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If you’re thinking about going to college, or you have a child who is, you’ve probably experienced a fair amount of sticker shock when considering the cost of attending different schools.

Though a college education is an investment in the future — as with any investment, it’s important to consider what you’ll get in return to determine if it’s worth it. While it’s important to weigh the cost of college against future income and earning potential, there are also intangibles to consider, things like friendships, network building, and other soft skills.

This guide and benchmark aren’t official measures and they’re not set in stone by any means; we know there are many reasons to get an education, many of which can’t be (and probably shouldn’t be) measured and quantified. This guide is meant to offer tips to help in a challenging and competitive working world. Your mileage — and your life’s path — may vary!

Average Costs of a Degree

Choosing the right college is a multifaceted decision. Considerations include where the school is located, whether it has programs that meet your interests, what student culture is like, and, of course, price.

The price tag for college can be jaw dropping. The total cost for tuition, fees, and room and board at a private non-profit four-year college can set you back more than $38,070 per year on average.

Head to an elite private school like Columbia University in New York and tuition and fees can be upward of
$60,000 per year. At a public four-year college, you can expect to pay an average of about $10,000 per year in tuition and fees, which is cheaper, but still nothing to sniff at.

Return on Investment by Education Level

One way to make this consideration is by looking at the ratio of the cost of your degree to your expected income once you graduate. Your return on education is much like a traditional return on investment calculation, which looks at the ratio between net profit and cost from investing resources.

In this case, time and money are the resources you’re investing, and your future income is the profit. The return on investment for your education will depend largely on how much you spend on your schooling, what type of job you get after school, and to a certain extent, what you major in.

Associate’s Degree Return on Investment

Associate’s degrees can typically be completed in one to two years and often at a community college, which can make them more affordable than other four-year degrees. According to data from Education Data Initiative, the return on investment for an associates degree is 363.5% after 20 years.

Bachelor’s Degree Return on Investment

Bachelor’s degrees typically take students four years to complete. According to Education Data Initiative, the return on investment for a bachelor’s degree is 38.1% after 20 years. Though this estimated return on investment can vary greatly based on the major you pursue. For example, computer science degrees offer an ROEd of 716.6%.

Master’s Degree Return on Investment

A Master’s degree can be completed after a student receives their Bachelor’s degree. This degree allows the student to specialize in a specific area of interest, such as those who pursue a Master in Business Administration. The return on investment for a master’s degree is 90.1% after 20 years, according to Education Data Initiative.

Doctoral Degree Return on Investment

A doctoral degree is generally the most advanced degree one can get in a particular field. Doctorate degrees can take up to eight years to complete, though the exact timing will vary depending on factors like the program type, structure, and research being completed by the doctoral candidate. The estimated return on investment for doctorate degrees is 84.0% after 20 years according to Education Data Initiative.

Professional Degree Return on Investment

Professional degrees are advanced degrees that prepare a student to work in a particular field, for example law or pharmacy. After 20 years, the return on investment for a professional degree is 60.4%, according to Education Data Initiative.

Highest Earning Degrees

The return on education will vary depending on the degree program you chose. For example, a student with a computer science degree may earn more than an English major. There are of course exceptions, but it’s a good idea to understand the norm for particular fields. These are some of the high-earning degrees by level.

Associate’s Degrees

As mentioned, an associate’s degree takes about two years to complete and can often be finished at a community college for significantly less than it may cost to get a four-year degree. Associate’s degrees often allow students to specialize in a specific trade or field. And in some cases this specialization can lead to a high-earning career.

One of the top-earners post-associate degree are air traffic controllers. According to the Bureau of Labor Statistics (BLS), Air traffic controllers earn a median income of over $129,000.

Dental hygienists, MRI technicians, and funeral service managers all earn an average salary of $70,000 or higher, making them top associates degrees based on earning potential.

Bachelor’s Degrees

According to Best Colleges, some of the bachelor degrees with the highest earning potential include petroleum engineering, aeronautics and astronautics, computer science, electrical engineering, and public accounting.

For example in 2021, petroleum engineers earned a median salary of $130,850. Accountants and Auditors earned a median salary of $77,250 per year, according to the BLS.

Certifications

Some people may consider adding a certification to their resume in order to boost their earning potential. Professional organizations often award certifications for specific skill sets. Some top earning and in-demand certifications include those for project management or data engineering.

Bachelor’s Degree ROI by Major

The return on investment can vary quite a bit based on the type of bachelor degree pursued. As mentioned, computer science degrees have some of the best return on investment for Bachelor’s degrees — about 716.6% over 40 years, according to Education Data Initiative. Take a look below at a list of majors and their estimated return on investment after 40 years, according to Education Data Initiative:

•   Business finance — 710.2%

•   Business accounting — 547.2%

•   Electrical engineering — 517.8%

•   Biology — 225.0%

•   Communications — 209.3%

•   Architecture — 188.6%

•   Art Degree — 70.5%

Consider What Can’t Be Measured by Money

Yes, going to college or pursuing other higher education opportunities can be expensive. But in addition to the cost and potential boost in earning potential, there are a variety of intangible benefits that can’t be measured by a dollar. For example, college students living on campus are gaining a newfound independence and developing life skills they’ll carry with them.

College might be when a student learns how to budget or applies for their first credit card. SoFi’s Ca$h Course: A Student’s Guide to Money is filled with strategies, ideas, and tools to help college students manage their finances.

Plus, many colleges have strong alumni networks that can help when a student is looking for a job post-grad. Students have the chance to not only get to know themselves better, but in the process they may make life-long friends.

Controlling Costs

One way to improve return on investment is to lower the amount of money you are paying for school. This could be particularly useful if you already know you want to pursue a career in a relatively low paying field.

Scholarships

One way to offset the cost of tuition is to look for scholarship programs that help pay your tuition or other college costs. Many schools offer need-based financial aid to families who might otherwise struggle to pay tuition costs. In some cases, you could even get a full ride.

You can find scholarships by looking at your school’s financial aid website, connecting with your guidance counselor, or reviewing databases or online scholarship search tools.

In some cases you may be able to apply for unclaimed scholarships to help supplement the aid you have already received.

Grants

Students may qualify for grants directly from their school or through federal financial aid. Grants typically do not require repayment so they can be an incredibly helpful addition to a student’s financial toolkit when it comes to paying for college. Pell Grants are one type of grant awarded by the federal government to students who demonstrate exceptional financial need.

Recommended: What Are Pell Grants?

Pell Grants are usually only available to undergraduate students. In order to maintain eligibility for a Pell Grant, undergrads will also be required to meet satisfactory academic progress requirements.

Student Loan Forgiveness Programs

If you need to take out student loans to help pay for college, keep an eye on your terms and interest rates to help you keep costs down. If you take out federal loans and plan to work for certain non-profits or government organizations, you may be eligible for loan forgiveness under the Public Service Loan Forgiveness (PSLF) program. After making 10 years worth of qualifying monthly payments, the remaining balance of your loan may be forgiven through this program.

Private Student Loans

Private student loans don’t qualify for federal benefits like PSLF, but they can be helpful tools for students who have exhausted their federal financial aid option.

If you are interested in paying for college or another higher education degree with a private student loan, take the time to shop around and review interest rates, terms, and other fees or benefits offered by lenders. For more information on evaluating loan options, take a look at SoFi’s private student loan guide.

Employer Support After Graduation

Finally, some employers may also help you pay back your student loans as part of a benefits package. Consider working for an employer who offers these benefits.

The Takeaway

College students can estimate the return on their educational investment by looking at how much they’ll pay for their degree and comparing it to their lifetime earnings. Though important, the money you’ll eventually earn isn’t the only thing you should consider when choosing a college. Getting a bachelor’s degree can help you acquire skills and expand your horizons in ways that aren’t directly related to your degree or job prospects.

When you decide on the right school for you, take the time to consider all your options — including scholarships, grants, federal and private student loans, post-graduation repayment programs, and other sources of public and private funding — to help you achieve your education and career goals.

Visit SoFi to learn more about how to pay for college and whether SoFi’s private student loans can help.

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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.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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

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

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

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

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Money for college doesn’t grow on trees. Or does it? Every year, billions of dollars wait to be plucked from the branches by college students seeking merit-based aid.

The National Merit Scholarship Program alone plans to award more than $28 million in spring 2022. Merit aid is awarded to students based on factors outside of just financial need. These awards generally factor in a student’s skill or ability for a certain specialty.

Brainiacs merit recognition, but a student can earn merit aid based on talent in athletics and other interests, including puppetry and vegetarianism, as well as lineage.

So what’s the catch?

Patience, diligence, and timing come into play. This guide can help students who are starting the search for merit-based aid.

What Is Merit Aid?

College aid can generally be broken down into two categories:

Need-based. Eligibility for need-based aid is based solely on the ability to pay for college. Students can look for state, possibly school, and federal aid by filling out the Free Application for Federal Student Aid, commonly known as the FAFSA®, sharing information about income and assets.

Merit-based. Merit-based aid takes factors beyond financial need into account. According to the Department of Education, merit-based “means that something is based on a student’s skill or ability.”

Students can qualify for merit-based aid, often referred to as merit-based scholarships, with a variety of factors.

Scholarship money does not have to be paid back — it’s a gift. Merit aid can be a one-time payment, or it could be renewable year after year, depending on eligibility and terms of the aid.

Depending on a student’s financial needs, merit aid could cover part or all of their education costs. It might be just one component of a larger financial aid package.

Merit aid can be awarded for both undergraduate and graduate programs, and could be anything from a couple of hundred dollars for books and supplies to thousands of dollars to help cover tuition.

Recommended: FAFSA Guide

Strategies to Find Colleges that Offer Merit Aid

Not all schools offer merit aid. However, at schools where merit aid is offered, on average 22% of the student body received a merit award from the university, according to U.S. News & World Report. Here are a few tips on finding colleges that offer merit aid.

First things first, when you are creating your list of colleges you’re going to apply to — find out which of those offer merit aid. Knowing up front what options may be available to you is helpful and can be important as you prepare to pay for college.

Then, review the typical financial aid offer at your target schools. Some schools publish information on the percentage of students that receive merit aid and the average merit aid amount. Consider contacting the financial aid office if you have specific questions.

Another strategy to potentially improve your chance of merit aid — apply to schools where you are likely to get in. Since merit aid can be awarded on factors such as GPA, standardized test scores, or curriculum, being in the upper echelon of applicants could help put you at the front of the pack for earning merit aid.

In some situations, scholarship money may go unclaimed. Check out this guide to unclaimed scholarships for more information.

Which Schools Offer the Most Merit Aid?

Here’s what students can expect when it comes to merit aid from schools:

•   Generally speaking, private colleges award more merit aid than public institutions.

•   Ivy league schools don’t grant merit aid. No Ivy League institutions offer merit aid to their students. Other competitive universities, such as MIT, Stanford, and Caltech, don’t offer merit aid either.

•   Some higher-cost colleges may offer more merit aid than others. The cost of attending some schools can send a student into shock. However, some costlier schools will offer more merit-based scholarships. Oberlin College, for example, recently offered 42% of its student body merit-based aid, about $17,000 on average, to offset tuition and fees that have reached nearly $57,000.

•   Out-of-state students might be awarded more merit aid than in-state students at a public college or university. Because of the higher cost of attendance for out-of-state students, public schools may offer them merit aid to be more competitive.

•   Honors programs may offer more merit aid. State school honors programs can sometimes come with tuition discounts, or academic scholarships for students who get into the prestigious programs.

Keeping these trends in mind could help students think more strategically about where they’ll attend college based on the chances of being awarded merit aid from the schools.

How to Apply for Merit Aid

While merit scholarships are often referred to as “free money” when it comes to funding education, there is some work involved. Each scholarship will likely have its own requirements and application process, which might include personal essays, recommendations, and interviews. It’s important to read through each application carefully so it’s filled out without error.

Merit-based aid does not hinge on the financial need of the student or family, so should you submit the FAFSA first? Some colleges require students to fill out the FAFSA in order to be considered for school-based scholarships, including those awarded based on academic merit.

Plus, filling out the FAFSA could help you qualify for other types of financial aid, such as need-based Pell Grants or Direct Unsubsidized Loans. A quick aside to note that federal loans offer benefits and protections not necessarily afforded to private student loans. Since the FAFSA is free to fill out, it’s generally worth taking the time to see what other types of aid you qualify for. If financial aid and merit awards aren’t enough, private student loans could help.

Recommended: Private Student Loan Guide

Generally, you won’t need to fill out the FAFSA as a prerequisite for applying for a private merit scholarship.

If you’re not sure about the requirements at your school, it can be worthwhile to call the college admissions office to see if a financial aid application is required to apply for any merit scholarships at that school.

When evaluating merit scholarships from other private sources, keep in mind that each one may have different application requirements and deadlines. Some deadlines may be as early as a year before college starts.

Finding Merit Aid Awards for College

Colleges and universities award merit aid, but there are many other ways to find scholarships, including private organizations and state-level scholarship search tools and directories.

You can learn about private merit scholarships by using search engines like CollegeBoard.org, Fastweb.com, and Scholarships.com. In addition, it can be helpful to talk to your school guidance counselor and the leaders of any organizations you participate in to suss out merit scholarships.

Consider exploring a few of the following avenues when seeking merit aid opportunities:

•   Local groups. Local clubs or foundations offer scholarships. Community chapters of the Lions Club or Rotary Club offer aid for students seeking higher education. Because there’s a smaller pool of applicants, local merit scholarships may even be less competitive.

•   Cultural organizations. Students from minority backgrounds have an opportunity for specific merit aid. Students of Native American descent, those who identify as LGBTQ, and women might qualify for scholarships.

•   Foundations and nonprofits. The Bill & Melinda Gates Foundation offers full scholarships for those who qualify. Local nonprofits or educational foundations might offer small awards to students as well.

•   Businesses. National companies, such as Google , offer generous merit aid.

•   Niche interests and programs. Students who have an interest or hobby can search for merit aid surrounding it. Everything from greeting card creators to puppetry enthusiasts and promoters of vegetarianism have a chance to capitalize on their passions.

Once a student is granted merit aid, the funding might be directly credited to the school to pay for tuition, room, board, or other costs. Or the aid might come directly to the recipient via check. The size of the awards will vary, but seeking out aid in unexpected places can help drive down the cost of education.

Some Cautions About Merit Aid

Merit aid can be incredibly helpful for students paying for college. But, it’s important to understand the full picture of the merit aid awards you receive. Understand the terms of the aid award, and any ongoing eligibility requirements outlined by the scholarship or grant.

For example, is the award for one year? Or is it an annual award over your college education? If it is a merit award to cover each year of college, are there ongoing eligibility requirements such as maintaining a minimum GPA?

Understanding how and when the merit aid awards you earned are paid out can be important to help you avoid financial surprises, like suddenly losing your merit scholarship, down the road. College students will be facing a lot of financial-firsts on their journey. Take a look at SoFi’s Ca$h Course: A Student’s Guide to Money with even more tips and strategies on managing your finances through college.

The Takeaway

A pot brimming with billions of dollars in college merit aid sits waiting every year. Stellar students and athletes come to mind as popular recipients, but merit scholarships are awarded based on other talents, too. To apply, deadlines and details require attention.

Merit aid might just be a piece of the puzzle, depending on the size and terms of the scholarship. Once federal and merit aid options have been exhausted, an undergraduate private student loan may help bridge any gaps.

Private student loans from SoFi offer competitive interest rates for qualifying borrowers, and have no fees, and flexible repayment plans. With an all-online application, SoFi private student loans come with membership benefits and resources.

A SoFi private student loan might merit a look.

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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.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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

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.

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

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Do you know who oversees your student loans? If you’ve taken out loans from a variety of lenders, it can be hard to keep track. But it’s important to know who your student loan servicers and/or lenders are so you can make payments on time and reach out with any questions.

You’ll also want to contact your loan servicer or lender if you’re having trouble paying back your loan to discuss your options. Falling behind on payments or defaulting on a loan can have serious financial consequences. Here’s what to know about the different types of student loan servicers and lenders—and how to identify your own.

What Is a Student Loan Lender?

A lender is any individual or institution that loans money to someone and expects it to be paid back, usually with interest. In the case of private student loans, your lender is typically a bank or other financial institution.

When it comes to federal student loan providers, your lender is the federal government. But while you’re borrowing funds from the government, several different companies—called loan servicers—handle the administration of the loan and collect payments.

What Are Student Loan Servicers?

The federal government contracts with student loan servicers to take care of billing borrowers, setting up repayment plans, handling loan consolidation, and administering other tasks related to federal student loans.

The government currently works with nine different loan servicers to handle Direct Loans and Federal Family Education Loans (FFEL). If you’ve ever wondered, “who is my student loan servicer?” it’s likely one of the following companies:

•  FedLoan Servicing (PHEAA)

•  Great Lakes Educational Loan Services, Inc.

•  Edfinancial (HESC)

•  MOHELA

•  Aidvantage

•  Nelnet

•  OSLA Servicing

•  ECSI

•  Default Resolution Group

What Do Student Loan Servicers Do?

Loan servicers are the main point of contact for the administration of your loan. Here are some of the main functions of federal student loan servicers:

Collect Payments

The U.S. Department of Education assigns your loan to a loan servicer after it’s disbursed. As mentioned, your student loan servicer handles the billing and customer service for your student loans.

For federal loans, you can reach out to your loan servicer to confirm your balance and interest rate, or check your monthly payment. It’s helpful to register on the loan servicer’s site so you can stay on top of payments and understand what you owe. If you have any questions, it’s worth reaching out to ask.

In some cases, the department may decide to transfer your loans from one loan servicer to another. If this happens, you’ll receive a letter from the new servicer that will include the company’s contact information.

Execute Deferment or Forbearance Requests

If you run into financial hardship, contact your loan servicer to discuss options, such as applying for deferment or forbearance. One of the worst things to do is avoid contacting your lender or loan servicer because you’re embarrassed, confused, or overwhelmed.

These institutions are designed to help you understand your loan and pay it off according to schedule, and that means explaining things you don’t understand or working with you to come up with a more affordable repayment plan.

Handle Repayment Plan Changes

Loan servicers can help you figure out the best repayment plan for you and whether to consolidate your student loans. Federal borrowers can change their repayment plan at any time without any fees.

For example, if you’re hoping to lower your monthly student loan payment, you can extend your loan term. You’ll pay more in interest over the life of the loan, but it’s one way to get relief if you’re struggling to make payments.

On the flip side, you can shorten your loan term if you’d like to pay off your loan sooner. There are also income-driven repayment plans that tie the amount of a borrower’s income to their monthly payments.

Help Process Loan Consolidation Requests

If you’re looking to simplify your payments, your loan servicer can help you consolidate your federal loans through the Direct Loan Program, combining different federal loans into a single new loan with an interest rate that’s a weighted average of all of your existing federal loan rates. Keep in mind you’ll pay more interest over the life of the loan due to the rate change.

Your loan servicer can also help you determine if you’re eligible for Public Service Loan Forgiveness or other types of federal loan forgiveness and help you find out if you’re on the right repayment plan to qualify.

How To Find Your Student Loan Servicer or Lender

Finding your student loan servicer can vary depending on the types of student loans that you have. Here are some of the most common ones:

Private Student Loans

There generally aren’t private student loan servicers; your main point of contact is your lender. You can find contact information for your private student loan lender on the emails or billing statements you should be receiving each month once you enter repayment.

Some private lenders also send a welcome packet or call you once you begin repayment. You can also look for their contact details on the documents you received when you first took out the loan, such as a promissory note.

If you’ve completely lost sight of your private student loan lender, you can confirm who they are by checking your credit report. You can request one free credit report annually from each of the three major credit reporting agencies—Equifax, Experian, and TransUnion. The financial aid office at your school may also be able to help you track down your lender.

Federal Student Loan Lenders

For federal student loans, you can log in to the Federal Student Aid site in order to confirm the name of your loan servicers and retrieve their contact information.

Another option is to check the National Student Loan Data System (NSLDS). This Department of Education database is a centralized repository of information about your student loans, aggregating data from universities, federal loan programs, and more.

Federal Perkins Loans

For federal student loans outside of the Direct Loan and FFEL programs, you can find out information about your loan servicer in other ways.

For a Federal Perkins Loan, contact the school that issued it, which may also be your loan servicer. If your Federal Perkins Loan has been transferred to the Department of Education, contact the ECSI Federal Perkins Loan Servicer at 1-866-313-3797.

If you have a FFEL Program loan owned by a private lender and not the Department of Education, you can find the lender’s details on your credit report as well.

Contacting Your Lender or Loan Servicer

Most lenders and loan servicers make it easy for you to contact them. They want you to be able to get in touch easily to make sure repayment goes as smoothly as possible. You can find phone numbers and website URLs for the nine federal loan servicers on the Department of Education site.

Loan servicers are generally available by phone, mail, and email, and some are also accessible through live online chat. You can find contact information for a private lender by searching online or reviewing mail or email correspondence they have sent you.

Why Might You Need to Contact Your Student Loan Servicer?

As mentioned earlier, you can reach out to your federal loan servicer for payment questions or issues or to adjust your payment plan. You can also apply for deferment or forbearance or look into forgiveness options.

Ignoring payment problems, or neglecting your student loans, can backfire in the long term. If your student loans become delinquent or you default on your student loans, there can be serious financial repercussions, including the unpaid balance of the loan being due immediately.

If you’re having trouble making payments, contact your loan servicer to find out payment options that may be available to you.

Don’t try to reach out to a loan servicer for questions about the status of your loan application or disbursement amounts and timelines—those are queries best left to your financial aid office since they are the ones responsible for ultimately disbursing your loan.

The same goes for questions about the Free Application for Federal Student Aid (FAFSA®) should be directed to the Federal Student Aid Information Center (1-800-4-FED-AID).

Recommended: FAFSA Guide

The Takeaway

While you may borrow money from the federal government, student loan servicers—private companies that work with the Department of Education—oversee the administration of your loan. They collect payments, handle applications for deferment or forbearance, assist with repayment plan changes, and offer customer service and general assistance. When you have a private student loan, the lender generally oversees the administration of the loan.

If you have any questions about your loan or if you’re having trouble making payments on your loan, you should reach out as soon as possible to your student loan servicer or lender. They may be able to help you find solutions that will prevent you from defaulting on your loan.

Wondering if your student loans are with the lender or servicer that’s right for you? Learn more about refinancing your student loans with SoFi.

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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.

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.

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

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