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Pursuing a nursing program can lead to a rewarding career, but as the cost of higher education grows, paying for nursing school might just cause your blood pressure to rise.

Financial aid, including nursing student loans, can help fill the gap between money on hand and education costs, but it’s good to think about your future pay compared with the debt you’re willing to take on.

What Are Nursing School Loans?

Nursing school student loans are a type of financial aid available to eligible college students who are enrolled in a program for licensed practical or vocational nurses, registered nurses, nurse practitioners, or nurse anesthetists.

Depending on the loan program, federal student loans for nursing degrees can either be need-based or not. Another option to fill in gaps in need: private student loans.

Unlike grants and scholarships, nursing school loans must be repaid, though special programs like the Nurse Corps Loan Repayment Program and National Health Service Corps Loan Repayment Program offer loan forgiveness.

Most loan programs, federal and private, have a grace period during school and after graduation before repayment must begin.

Types of Loans Available for Nursing School Students

The Department of Education provides options for federal nursing student loans under the William D. Ford Federal Direct Loan Program.

Eligible borrowers can also explore private student loans for additional funding, if needed.

If you do borrow, you’ll be in good company. Take a guess at how many people have student loans. The answer is about 45 million Americans; the vast majority have federal student loans.

And the cost of nursing school? It varies by institution and length of study. Getting a Bachelor of Science in Nursing generally costs the same as most bachelor’s degrees.

Direct Subsidized Loans

A Federal Direct Subsidized Loan is available to undergraduate students who are enrolled at least half-time at a participating school. Students are required to demonstrate financial need to qualify.

If a nursing student qualifies for a Direct Subsidized Loan, the school determines how much they can receive for that academic year. The government pays the interest that accrues on the loan while the student is enrolled at least half-time, during a six-month grace period after leaving school, and during any deferment granted for economic hardship, cancer treatment, or a few other reasons.

In comparing subsidized vs. unsubsidized loans, the first type favors borrowers more, thanks to how accrued interest is paid.

Direct Unsubsidized Loans

Federal Direct Unsubsidized Loans are available to undergraduate and graduate students. These loans are not based on financial need, but schools still decide how much students can borrow toward an academic year.

The key difference with this nursing loan option is that students are responsible for interest charges as soon as the loan funds are disbursed.

Direct PLUS Loans

Another federal option for nursing student loans is the Direct PLUS Loan. Grad PLUS Loans are available to graduate students who are pursuing an advanced degree like a Master of Science in Nursing.

Parents of an undergraduate student can help fund their child’s education through a parent PLUS Loan; undergrads don’t have direct access to this loan option.

Direct PLUS Loans are non-need based and require a credit check. Borrowers are responsible for all interest that accrues. They can receive up to the school’s cost of attendance minus any other financial aid received.

Private Student Loans

Nursing students who need funding beyond federal student loans can consider private student loans. Private student loans are offered by private financial institutions like banks, credit unions, and online lenders.

Each lender has its own eligibility requirements, interest rates, and loan terms. If you’re eligible for a private student loan, your interest rate and loan details will depend on various factors, including your credit score. Most lenders welcome your bringing a solid cosigner aboard.

Pros and Cons of Loans for Nursing School

The average student loan debt among all health care professionals can be eye-opening, yet healers usually feel the need to heed the call, no matter the cost.

Nursing student loans can be a fast way to finance your college education. However, before jumping in, weigh the benefits of student loans against their disadvantages.

Pros	Cons
Quick financing for college costs	Will make years of payments after leaving school
Some student loans let you borrow up to the cost of attendance	Can cause borrowers to postpone other life goals during repayment
Can make paying for higher education possible for those who are ineligible for other types of financial aid	You may need a cosigner to qualify
Repaying student loans on time can help build your credit history	Defaulting on student loans can harm your credit and result in additional financial hardship

Applying for Nursing Student Loans

The process to apply for nursing student loans depends on the loan option chosen.

Comparing Loans

If you’re thinking about taking out student loans, you might want to compare federal student loans you might be offered in your aid package, as well as private student loans.

Prioritizing federal student loans before private student loans can be a good idea, since federal loans offer advantages like income-driven repayment plans and Public Service Loan Forgiveness, which forgives any remaining federal student loan balance after certain borrowers make 120 qualifying payments.

If private nursing student loans are still needed to pay for college, check offers across multiple private lenders. Comparing a handful of private student loan offers can help you find competitive rates and terms.

Applying for Loans

Federal nursing student loans and private student loans have distinct application processes. You must submit a Free Application for Federal Student Aid (FAFSA®) before the academic year to see if you’re eligible for federal aid.

Private student loans don’t require the FAFSA. Instead, private nursing student loan applications can be submitted online, in person, or by mail, depending on the lender. They require the would-be borrower, or a cosigner, to meet credit and income requirements.

After Applying

It’s a good idea to start the process early when seeking federal student loans for your nursing education. The time between submitting the FAFSA and disbursement of the loan funds to your school can be months.

The turnaround time after applying to receive private student loan funds can be notably shorter. Getting pre-qualified for a loan can take just minutes.

In general, if you’re approved for a private nursing student loan, you can expect to wait up to 10 weeks after your loan is approved to receive the funds.

Alternative Financing Options for Nursing Students

Securing nursing school student loans is only one of many ways to finance your higher education.

Personal Loans

Personal loans are a general-purpose loan option that can be used toward nursing school. A credit check is required.

Repayment begins as soon as funds are disbursed. Check your rate and decide if a personal loan makes sense. One good thing is, you may get your loan funds the day your loan is approved.

Grants

Grants are provided through the federal government, state, your school, nonprofit entities, and private organizations. Since grant funding doesn’t need to be paid back, this aid alternative lets nursing students leave school with less student debt.

Employer Sponsorship

If you plan on working while you’re enrolled in nursing school, you can ask if your company has a sponsorship program. Generally in this situation, your employer will send funds directly to your school.

Private Student Loans From SoFi

If federal student loans for nursing school don’t quite go the distance, consider a private student loan from SoFi.

There are no loan fees. Choose a fixed or variable rate, and add a cosigner if needed.

It’s fast and easy to check your rate.

FAQ

How do nursing students get loans?

Nursing students can see if they’re eligible for federal student loans by submitting the FAFSA. Private nursing student loans are also available through various private lenders.

Can nursing school loans be forgiven?

Nursing professionals might be eligible for loan forgiveness through federal programs like Public Service Loan Forgiveness and the Nurse Corps Loan Repayment Program.

What is the average student loan amount for a nurse?

The median student loan debt among nurses ranges from $40,000 to $55,000, according to the most recent report by the American Association of Colleges of Nursing. Those who pursue a Master of Science in Nursing are often left with more than $47,000 in student loan debt, according to NurseJournal.

For perspective, in terms of educational investment and earnings, registered nurses earned a median annual wage of $77,600 in 2021, according to the Bureau of Labor Statistics. RNs usually have earned an associate’s or bachelor’s degree in nursing or a diploma from an approved nursing program.

Licensed practical and licensed vocational nurses, who complete a state-approved educational program that typically takes about one year, had median pay of $48,070 per year.

Nurse anesthetists, nurse midwives, and nurse practitioners, who must earn at least a master’s degree, had median pay of $123,780 per year.

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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.

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.

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You can definitely count on your credit bill arriving every month, thanks to your billing cycle, or the length of time between one statement’s closing and the next. But what exactly is your billing cycle and how does it work? And does it impact your credit score? Many of us aren’t too sure, even if we regularly swipe and tap our cards in daily life. So let’s take a closer look: Understanding the ins and outs of how your billing cycle works will help you use your card responsibly and avoid unnecessary fees.

Fortunately, understanding the timing of your credit card billing isn’t too difficult. And these cycles tend to work the same way regardless of the card issuer, so you won’t have to relearn the ropes even if you have many different credit cards.

Here, we’ll cover:

•  What a credit card billing cycle is and how long it usually lasts

•  Whether you can change your cycle

•  How a billing cycle can impact your credit score

•  Why knowing your billing cycle is important

Definition of a Billing Cycle

So what exactly is a billing cycle? Let’s define our terms: A billing cycle is the length of time from one billing statement closing date to the next. The exact number of days in a billing cycle may vary, but they usually last from 28 to 31 days. Also known as a billing period, this concept can apply to a variety of financial products, such as credit cards and personal loans.

Credit cards usually have monthly billing cycles and require cardholders to make payments every month. Billing periods must end on the same day of every month, such as on the last calendar day.

Put another way, the Consumer Financial Protection Bureau states that each billing cycle should be equal. “Equal” in this case means each billing period must not vary more than four days from its usual length. So your credit card bill has a rhythm to it; you can depend upon it being ready at pretty much the same time (give or take a few days) every month.

How Does a Credit Card Billing Cycle Work?

Now that you know what a billing cycle for a credit card is, let’s dig into how they function. As mentioned in the previous section, credit card billing cycles coincide with a certain day of the month. During each billing cycle, new transactions are added to your billing statement, whether for that salad to-go that you had for lunch or that unexpected dental bill. Your swipes, taps, online purchases, and credits are all being tracked and compiled. (It’s not that different from, say, your bank billing cycle and statement, or a monthly utility bill.)

Then, at the end of the billing cycle, the card issuer will send you a credit card statement, either electronically or by mail. Whether you receive a paper or electronic statement depends upon whether you opt into paperless billing. It’s important to note the due date and make a payment by that date to avoid incurring late fees on top of those already high credit card interest rates.

Fortunately, credit card billing cycles often come with a grace period, which is a time between the end of the billing period and the due date. You won’t be charged interest during this time. By law, credit card companies must deliver your statement to you at least 21 days before the payment due date.

If your credit card is paid in full between the time you receive your statement and the due date, no interest will be charged. However, if there is still a remaining balance after the due date, interest may start to accrue.

How Long Is a Billing Cycle?

The length of a credit card billing cycle can vary, but the length is usually between 28 and 31 days, just like the months of the year.

Credit card billing cycles must be as close to the same length as possible from one month to the next. But they can vary by up to four days to take into account things like weekends, holidays, and months that are different lengths.

Check your statement to find out the exact length of each billing cycle. The first page of the statement usually shows language such as opening and closing date. All of the transactions on the statement fall within that date range.

Can I Change My Billing Cycle?

Your card issuer probably won’t allow you to change some things related to your billing cycle, such as the billing period length. However, one of the things you often can change is your payment when your credit card payment is due. You may find that helpful because a different due date could suit your situation better. For instance, you can sync it up to fall after you get paid, so you know there’s money in your checking account.

Keep in mind that not all card issuers will be flexible with this, and many will only allow you to change your due date within a certain time frame. And if you do request a due date change, it may take one to two billing cycles to take effect. Hence, you should monitor your statement to watch for the change.

Also, note that your card issuer has the right to change the terms and conditions of your credit card agreement at any time. However, if they do so, they generally must notify you 45 days in advance.

How Does A Billing Cycle Affect Your Credit Score?

Your credit card billing cycle can impact your credit score if you aren’t able to pay at least the minimum due on time. That late payment (or a total lack of payment) will wind up being shared. How that works: Most credit card issuers send monthly updates to credit reporting bureaus about your credit usage. The three main credit reporting bureaus are Experian, TransUnion, and Equifax. These updates usually coincide with your billing cycle date.

On your billing cycle date, reporting bureaus may receive a variety of information about your credit usage, including any instances of late payments on your credit cards. Late payments can have a big negative impact on your credit score, so be sure you are aware of the due date on your statement at the end of your billing cycle. (By the way, paying your bills on time, all the time, can be a great way to boost that credit score.)

Why Understanding Your Billing Cycle Is Important

Now that you’ve learned about how credit card billing cycles work and how long they typically are, let’s pivot to a big-picture topic. Here’s why understanding your billing cycle is important to your financial health:

•  Your billing cycle lets you know when your next payment is due and the minimum amount due. Paying the minimum will let you avoid both penalties and hits to your credit score. Paying the full amount due will avoid accruing interest.

•  Understanding your billing cycle will help you budget more effectively. Because you know when you have to pay your credit card bill, you can set money aside to make your payments on time. You can request your due date be moved a bit to better suit your cash flow, if needed.

•  It will help you monitor your credit card balance more effectively. That purchase you made today might not appear on the last statement issued, but it will appear on the next one. You may use your cycle’s timing to schedule purchases for the optimal time in terms of keeping your balance due in check.

The Takeaway

Your credit card billing cycle is the period of time between one billing statement’s closing date to the next. This period usually lasts between 28 and 31 days and should be as close as possible to the same length every month. Be sure to pay at least the minimum by the due date to avoid penalties and fees, not to mention hurting your credit score. You can request that your due date be moved, if that would help you better manage your budget, and you will likely have a few days’ grace period in which to pay your bill without getting hit with additional charges. Given how high credit card interest rates can be, knowing and following your billing cycle is an important part of being financially responsible.

If you want to avoid fees, another way to do that is by banking with SoFi. When you sign up with direct deposit, our linked Checking and Savings accounts don’t charge you any monthly, minimum balance, or overdraft fees. Plus, you’ll also earn a competitive APY on your balances, so your money grows faster.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

Why is a billing cycle important?

A billing cycle is important because it keeps you informed of all of your credit card activity for the month. Plus, your payment is due at the end of each cycle (after the grace period), and you want to respect that to avoid accruing additional interest and fees, as well as potentially lowering your credit score.

How long is a billing cycle for a debit card?

Your checking account or debit card may issue regular statements, and the billing cycle length is approximately 30 days. In other words, the length is similar to your credit card billing cycle, but with a debit card, the funds are automatically deducted from your bank account. You don’t get a bill to pay.

What is two-cycle billing?

Two-cycle billing or double-cycle billing is a credit interest calculation. The interest is applied to the average of the prior two months’ outstanding balance. However, the practice was outlawed with the passing of the Credit CARD Act on August 20, 2009.

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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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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.

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Once a year, usually in June, the government announces interest rates for federal student loans that will be first disbursed after July 1. Whether you’re a freshman or, say, a junior, these rates apply to the loans you get for the academic year that starts in the fall.

Federal student loan interest rates are determined differently than private student loan interest rates. Here’s what you should know about federal and private student loan interest rates in 2022 and 2023.

Federal Student Loan Interest Rates for 2022

As just noted, interest rates on federal student loans for the upcoming academic year are set by the government. By federal law, they’re based on the 10-year Treasury note auction in May. The rates set for the 2022 to 2023 school year are for loans first disbursed from July 1, 2022 to June 30, 2023.

For the 2023-2024 school year, the interest rate on Direct Subsidized or Unsubsidized loans for undergraduates is 5.50%, the rate on Direct Unsubsidized loans for graduate and professional students is 7.05%, and the rate on Direct PLUS loans for graduate students, professional students, and parents is 8.05%. The interest rates on federal student loans are fixed and are set annually by Congress.

How Federal Student Loan Interest Rates Work

Interest rates on federal student loans are fixed for the life of the loan. That means that if you borrowed a Direct Subsidized Loan for the 2020 – 2021 school year, and your interest rate was 2.75%, that interest rate is locked in at 2.75% for the life of that loan.

But, if you borrowed another Direct Subsidized Loan to pay for the 2021 – 2022 school year, your new loan will be disbursed with the 3.73% interest rate offered during that school year.

Since 2006, interest rates on federal student loans have fluctuated from anywhere between 2.75 to 8.50%, depending on the type of loan.

Difference Between Federal and Private Student Loan Interest Rates

Unlike federal student loans, interest rates for private student loans are set based on economic factors and underwriting unique to each lender that issues them. Lenders typically take into account a borrower’s credit history, earning potential, and other personal financial factors.

If you borrowed a private student loan, you may have applied with a cosigner to secure a more competitive interest rate. That’s likely because most college students don’t have much credit history or employment history, so interest rates on private student loans can be higher than those on federal student loans without a well-qualified cosigner.

While federal student loans have a fixed-interest rate, private student loans can have either a fixed or variable interest rate. Borrowing a variable rate loan means that the interest rate can change periodically.

How Private Student Loan Interest Rates Work

The frequency of changes in the interest rate will depend on the terms of the loan and on market factors; typically, private lenders adjust the interest on variable-rate loans monthly, quarterly, or annually. Interest rates on private student loans are typically tied to the London Interbank Offered Rate (LIBOR) or the 10-year Treasury yield.

So as the LIBOR changes, for example, interest rates on variable-rate student loans can change as well. Typically, lenders will add a margin to the LIBOR, which is determined based on credit score (and, the credit score of your co-signer if applicable).

Generally, the LIBOR tracks the federal funds rate closely. In June 2020, the Federal Reserve announced that it plans to keep the federal funds rate close to zero, likely through 2022.

This means that, so long as the federal funds rate remains low, the interest rates on private student loans are not likely to increase during that time period. However, it’s important to pay attention to interest rates, especially for borrowers with private student loans with a variable-interest rate, since these changes could cause fluctuations to the interest rate of the loan.

And given that LIBOR is scheduled to be discontinued around the end of 2021 , rates could change in other ways as new indices are chosen by lenders.

Lowering the Interest Rate on a Private Variable-Rate Loan

If you have a private variable-rate loan and are worried about interest-rate volatility, there are options available to protect against an interest-rate hike. One option is switching to a fixed-rate loan via student loan refinancing.

When you refinance your student loans, you take out a new loan (typically with a new lender).

The new loan effectively pays off your existing loans, and gives you a new loan with new terms, including a new interest rate. Private lenders, like SoFi, review personal financial factors like your credit and employment history, among other factors, to determine a new interest rate.

If you qualify to refinance, you’re then able to choose between a fixed or variable rate loan, so if you’re worried about rising interest rates in the future, you may have a chance to qualify to lock in a new (hopefully lower) fixed interest rate.

Monthly Payments and Private Loans

You should also have the opportunity to set a new repayment plan, either extending or shortening the term of the loan. If you extend your student loan repayment term, you’ll likely have lower monthly payments, but will pay more in interest over the life of the loan.

Shortening your repayment plan typically has the opposite effect. You may owe more each month, but will most likely spend less on interest over the life of the loan.

To get a general idea of how much refinancing your student loans could impact your repayment, take a look at SoFi’s student loan refinance calculator, where you can compare your current loan to current SoFi refinance student loan rates.

Refinancing Federal Student Loans

Federal student loans can be refinanced, too. Typically, a student wouldn’t do this while still in school, since the government is paying the interest on certain federal loans during this time. Also, federal student loan interest rates are generally lower than rates for private loans disbursed in the same time period.

It should be noted, however, that refinancing a federal student loan with a private lender means you’ll no longer be eligible for federal programs and protections like income-driven repayment, forbearance, or Public Service Loan Forgiveness (PSLF).

The Takeaway

Interest rates for federal student loans reset every year in June for the upcoming school year. For the 2022 school year, rates are up roughly 1% compared to the previous year, which saw the lowest rates in years.

If you refinance your student loans with SoFi, there are no origination fees or prepayment penalties. The application process can be completed online, and you can find out if you prequalify for a loan, and at what interest rate, in just a few minutes.

Ready to take control of your student loans in 2022 and beyond? See how refinancing with SoFi can help.

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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.

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.

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.

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