Deferments
SoFi Private Student Loans offer the following deferments. Additional eligibility criteria and requirements (including the date of your loan agreement) may apply. Need help determining if you qualify? Give us a call at (855)456-SOFI (7634).
In-School Status in a SoFi-Approved School
Please note that borrowers that select Immediate Repay are not subject to the same enrollment and grace period rules. Additionally, Parent borrowers do not have access to grace periods for either of their repayment types.
Undergraduate Deferment
Undergraduate Deferment lets students who’ve dropped below half-time or taken a break from school—and have already used up their grace period and started making full payments—go back to the repayment plan and payment type they originally chose when they applied.
Repayment terms will stay the same as when you first took out your loan. This means that if you had a fully deferred, partial interest, or interest-only repayment plan, you'll continue with that same plan during your deferment period.
If you're heading back to school at least half-time, you can contact SoFi to request a deferment on your loan payments. To qualify, you'll need to provide proof that you're enrolled in an approved school—either you or your school can provide this documentation. While you'll need to submit an application the first time, subsequent deferments can be requested by giving us a call.
Students are still required to complete your degree within 60 months of
total in-school time.
Parent Loan borrowers are not eligible for this deferment.
Return-to-School Deferment
If you're going back to school for a graduate or professional degree at an approved school and are enrolled at least half-time, you might be eligible for a Return-to-School Deferment.
Parent Loan borrowers are not eligible for this deferment.
Return to School Deferment may extend the remaining repayment term of the loan.
Residency, or Internship Deferment
If you're in an eligible internship or residency program, you might be able to defer your loan payments for up to 48 additional months. This applies if you originally chose to defer payments, pay partial interest, or make interest-only payments while in school. However, if you're a Parent Loan borrower or opted for immediate repayment, you're not eligible for this deferment. The type of deferment you'll receive is based on your original loan status while in school.
The Medical Residency Deferment request form cannot be approved unless supporting documentation is received verifying matching to a medical residency/ internship training program.
You won’t be eligible for an additional grace period after the expiration of the internship/residency. You’ll enter principal and interest repayment at the end of the internship/residency period.
Medical Residency Deferment may extend the remaining repayment term of the applicable loan.
Payment relief will be processed based on the certified dates documented within the internship/residency form.
Law Clerkship Deferment
If you're participating in an eligible law clerkship, you may be able to defer your loan payments for up to 12 months. This applies if you originally chose to defer payments, make interest-only payments, or pay partial interest while in school. However, if you're a Parent Loan borrower or started making full payments right away, this deferment isn't an option for you. The type of deferment you'll receive is based on your original loan status while in school.
The Law Clerkship Deferment request form cannot be approved unless supporting documentation is received.
You’re not eligible for an additional grace period after the expiration of the clerkship. Members will enter principal and interest repayment at the end of the internship/residency period.
Law Clerkship Deferment may extend the remaining repayment term of the applicable loan.
Payment relief will be processed based on the certified dates documented within the deferment form.
Active-Duty Military Deferment
If you're serving on active duty during a war, military operation, or national emergency, or performing qualifying National Guard duty, you may be eligible for an Active-Duty Military Deferment. This deferment is also available if you're a spouse or dependent of a service member. To apply, give us a call if your active-duty status is confirmed through the Department of Defense's DMDC website. If not, you'll need to provide your military orders. If your deferment is approved, it will automatically be extended for 180 days after your demobilization date.
In cases of no DMDC match you must provide:
Signed certification or a written statement from the commanding or personnel officer—or a copy of the military orders as eligible documentation.
The written statement or copy must include all information needed to establish your eligibility for this deferment including the period of the qualifying service.
If you are/were serving in a different duty station, in support of a military operation while the U.S. had declared war in which service qualifies for special pay under section 310 of title 37, United States Code, the written statement or copy of the military orders must identify the hostile fire/imminent danger pay area in which you are/were on active duty.
During an approved Military Deferment period, interest will still accrue on your loan, but you won't be charged interest on that accrued interest when the deferment ends – that's because the unpaid interest won't be capitalized. You might be able to apply this deferment retroactively if you have the right documentation, like your military orders or verification through the DMDC. One of the benefits is that there's no limit to how long you can have this deferment, and it will extend your loan's repayment term. Plus, if you're not covered under the Servicemembers Civil Relief Act (SCRA), your interest rate will be capped at 6% during the deferment period.
If you are/were serving in a different duty station, in support of a military operations while the U.S. has declared war in which service qualifies for special pay under section 310 of title 37, United States Code, the written statement or copy of the military orders must identify the hostile fire/imminent danger pay area in which you are/were on active duty.
Key Points:
Must be active-duty military
Can be requested by you or your spouse/dependent
Interest continues to accrue during forbearance
Interest is NOT capitalized at the end of the forbearance period
Repayment term of the applicable loan is extended, meaning repayment amount will not increase
When you're on active duty, SoFi will apply your Military Deferment in 12-month increments, ensuring you're covered for the duration of your service. They'll keep track of your active duty status through the DMDC database or by reviewing your military orders, and update your deferment accordingly. This means you can focus on your duties without worrying about your loan payments.
Disability Rehabilitation Program Deferment
To qualify for a Rehabilitation Program Deferment, the training program you're in must meet specific criteria:
Be licensed, approved, or recognized by the Department of Veterans Affairs or a relevant state agency for rehabilitation training.
Have a written plan outlining the start and end dates of the services.
Require a significant time commitment that would typically prevent you from working 30+ hours/week for at least 3 months.
You must be receiving or scheduled to receive these rehabilitation services.
To apply, you'll need to submit a Rehabilitation Program Deferment Form. Here are some key details about the deferment process:
Deferments can be requested in 3-month increments, up to a maximum of 36 months.
You can apply retroactively, but not more than 3 months back.
This deferment won't extend your loan's repayment term.
By meeting these requirements, you can temporarily suspend your loan payments while you focus on your rehabilitation.
Forbearance
Forbearance may be available in the following circumstances. Additional eligibility criteria and requirements may apply. To determine if you qualify, give us a call at (855)456-SOFI (7634).
Military Mobilization if you are involved in a Military Mobilization which is not covered under the Military Deferment option.
Disaster Deferral if you're impacted by a disaster, SoFi may be able to help.
Skip-a-Pay if you are experiencing a short-term hardship situation (e.g., unexpected one-time expense) expected to be resolved within 1 month.
Reduced Repayment Options
If you’re facing financial hardship due to things like medical expenses, job loss, and/or increased expenses, you may be eligible for a Reduced Repayment Option. Additional eligibility criteria and requirements may apply. To determine if you qualify, give us a call at (855)456-SOFI (7634).
Loan Modification
A Maturity Extension Loan Modification may be available if you are experiencing financial hardship. Loan modifications are a one-time permanent restructuring of the debt to lower future payments. Additional eligibility criteria and requirements may apply. To determine if you qualify, give us a call at (855)456-SOFI (7634).
Important Information – Forbearance, Reduced Repayment Options, and Loan Modification may be approved at the discretion of SoFi, depending on permissions granted by SoFi. An approval or denial notification will be provided. For approved Repayment Options or Loan Modification, unpaid accrued interest may be capitalized at the end of any Repayment Option or prior to the Loan Modification start date.