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When you think of addiction, you might automatically think of people who are dependent on drugs or alcohol as a coping mechanism. But it’s also possible to be addicted to money. This issue can manifest itself through unhealthy behaviors such as gambling, frequent overspending, or extreme saving (yes, it’s possible to overdo a good thing).

Having an addiction to money can be harmful financially and emotionally; it can also put a strain on your personal relationships. Recognizing the signs of a money addiction can be the first step in making a recovery. Read on for a closer look at the signs and symptoms of money addiction, how it can impact your life, and strategies that can help you overcome it

What Is Money Addiction?

Broadly speaking, addiction is defined as a chronic disease that leads people to engage in compulsive behaviors, even when the consequences of those behaviors may be negative. The precise cause of addiction isn’t known, but it is believed to be a combination of a person’s genetics, brain circuitry, environment, and life experience.

When someone has a money addiction, their compulsive behaviors are centered around money, and they may approach their finances in a way that’s outside the norm of what people typically do.

For example, having a lack of savings or too much debt are common financial challenges that many people face. If you have a healthy relationship with money, you might try to remedy those issues by opening a high-yield savings account and setting up an automatic transfer of 5% or each paycheck into the account, or by creating a workable debt payoff plan. While your finances might not be in great shape, there isn’t any indication of compulsive behavior.

Someone with a money addiction, on the other hand, will typically have a different relationship with their finances. They might commit to an aggressive savings plan, for example, because they believe they have to save even if it means sacrificing basic needs. Or they may compulsively shop for emotional fulfillment while turning a blind eye to their debt.

Can You Be Addicted to Money?

Money addiction is a real thing for many people. The Diagnostic and Statistical Manual of Mental Disorders (DSM), which is the official manual of the American Psychiatric Association, specifically recognizes certain financial behaviors as addictive. For example, the DSM classifies gambling disorder as an addictive disorder.

Whether you end up addicted to money can depend in part on your experiences and the money values you developed in childhood. If you frequently ask yourself, “Why am I bad with money?” the answer could be that you learned negative financial behaviors from your parents and the people you grew up around. Genetics and biology also play roles.

What money addiction looks like for one person might be very different for another. And it can sometimes be difficult to recognize those behaviors as addictive. For example, someone who spends $20 a day on lottery tickets in the hope of someday winning the jackpot might not see that as compulsive or having a money addiction. They could fail to realize how that behavior might be harming them financially because they’re so focused on the idea that they’ll win eventually.

Signs You May Be Addicted to Money

How do you know if you have an addiction to money or are just bad at managing it? As mentioned, experiencing common money issues such as debt or a lack of savings can indicate that you might need to work on learning personal finance basics like budgeting. But there are other signs that could point to a full-fledged money addiction. Here are some signals:

Life Revolving Around Obtaining Money

One major clue that you might be addicted to money is feeling obsessed with the idea of getting it. It’s one thing to wonder how you’re going to stretch your finances until your next paycheck; it’s another to spend most of your waking hours thinking about how to get money. If you often think of how you can obtain money instead of considering how to make the most of the money you do have, that could be a sign of a money addiction.

You don’t have to be broke to have this mindset either. You might be making $250,000 a year at your job, for example, but still not think it’s enough and constantly consider ways you could make more money.

Engaging in Dangerous or Risky Behavior

Certain behaviors could signal a money addiction if they involve your taking big risks that you’re not necessarily comfortable with. For example, when a money addict gets paid, they might take that money to the casino instead of using it to pay bills. Their addictive mindset doesn’t allow them to factor in the risk that instead of winning big, they might lose it all.

Money addiction can play out in other ways that might not seem risky at first glance. Trading stock options or futures, for example, is something plenty of people do every day. If your guess about which way a stock will move pays off, you could net some decent profits.

Where that kind of behavior becomes problematic is if you’re constantly losing money, but you continue investing anyway. It’s similar to the person with a lottery ticket addiction. You keep telling yourself that your winning number is sure to come up eventually, but in the meantime, you’re steadily losing money.

Not Wanting Others to Know Your Money Struggle

Covering up your money behaviors can be another strong hint that you have a financial addiction. That includes things like hiding receipts, credit card bills, or bank statements, or hiding the things you’re purchasing from a spouse, significant other, or another family member. You may act defensive or defiant when someone tries to ask you about your money situation.

Here’s another simple test to determine if you’re addicted to money. If you have to ask yourself, “Why do I feel guilty spending money?“, that could suggest that you know there’s a problem with what you’re doing.

Living in Denial About Spending

Your spending patterns can be one of the best gauges of whether you have a money addiction, provided you own up to them. Avoiding your financial life can be a symptom: If you shy away from checking your bank statements or adding up how much credit card debt you have, those could be red flags for money addiction.

Understanding why you spend the way you do can be a first step toward recovery. For instance, there’s a difference between compulsive vs. impulsive spending. Knowing which one you engage in more often can help you identify the triggers that are leading to bad money habits.

Unwilling and Unable to Change Money Habits

Another sign of money addiction is a sense of resignation, or knowing that you have a problem with money but not doing anything about it. You might feel ashamed to let someone else know that you need help with money, for instance. Or you might take the attitude that things have been the way they are for so long already that there’s no point in trying to change the situation.

Fearing the Loss of Money

No one wants to lose money but having an unnatural fear of doing so could be a clue to a money addiction. Being afraid of losses can keep you from making smart decisions with your money that could actually improve your financial situation. For example, you might be so afraid of losing money in the stock market that you never invest at all. In the meantime, you could potentially miss out on thousands of dollars in compound interest growth over time. Or it might have you working 24/7 and never enjoying downtime because you are so focused on making as much as possible to avoid feeling poor.

Another expression of money addiction could be saving so much that you have very little spending money. If you feel compelled to save a certain, possibly excessive, amount, it could keep you from paying bills on time and enjoying the occasional dinner out or movie because you feel every penny must go into your bank account. This behavior can be akin to hoarding and can likewise interfere with daily life.

Effects of Money Addiction

How money addiction affects you personally can depend on what form your addictive behaviors take. Generally, there are a number of negative side effects you might deal with as a result of money addiction, including:

•   Constantly feeling worried or stressed over money

•   Failing to set or reach financial goals

•   Carrying large amounts of debt

•   Having little to no money in savings

•   Missing out on legitimate opportunities to grow your money

•   Getting no enjoyment from the money that you do have

•   Living with a scarcity mindset

•   Having strained personal relationships because of money.

In short, money addiction can keep you from having the kind of financial life and daily life that you want. The longer you’re addicted to money without addressing the causes, the more significant the financial and emotional damage might be. The sooner you learn to manage money better, the less you will pay (literally and figuratively) for it.

Tips to Recover From Money Addiction

If you have a money addiction, you don’t have to stay stuck with it. There are things you can do to cope with and manage an addiction to money, similar to how you’d deal with any other type of addiction.

Improving your money mindset can lead to positive actions and break the addictive cycle. Here are some key steps on your path to recovery.

Being Honest

Before you can break your addiction to money, you first need to be honest with yourself that you have a problem. It can be difficult to acknowledge that you have an issue with money, but it’s necessary to identify what’s behind your compulsive behaviors.

You may also need to come clean with others around you if your financial behaviors have affected them directly or indirectly. For example, if you’re hiding $50,000 in credit card debt from your spouse, that’s a conversation you need to have. They probably won’t be thrilled to hear that you’ve run up so much debt, but they can’t help you address the problem if they don’t know about it.

Seeking Help

Fixing a money addiction might not be something you can do on your own. You might need professional help, which can include talking to a qualified therapist to understand your money behaviors and improve them. Or it could mean working with a nonprofit credit counseling company to hammer out a budget and a financial plan for getting back on track. Or it might mean taking both of these steps.

Even having an accountability partner can be helpful if you’re struggling with overspending. Any time you’re tempted to make an impulse buy, you can call up your accountability buddy and ask them to talk you through it until the urge to spend passes.

Using Money for Good

Depending on how it’s used, money can do a lot of good. If you have negative associations with money, you can help turn that around by using it for positive purposes.

For example, you might start making a regular donation to a charitable cause you believe in. Or if you’ve neglected saving in favor of spending, you might try paying yourself first by putting part of every paycheck into a high-interest savings account. Prioritizing savings and focusing on your needs vs. wants can be a form of financial self-care that can help with breaking a money addiction.

Understanding Why Basing Your Self-Worth on Money Is Unhealthy

When you’re addicted to money, you might have a mindset that the amount of money you have determines your value. That’s an easy trap to fall into if you spend a lot of time on social media, where you’re likely to see a steady stream of influencers living dream lives. You can end up in a cycle of FOMO (or fear of missing out) spending in an effort to live a lifestyle that you can’t really afford.

That’s not a healthy place to be financially or mentally because you can find yourself constantly chasing “things” in order to feel whole. Recognizing that your self-worth goes beyond how much money you have in your bank account or which designer brands you wear can be a key step in recovering from a money addiction.

The Takeaway

Money addiction can strain or even wreck your finances, but it doesn’t have to. If you identify the issue and then are willing to take steps to manage it, you may well be able to thrive. Consider taking some first steps, whether that means opening a new bank account for savings and automating deposits into it, or contacting a credit counselor. Moves like these can help you develop a positive relationship with money.

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

FAQ

What is it called when you are addicted to money?

It’s called a money addiction when you have an unhealthy relationship with money that leads to compulsive or dangerous behaviors. Being addicted to money means that you have an emotional or mental dependence on it that can have potentially harmful side effects.

Can saving money be an addiction?

Saving money can be an addiction if you’re so focused on saving that you neglect meeting your basic needs or you’re blind to your ability to use money for good. If you’re only interested in seeing your savings account balance go up, you might miss out on opportunities to put your money to work in other ways or enjoy life.

Does money create dopamine?

The release of dopamine in the body is associated with pleasurable or novel experiences. If you get a rush from certain money behaviors, like saving excessively or impulse shopping, then that’s a sign that those behaviors might be triggering a dopamine release.

About the author

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.

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SOBNK-Q424-035

The average cost of college in the U.S. is $38,270 per year, including books, supplies, and daily living expenses, according to the Education Data Initiative. While grants and scholarships can significantly lower your out-of-pocket expenses, they typically don’t cover the full cost of your college education.

Student loans, both federal and private, can help bridge this gap in financial aid to allow you to attend the college of your choice. Federal student loans are funded by the government. They tend to offer the best rates and terms, but come with borrowing limits. If you still have gaps in funding, you can turn to private student loans.

Private student loans are funded by banks, credit unions, and online lenders. Private lenders set their own eligibility criteria, and interest rates generally depend on a borrower’s creditworthiness. While private student loans don’t offer all the same borrower protections as federal loans, they can still be a smart choice to help you pay for educational expenses, as long as you do your research.

This guide offers private student loan basics, including what they are, how they work, their pros and cons, and how to apply for one.

What are Private Student Loans?

Often when people talk about student loans, they’re referring to federal student loans, which are provided by the federal government. Private student loans, by contrast, are funded by banks, credit unions, and online lenders. Students typically turn to private student loans when federal loans won’t cover all of their costs.

You can use the money from a private school loan to pay for expenses like tuition, fees, housing, books, and supplies. Interest rates for private student loans may be variable or fixed and are set by the lender. Repayment terms can be anywhere from five to 20 years.

Unlike federal student loans, borrowers must pass a credit check to qualify for private student loans. Since most college students don’t have enough credit history to take out a large loan, a cosigner is often required.

💡 Quick Tip: New to private student loans? Visit the Private Student Loans Glossary to get familiar with key terms you will see during the process.

How Do Private Student Loans Work?

Loan amounts, interest rates, repayment terms, and eligibility requirements for undergraduate private student loans vary by individual lender. If you’re in the market for a private student loan, it’s key to shop around and compare your options to find the best fit.

To get a private student loan, you need to file an application directly with your lender of choice. Based on the information you submit, the lender will determine whether or not you are approved and, if so, what rates and terms you qualify for.

If you’re approved, the loan proceeds will typically be disbursed directly to your university. Your school will apply that money to tuition, fees, room and board, and any other necessary expenses. If there are funds left over, the money will be given to you to use toward other education-related expenses, such as textbooks and supplies.

Repayment policies vary by lender, but typically you aren’t required to make payments while you’re attending school. Some lenders will allow you to defer payments until six months after you graduate. However, interest typically begins accruing as soon as the loan is dispersed. Similar to unsubsidized federal student loans, the interest that accrues while you’re in school is added to your loan balance.

The Pros and Cons of Private Student Loans

If federal financial aid — including grants, work-study, and federal student loans — isn’t enough to cover the full cost of college, private student loans can fill in any gaps. Just keep in mind that private student loans don’t offer the same borrower protections that come with federal student loans. Before taking out a private student loan, it’s a good idea to fully understand their pros and cons.

The Benefits of Private Student Loans

Here’s a look at some of the advantages that come with private student loans.

Apply Any Time of the Year

Unlike federal student loans, which have application deadlines, you can apply for private student loans any time of the year. As a result, they can be helpful if you’re facing a mid-year funding shortfall or if your college expenses go up unexpectedly.

Higher Loan Amounts

Federal loans have annual maximums. For example, a first-year, dependent undergraduate can borrow up to $5,500 for that year. The aggregate max a dependent student can borrow from the government for their entire undergraduate education is $31,000. Private student loan limits vary with each lender, but you can typically borrow up to the full cost of attendance, minus any financial aid received.

Choice of Fixed or Variable Interest Rates

Federal loans only offer fixed-rate loans, while private lenders usually give you a choice between fixed or variable interest rates. Fixed rates remain the same over the life of the loans, whereas variable rates can change throughout the loan term, depending on benchmark rates.

Variable-rate loans usually have lower starting interest rates than fixed-rate loans. If you can afford to pay off your student loans quickly, you might pay less interest with a variable-rate loan from a private lender than a fixed-rate federal loan.

Quick Application Process

While federal student loans require borrowers to fill out the Free Application for Federal Student Aid, or FAFSA, private student loans do not. You can apply for most private student loans online in just a few minutes without providing nearly as much information.
In some cases, you can get a lending decision within 72 hours. By comparison, it typically takes one to three days for the government to process the FAFSA if you submit electronically, and seven to 10 days if you mail in the form.

Options for International Students

While you never want to default on your student loans (since it can cause significant damage to your credit), it can be nice to know that private student loans come with a statute of limitations. This is a set period of time that lenders have to take you to court to recoup the debt after you default. The time frame varies by state, but it can range anywhere from three to 10 years. After that period ends, lenders have limited options to collect from you.

However, that’s not the case with federal student loans. You must eventually repay your loans, and the government can even garnish your wages and tax refunds until you do.

Options for International Students

International students typically don’t qualify for federal financial aid, including federal student loans. Some private lenders, however, will provide student loans to non-U.S. citizens who meet specific criteria, such as attending an eligible college on at least a half-time basis, having a valid student visa, and/or adding a U.S. citizen as a cosigner.

The Disadvantages of Private Student Loans

Private student loans also have some downsides. Here are some to keep in mind.

May Require a Cosigner

Most high school and college students don’t make enough income or have a strong credit history to qualify for private student loans on their own. Though some lenders will take grades and income potential into consideration, most students need a cosigner to qualify for a private student loan. Your cosigner is legally responsible for your student debt, and any missed payments can negatively affect their credit. If you can’t repay your loans, your cosigner is responsible for the entire amount.

The good news is that some private student loans allow for a cosigner release.That means that after you make a certain number of on-time payments, you can apply to have the cosigner removed from the loan.

Less Flexible Repayment Options

Federal student loans offer several different types of repayment plans, including income-driven repayment (IDR) plans, which calculate your monthly payment as a percentage of your income.

With private student loans, on the other hand, usually the only way to reduce your monthly payment is to refinance the loan to a lower interest rate, a longer repayment term, or both. Keep in mind that by lowering your monthly payment via a longer repayment period, you’ll typically end up paying more in interest over the life of the loan.

No Loan Forgiveness Programs

Federal student loans come with a few different forgiveness programs, including Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness. While these programs have strict eligibility requirements, they can help many low-income borrowers. Private lenders, on the other hand, generally don’t offer programs that forgive your debt after meeting certain requirements.

If you’re experiencing financial hardship, however, the lender may agree to temporarily lower your payments, waive a payment, or shift to interest-only payments.

Can Lead to Over-Borrowing

Private loans typically allow you to borrow up to 100% of your cost of attendance, minus other aid you’ve already received. Just because you can borrow that much, however, doesn’t necessarily mean you should. Borrowing the maximum incurs more interest over the duration of your loans and increases your payments, which can make repayment more difficult.

Recommended: How to Save Money in College

No Federal Subsidy

Subsidized federal student loans, awarded based on financial need, come with an interest subsidy, meaning the government pays your interest while you’re in school and for six months after you graduate. This can add up to a significant savings.

Subsidies don’t exist with private student loans. Interest accrues from Day One, and in some cases, you might need to make interest payments while still in school. If you don’t pay the interest as you go, it’s added to your debt as capitalized interest when you finish school. (This is also the case with federal unsubsidized loans.)

Federal vs Private Student Loans

Here’s a look at the key differences between federal vs. private student loans.

The Application Process

Federal student loans are awarded as a part of a student’s financial aid package. In order to apply for federal student loans, students must fill out the FAFSA each year. No credit check is needed to qualify.

To apply for private student loans, students need to fill out an application directly with their preferred lender. Application requirements vary depending on the lender. A credit check is typically required.

Recommended: Financial Aid vs Student Loans

Interest Rates

The interest rates on federal student loans are fixed and are set annually by Congress. Once you’ve taken out a federal loan, your interest rate is locked for the life of the loan.

For the 2025-2026 school year, the federal student loan interest rate is 6.39% for Direct Subsidized and Unsubsidized Loans for undergraduates, 7.94% for Direct Unsubsidized Loans for graduate and professional students, and 8.94% for Direct PLUS loans for parents and graduate or professional students.

Private lenders, on the other hand, are free to set interest rates. Rates may be fixed or variable and depend on several factors, including your (or your cosigner’s) credit score, loan amount, and chosen repayment term. Private student loan rates may start as low as 3.47%, according to the Education Data Initiative.

Repayment Plans

Borrowers with federal student loans can select from several different federal repayment plans , including income-driven repayment plans. You can defer payments while enrolled at least half-time and immediately after graduation.

Repayment plans for private loans are set by the individual lender. Many private student loan lenders allow you to defer payments during school and for six months after graduation. They also have a variety of repayment terms, often ranging from five to 20 years.

Keep in mind that for federal student loans, access to all income-based plans is currently cut off for new borrowers while the Trump administration reevaluates.

Options for Deferment or Forbearance

Federal student loan borrowers can apply for deferment or forbearance if they encounter financial difficulties while they are repaying their loans. These options allow borrowers to pause their loan payments (interest, however, will typically continue to accrue).

Some private lenders may offer options for borrowers who are facing financial difficulties, including short periods of deferment or forbearance. Some also offer unemployment protection, which allows qualifying borrowers who have lost their job through no fault of their own to modify payments on their student loans.

Loan Forgiveness

Borrowers with federal student loans might be able to pursue loan forgiveness through federal programs such as PSLF or Teacher Loan Forgiveness, or after paying down their balances on an IDR plan for a certain period of time.

Since private student loans aren’t controlled by the government, they are not eligible for federal loan forgiveness programs. Though private lenders will often work with borrowers to avoid default, private student loans are rarely forgiven. Generally, it only happens if the borrower becomes permanently disabled or dies, but even then it is up to the specific lender.

Should You Consider Private Student Loans?

There are many different types of student loans. It’s generally a good idea to maximize federal student loans before turning to private student loans. That way, you’ll have access to income-driven repayment plans, loan forgiveness programs, and extended deferment and forbearance periods.

If you still need money to cover tuition or other expenses, and you (or your cosigner) have strong credit, a private student loan can make sense.

Private student loans can also be useful if your expenses suddenly go up and you’ve already maxed out federal student loans, since they allow you to access additional funding relatively quickly. You might also consider a private student loan if you don’t qualify for federal loans. If you’re an international student, for example, a private loan may be your only college funding option.

Another scenario where private student loans can make sense is if you only plan to take out the loan short-term. If you’ll be able to repay the loan over a few years, private student loans could end up costing less overall.

Recommended: When to Apply for Student Loans

How to Get a Private Student Loan

Here’s a look at the steps involved in getting a private student loan.

1.    Shop around. Your school may have a list of preferred lenders, but you’re not restricted to this list. You can also do your own research to find top lenders. As you evaluate lenders, consider factors like interest rates, how much you can borrow, the loan term, when you must start repayment, any fees, and if the lender offers any hardship programs.

2.    See if you can prequalify. Some lenders allow borrowers to get a quote by filling out a prequalification application. This generally involves a soft credit inquiry (which won’t impact your credit score) and tells you what interest rates and terms you may qualify for. Completing this step can help you decide if you need a cosigner.

3.    Gather your information. To officially apply for a private student loan, you typically need to provide your Social Security number, birthdate, and home address, as well as proof of employment and income. You may also need to provide other financial information, such as your assets, rent or mortgage, and tax returns. If you have a cosigner, you’ll have to provide their personal and financial details as well.

4.    Submit your application. Once you’ve completed your application, the lender will typically contact your school to verify your information and eligibility. They will then process the student loan and notify you about your approval and disbursement of your money.

💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

Does Everyone Get Approved for Private Student Loans?

No, not everyone gets approved for private student loans. Lenders assess various factors to determine eligibility, such as credit history and income. Students with limited credit history may need a cosigner to qualify. Here are the key factors lenders consider:

•   Credit score

•   Income and employment status

•   Debt-to-income ratio

•   Cosigner’s creditworthiness

•   Enrollment status at an eligible school

If you don’t meet these qualifications, you can apply with a cosigner who does.

Apply for a Private Student Loan with SoFi

Private student loans are offered by banks, credit unions, and online lenders to help college students cover their educational expenses. They are not part of the federal student loan program, and generally do not feature the flexible repayment terms or borrower protections offered by federal student loans.
However, private student loans come with higher loan limits, and the borrowing costs are sometimes lower compared to their federal counterparts.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

Why would someone get a private student loan?

Students typically turn to private student loans when federal loans won’t cover all of their costs. Private student loans come with higher borrowing limits than their federal counterparts. The aggregate max dependent students can borrow from the government for their entire undergraduate education is $31,000, which is sometimes not nearly enough to cover the cost of attendance.

With private loans, on the other hand, you can typically borrow up to the total cost of attendance, minus any financial aid received, every year. This gives you more flexibility to get the financing you need. Keep in mind, though, that private student loans do not come with the same federal protections and benefits offered by federal student loans.

Will private student loans be forgiven?

Private student loans aren’t funded by the government, so they don’t offer the same forgiveness programs. In fact, private student loan forgiveness is rare.

If you experience financial hardship, however, many lenders will work with you to stay out of default. They may agree to temporarily lower your payments, waive a payment, or switch to interest-only payments. Or, you might qualify for deferment or forbearance, which temporarily postpones your payments (though interest continues to accrue).

Are private student loans paid to you or the school?

Private student loans are typically disbursed directly to the school to cover tuition, fees, and other educational expenses. Any remaining funds after those costs are covered are then refunded to the student, which can be used for additional expenses like housing, textbooks, and personal living costs.

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

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

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.