If you’re a student loan borrower, you’ve probably noticed that your loans have a language all their own— a sometimes complicated language full of words and phrases that often have more than one meaning.
Getting a grasp on all these terms can have big benefits, like potentially saving you money and helping you make more informed, confident decisions. Unfortunately, memorizing loan vocabulary sounds like about as much fun as watching paint dry.
Instead of enrolling in Student Loan Language 101, you can use our quick and dirty reference guide to find some answers without information overload. We break down important words and phrases, tell you what it all means (in plain English, no less) and even explain why you should care. Think of it as crib notes for getting a better grade on your loans.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.