to be released from a student loan for a number of reasons, not the least of which is the flexibility they may gain from having that portion of their credit freed up.

First, their debt-to-income ratio will likely improve, which may make it easier to apply for new credit or get a new loan at a favorable interest rate. If a cosigner is looking to buy a car or get a mortgage, for example — or even cosign another loan — they may be able to do so with more favorable rates.

Cosigners with other children bound for college may want to be released from one child’s loan so they can turn their attention to funding their next child’s education.

Another reason to consider releasing a cosigner is that some private loans go into automatic default if the cosigner dies. Removing the cosigner protects the primary borrower from needing to worry that they may have to pay any remaining balance in full immediately if their cosigner dies.

Once the cosigner is released from the loan, they will no longer have to worry that their credit will be damaged if loan payments aren’t made on time, or that they may be responsible for payments should the primary borrower drop the ball.

What Are the Limitations of Cosigner Releases?

Not all loans offer a cosigner release; and even for those that do, it can be difficult to obtain. For that reason, when you are on the hunt for an initial loan, you should read the fine print to see if the loan offers a cosigner release option. That way, you’ll know the possibility is there.

What Are the Alternatives to a Cosigner Release?

If your application for a release is rejected, there are other ways you may be able to relieve your cosigner.

One alternative that might be worth considering is refinancing your student loan(s).

When you refinance student loans, your new lender pays off your old loan (or loans) in full, replacing it with a new one. If the primary borrower can qualify for a new loan on their own, they won’t need to include the cosigner on the new loan.

Keep in mind, though, that if you refinance your federal student loans into a private student loan, you’ll lose access to federal benefits and forgiveness options.

Recommended: Should I Refinance My Federal Student Loans?

The Takeaway

Applying for a cosigner release may require that the primary borrower meet certain lender requirements like having a full-time job and making a minimum number of on-time monthly payments. If approved, the cosigner on the loan will be officially removed and the primary borrower will be the sole borrower. In the event that you aren’t approved for a cosigner release, you may be able to remove your cosigner by refinancing your loan.

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 is a cosigner release, and why might you apply for one?

A cosigner release is a process that allows the primary borrower to remove the cosigner from a student loan. This can be beneficial if you want to take full responsibility for the loan, build your credit score, or reduce the financial burden on your cosigner.

What are the typical requirements for a cosigner release?

The requirements for a cosigner release can vary by lender, but common criteria include a strong credit score, a stable income, and a history of on-time payments. Some lenders may also require a certain number of consecutive on-time payments before considering a release.

How can you check if you are eligible for a cosigner release?

To check if you are eligible for a cosigner release, review the terms and conditions of your loan agreement or contact your lender directly. They can provide specific details about the eligibility criteria and the application process.

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.


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

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

SOSLR-Q325-061

Read more
Sep
12
2025
How to Find Your Student Loan Account Number_780x440:

How to Find Your Student Loan Account Number

By | Debt Payoff, Student Loans, student_loan | Comments Off on How to Find Your Student Loan Account Number

While on the road to repayment, there will likely be instances when you need to know your student loan account number (like if you want to change repayment plans or refinance). But you probably haven’t committed this number to memory. In fact, you might not even know how to find it.

If you need your student loan account number but don’t know how to get it, don’t worry. Read on to learn what a student loan account number is, why you need it, and how to find it.

Key Points

•   Your student loan account number is a unique 10-digit identifier provided by your loan servicer.

•   This number is essential for managing your loans, including making changes to repayment plans or refinancing.

•   You can find your student loan account number on your monthly statements or by logging into your Federal Student Aid account online.

•   If you don’t have access to online services, your loan servicer can provide the account number upon request.

•   For private loans, contact your lender directly to obtain account information, as these do not have a federal student loan identification number.

What Is a Student Loan Account Number?

Your student loan account number is a unique 10-digit number that is given to you by your student loan provider and is used for identifying your federal student loan.

Students can use their student loan account number to look up their payments and see how much of their balance is left. This number is also used to verify a student’s identity when they are using services offered by the loan provider, such as mobile banking or trying to obtain previous student loan statements.

Some financial institutions and banks may ask you for your student loan account number before allowing you to borrow money or open a new credit card. You’ll also need to know this number if you are considering refinancing those loans.

In addition, your student loan account number is used for tax purposes in order to verify that the student loan on a tax return is yours.

Students with private loans won’t have a federal student loan identification number associated with those loans. Instead, you’ll need to contact the lender directly in order to get account information. This includes any private student loans that were originally federal ones but were refinanced into a private loan, since those balances would now show in government records as $0.00.

Take control of your student loans.
Ditch student loan debt for good.

How to Find Your Student Loan Account Number

The easiest place to find your student loan account number is on the monthly student loan statements sent by your loan provider. You should be able to find it on the upper right or left corner near your name, or somewhere in that vicinity. You can also check your e-mail account if you’re receiving your statements by e-mail.

If you don’t have access to any of your monthly statements, you can log into the Federal Student Aid website using your FSA (Federal Student Aid) ID to see your loan details. This will allow you to see your student loan account number, along with additional information about your loans.

Don’t have an FSA ID? Not to worry.

More About the FSA ID

The FSA ID replaced the Federal Student PIN in 2015, so students who haven’t taken out new student loans or haven’t logged into the Federal Student Aid website since 2015 might not have an FSA ID yet.

Students who don’t have an FSA ID can create one by visiting the Federal Student Aid website and creating an account. Once you sign up for an FSA ID, the federal government will verify your information with the Social Security Administration. Once verified, you will be able to use your FSA ID to obtain information about your federal student loans.

The site, managed by the U.S. Department of Education, can provide a convenient way to get a full picture of all your federal loans, including:

•   How many federal student loans you have

•   Their loan types

•   The original balance on each loan

•   Current loan balances

•   Interest rates on loans

•   Whether any loans are in default

•   Loan service provider’s names

•   Contact information of the loan service providers

Recommended: How Much Do I Owe in Student Loans?

Identifying Lenders

Federal student loans aren’t directly administered by the government. While the government is the lender, these loans are managed by a variety of loan servicers that take on administrative tasks such as sending bills to borrowers, creating repayment plans, and consolidating loans.

It’s important to know which servicers are overseeing your loans so you know where to send payments and who to reach out to if you have questions or need to discuss an alternative payment plan.

The U.S. Department of Education assigns loans to these companies:

•   Edfinancial : 1-855-337-6884

•   MOHELA : 1-888-866-4352

•   Aidvantage : 1-800-722-1300

•   Nelnet : 1-888-486-4722

•   ECSI : 1-866-313-3797

•   Default Resolution Group : 1-800-621-3115

•   CRI : 1-833-355-4311

As mentioned, you can find information about which entities are servicing your federal loans when logged on to StudentAid.gov. Another way to confirm a loan servicer is to call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.

As far as private student loans go, the lender is typically a bank, online lender, or other financial institution. Contact information should be available on the bills and other information sent to you.

If these documents have been misplaced, the private lender’s information can typically be found on your credit reports. You can request a free credit report from each of the three reporting agencies — Equifax®, Experian®, and TransUnion® — by visiting AnnualCreditReport.com.

Finally, another way to track down your private student loan lenders is by contacting your college’s financial aid office.

Paying Back Student Loan Debt

With federal student loans, there are multiple payment plans available:

•   Standard Repayment Plan: This is the default repayment plan, which lasts 10 years. Borrowers will typically pay less interest over time on the Standard Repayment Plan versus other repayment plans. However, it may not be a good choice if you’re interested in getting your loans discharged through Public Service Loan Forgiveness (PSLF). Under Trump’s new One Big Beautiful Bill, however, the plan’s term will be determined by the amount borrowed (for loans borrowed on or after July 1, 2026).

•   Graduated repayment plan: With this plan, payments start low and increase every two years. This can help students who don’t earn a lot now but expect their income to increase. However, you’ll pay more interest over time with this plan than the Standard Repayment Plan. As of July 1, 2026, this plan will no longer exist. Borrowers currently on this plan have until July 1, 2028 to switch plans.

•   Extended repayment plan: Payments can be made during a period of up to 25 years. This can help lower monthly payment amounts, but students will pay back more interest over the life of the loan than those who use the standard or graduated repayment plans. As of July 1, 2026, this plan will no longer exist. Borrowers currently on this plan have until July 1, 2028 to switch plans.

•   Income-driven repayment plan (IDR): IDR plans can help cap student loan payments at a percentage of the borrower’s income. These plans can be a good choice for borrowers who are seeking loan forgiveness, but they will typically pay more interest overall than under the standard plan.

To pay off student loans more quickly, one option is to put extra money toward student loans each month through larger or additional payments. By paying more toward the principal balance, you won’t just pay off your loan faster, you’ll also reduce the total amount of interest paid over the life of the loan. It’s a good idea to contact the lender or loan servicer to ensure that any extra payments are applied to the principal as intended.

Alternatively, you could pursue certain loan forgiveness programs, such as PSLF or Teacher Loan Forgiveness.

Recommended: Smart Strategies to Lower Your Student Loan Payments

Refinancing Student Loans – Pros and Cons

Another option to consider is to refinance student loans. There are pros and cons to that strategy you’ll want to consider.

Advantages of refinancing student loans include the following:

•   Loans can be combined into one single loan and payment, which can be easier to manage.

•   You may get a lower interest rate. If you have good credit and a solid income, you may qualify for a better rate, which could help reduce what you pay over the life of the loan. You can see what you might save by using a student loan refinancing calculator.

•   Some private lenders, including SoFi, will consolidate federal and private student loans and refinance them into one loan.

•   The term length can be adjusted. A longer repayment term can help to lower the monthly payment (though you may pay more interest over the life of the loan if you refinance with an extended term), while a shorter one can help to reduce the total amount of interest paid back over the life of the loan.

Disadvantages of refinancing include:

•   Refinancing federal student loans with a private lender means that borrowers will lose access to benefits associated with federal student loans, including income-driven repayment options and loan forgiveness programs.

•   Other federal protections will no longer apply, including deferment and forbearance, which allow payments to be temporarily reduced or paused.

•   Most federal student loans have a six-month grace period, during which you don’t have to make any loan payments. If you refinance your loan soon after graduation, you might lose out on that benefit if your private lender doesn’t offer a grace period.

Recommended: Should You Refinance Your Student Loans?

The Takeaway

It’s important to know your student loan account number, which can be found on your federal loan statements or online. This 10-digit number can be used to access loan information, use other lender services and apps, and help you figure out a payment plan. You may also need your student loan account number when applying for a credit card or other loan, and if you decide to refinance your student loan.

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

Why is it important to know your student loan account number?

Knowing your student loan account number is important for making payments, managing your account, and communicating with your loan servicer. It helps ensure that your payments are applied correctly and that you can access your account information easily.

Where can you find your student loan account number on your monthly statement?

Your student loan account number is typically listed prominently on your monthly statement, often near the top or in a dedicated section. It’s usually a unique series of numbers and sometimes letters.

Can you find your student loan account number online?

Yes, you can find your student loan account number by logging into your account on your loan servicer’s website. Once logged in, navigate to your account dashboard or profile, where you should see your account number listed.

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.


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

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

SOSLR-Q325-058

Read more
Sep
12
2025
woman reading documents in office

Law School Loan Forgiveness and Repayment Options

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

Pursuing a law degree involves a significant investment of time and money. The high cost of tuition, coupled with the financial strain of living expenses, can leave many law school graduates burdened with substantial student loan debt.

Fortunately, there are still some forgiveness and repayment options available to law school debt holders. Here’s what’s available.

Key Points

•   Public Service Loan Forgiveness (PSLF) forgives remaining federal debt after 10 years of qualifying payments while working in public service or nonprofit law.

•   Income-driven repayment (IDR) plans set monthly payments based on income and may lead to forgiveness after 20–25 years.

•   State LRAPs offer forgiveness or assistance to lawyers working in public service or underserved areas, with varying benefits by state.

•   Law school LRAPs provide aid to alumni in low-income or public interest roles, with specific income and debt requirements.

•   The Department of Justice repayment program offers up to $6,000/year toward loans for attorneys who commit to at least three years at the Department of Justice.

Loan Repayment Assistance Programs

A Loan Repayment Assistance Program (LRAP) is one type of financial assistance provided to law school graduates in government and lower paying legal fields. LRAPs may be run by the state, state bar, federal government, or individual law schools.

In many cases, funds are provided via a forgivable loan that is canceled when the recipient’s service obligation is completed. These loans are structured in a way that they are not taxable income, unlike grants. If you receive loan repayment assistance, it’s important to find out if your funds are taxable. (Learn how to find your student loan tax form.)

An LRAP shouldn’t be confused with the repayment plan borrowers agree to when they first sign for their loans. Most people with federal student loans are on the Standard Repayment Plan, meaning they pay a fixed amount every month for up to 10 years.


💡 Quick Tip: Get flexible terms and competitive rates when you refinance your student loan with SoFi.

5 Law School Loan Forgiveness and Repayment Programs

Below are the five most widely used law school student loan forgiveness and repayment programs. If you’re already receiving one or more of these benefits, remember that you may have to reapply each year.

You may apply to as many law school debt forgiveness programs as you qualify for. In some cases, you may even accept more than one grant or loan at a time, but check the fine print on your program applications.

Recommended: Can Private Student Loans Be Forgiven?

Public Service Loan Forgiveness (PSLF)

Best for: Lawyers who plan to work for the government or in the nonprofit sector

The Public Service Loan Forgiveness program may be the most well-known option in terms of loan forgiveness for lawyers. The premise is simple: If you work in a qualifying public service field, then the remainder of your direct student loans can be forgiven after you make 120 qualifying monthly payments over 10 years. However, many people attempting to meet those requirements can find the process confusing and difficult.

The first step to qualifying for public service loan forgiveness is filling out the employment certification form.

In order to earn loan forgiveness, you must work for a qualifying government organization or tax-exempt non-profit organization, and you must be enrolled in a qualifying repayment plan — generally a federal income-driven repayment plan.

The next step is to make your monthly loan payments promptly. If you meet all those requirements and payments, then at the end of 10 years, the remainder of your debt could be forgiven.

Income-driven Repayment (IDR) Plans

Best for: Lawyers with low incomes

An income-driven repayment plan sets your monthly student loan payment based on your income and family size. Most federal student loans are eligible for at least one income-driven repayment plan. If your income is low enough, your payment could be $0 per month. There are currently three income-driven repayment plans to choose from:

•   Income-Based Repayment (IBR) Plan

•   Pay As You Earn (PAYE) Plan

•   Income-Contingent Repayment (ICR) Plan

Starting July 1, 2026, new borrowers will have just one income-driven plan, the new Repayment Assistance Plan (RAP).
The Repayment Assistance Plan (RAP) is based on borrowers’ adjusted gross income (AGI), with a $50 monthly reduction per dependent. The RAP plan provides cancellation after 30 years of payments.

The Federal Student Aid website breaks down the eligibility for each program. If you have Parent PLUS loans, you must consolidate your loans to become eligible for an IDR plan.

Recommended: How to Avoid Student Loan Forgiveness Scams

State Loan Repayment Assistance Programs

Best for: Lawyers who qualify for their state’s program

Most states have LRAPs providing a type of law school loan forgiveness if you work in that state — often in the public sector, for a qualifying nonprofit, or in underserved communities. Repayment assistance varies, so check the guidelines for your state. For instance, the District of Columbia offers one-year interest-free forgivable loans up to $12,000; in New York, forgivable loans of up to $10,000 per year are available for a maximum of three years or $30,000.

Law School-Based Loan Repayment Assistance Programs

Best for: Lawyers with low incomes or those who work in high-need areas

Many schools offer their own LRAPs for lawyers. Programs vary as far as minimum law school debt and income requirements. You’ll have to check with your law school’s financial aid office to learn their requirements and see if you meet them.

One program, for example, awards up to $5,600 each to around 125 new attorneys annually through an application process that opens in August.

Department of Justice Attorney Student Loan Repayment Program

Best for: Lawyers who work for the Department of Justice

The Department of Justice Attorney Student Loan Repayment program is a type of law school loan forgiveness aimed at encouraging newly minted attorneys to work for the Department of Justice. Applications for the program open in the spring (typically on March 1), however, the program is paused for 2025.

In return, you can receive up to $6,000 per year (for a maximum of $60,000 total) paid toward your student loans. It’s not exactly law school loan forgiveness, but it is law school loan repayment.

The fine print: You must commit to three years of full-time employment for the Department of Justice, and if you don’t fulfill your commitment then you could be on the hook for any loan payments made on your behalf. You must have at least $10,000 in eligible student loans, which includes Stafford Loans, PLUS loans, Perkins Loans, and a few other types of student loans. (All criteria information is available on the Department of Justice’s program website.)

Payments are made directly to the loan servicer and all loan repayments made by the Department of Justice ASLRP are considered taxable income. It’s also a highly competitive program, but if you’re looking at a career working for the DOJ, then it could be a great way to get your start and wipe out some debt.


💡 Quick Tip: It might be beneficial to look for a refinancing lender that offers extras. SoFi members, for instance, can qualify for rate discounts and have access to financial advisors, networking events, and more — at no extra cost.

The Takeaway

Law school loan forgiveness sounds great, but it can cost you money in the long run if you end up paying higher interest rates or don’t pursue the career you want in the hope of securing loan forgiveness. Other options may include loan consolidation or student loan refinancing.

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


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

FAQ

What is law school loan forgiveness?

Law school loan forgiveness is a program designed to help law graduates reduce or eliminate their student loan debt. These programs are typically available to those who work in public service, nonprofit organizations, or other qualifying fields. The goal is to make legal education more accessible and to encourage graduates to pursue careers that serve the public interest.

Who is eligible for law school loan forgiveness?

Eligibility for law school loan forgiveness programs varies, but generally, you must be a law graduate working in a qualifying job. Common qualifying fields include public interest law, government positions, and nonprofit organizations. Some programs also require a certain number of years of service and may have specific income or loan type requirements.

What are the most common law school loan forgiveness programs?

Some of the most common law school loan forgiveness programs include the Public Service Loan Forgiveness (PSLF) program, which is federal and available to those working in public service, and various state and school-specific programs. Many law schools also offer their own loan forgiveness assistance programs for graduates working in public interest roles.

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.


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 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.

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.

SOSLR-Q325-038

Read more
Sep
12
2025
woman with black graduation outfit mobile

Pros & Cons of Graduating From College Early

By | Debt Payoff, Student Loans | No Comments

Graduating from college in three years — instead of the typical four — isn’t just a proposition for overachievers. Adding a few extra credits here or there over the semesters won’t just help get you out the door faster, it could also help you save on tuition and room and board.

Sounds great, right? Well, before you go filling up your class schedule with all your required courses, it might be worth considering whether graduating early is the right path for you both personally and financially.

Here are some key things to consider when deciding whether to graduate from college early and leave your student life behind.

Key Points

•   Graduating early can significantly reduce the total cost of your college education, including tuition, room and board, and other expenses.

•   Entering the workforce sooner can provide a head start in your career, allowing you to begin earning a salary and gaining professional experience earlier than your peers.

•   Graduating early might mean missing out on the full college experience, including social activities and extracurricular opportunities.

•   Early graduation can affect your eligibility for financial aid and scholarships, as many are tied to specific academic terms or credit hour requirements.

•   Graduating early means your student loan payments will be due sooner, as they’re typically due six months after graduation.

Pro: You Could Start Grad School Sooner

If a master’s degree, medical school, law school, or another advanced degree path is in your future, completing your undergraduate work in three years may sound highly attractive. After all, you will be spending several more years in school to complete your higher education.

Just take care that your undergraduate grades remain up to snuff to increase your chances of placement in the graduate school of your choice.

Recommended: What Is the Cost of Attendance in College?

Con: You May Miss Out on Learning Opportunities

By rushing through undergraduate general education classes, you may be tempted to do the bare minimum in order to pass.

But in doing so, you could be denying yourself valuable learning opportunities, and you could be missing out on subjects that interest you personally or professionally.

You might want to make sure your workload is heavy enough to graduate on your own timeline, yet light enough to actually soak in all that new knowledge — and that it allows you time to pursue new passions. Isn’t college all about trying new things?

Pro: You Can Enter the Workforce Sooner

By completing your degree sooner, you could enter the workforce earlier, which could help you start earning a salary ASAP.

Want to max out your post-collegiate earnings? Some degrees offer a better financial ROI than others.

If you are graduating college early and
need to pay off your student loans,
check out student loan refinancing.

Con: You May Miss Out on the Full College Experience

Sure, you could start working a year earlier, but while you’re at your job, all of your college buddies will be enjoying their senior year together. The extra year together might give you and your classmates more time to bond with one another and to network with peers and professors.

Those relationships can play an incredibly valuable role in the workforce down the road. This can also be true for internship opportunities, which you may not have time for as an ultra-full-time student trying to fit four years of work into three.

There are other once-in-a-lifetime opportunities you could miss out on, too, such as studying abroad. While some of your friends may be off learning both life and academic lessons around the world, you could be stuck on campus having to cram in all your credits to graduate early.

Pro: You Could Save Money

The average cost of undergraduate tuition, fees, room, and board for in-state four-year universities stood at $27,146 in the 2024–25 school year.

If you graduated early, you could save a pretty penny by skipping an entire year of tuition, fees, and room and board. Prices for college tuition and fees increased 2.3% in the 12 months leading up to August 2025, according to the U.S. Bureau of Labor Statistics.

When considering an ultra-full-time course load, don’t forget to calculate the cost of summer school, “overload” credits, and a year-round dorm.

Many schools have limits on the number of credit hours you can take at a time, and they may require you to get permission to go over the max (overload). You may also have to pay more for those credits.

Recommended: Living On Campus vs. Off Campus

Con: You May Have to Start Paying Off Student Loans Sooner

Most students who have taken out federal student loans have a six-month grace period before they need to begin repayment.

That means six months after you graduate (or drop out or drop below half-time enrollment), you will likely need to start paying back those loans. This is not necessarily a con, but keep it in mind and be prepared.

Need Help With Student Loans? Consider Refinancing

Refinancing your student loans can be a strategic move, especially if you are graduating early and looking to manage your debt more effectively. When you refinance, you essentially replace your existing loans with a new loan that has different terms, often with a lower interest rate. This can result in significant savings over the life of the loan and may reduce your monthly payments.

Keep in mind that refinancing federal student loans with a private lender means you will lose access to federal benefits such as income-driven repayment plans, deferment, and forgiveness options.

Recommended: Should You Refinance Your Student Loans?

The Takeaway

Graduating from college early can offer both significant advantages and potential drawbacks. On one hand, it can save you money, accelerate your entry into the workforce, and provide a sense of early achievement. On the other hand, it might mean missing out on the full college experience, having less time to build a robust network, and potentially facing challenges with financial aid and scholarships.

Ultimately, the decision to graduate early should be carefully considered based on your personal goals and financial situation.

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 are some potential benefits to graduating college early?

Graduating from college early can offer several advantages, including saving money on tuition and other college expenses, entering the workforce sooner and potentially starting to earn a salary earlier, and having more time to pursue other interests or further education. Additionally, it can provide a sense of accomplishment and a head start in your career.

What are some potential drawbacks of graduating from college early?

Graduating early can have some downsides, such as missing out on the full college experience, including social and extracurricular activities. You might also have less time to build a strong network of peers and mentors, which can be valuable for career opportunities.

Can graduating early impact financial aid or scholarships?

Yes, graduating early can affect your financial aid and scholarships. Some scholarships and grants are tied to specific academic terms or require you to maintain a certain number of credit hours. If you graduate early, you may lose eligibility for these funds. It’s important to check the terms and conditions of your financial aid and scholarships to understand how early graduation might impact them.

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.


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 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.

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

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

SOSLR-Q325-086

Read more
Close modal

See what SoFi can do for you and your finances.

Select a product below and get your rate in just minutes.

Student Loan
Refinancing

Personal
Loans

Online
Investments

Other

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2023 was around $33K. Information current as of 2/26/24. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.

✝ To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

©2026 Social Finance, LLC All rights reserved.
TLS 1.2 Encrypted
Equal Housing Lender