Return-to-School Deferment

If you’re heading back to school and are enrolled at least half-time in an approved program, you might be eligible for a Return-to-School Deferment. This can provide some financial relief while you’re focusing on your studies. 

 

• • You will need to provide documentation of your acceptance and enrollment period into an eligible program at an eligible higher education institution.
  
  
• • During Return-to-School Deferment, interest payments during the enrollment period are required. You will not need to make full monthly installment payments.
  
  
• • Return-to-School Deferment will be approved up to six (6) months based on school certification eligibility.

• • If you maintain enrollment at the same school, you will not need to reapply every term. SoFi will automatically extend enrollment.

• • You’re eligible for up to 36 months of deferment in total.

 

Disability Rehabilitation Program Deferment

If you’re participating in a full-time Rehabilitation Training Program, you may be eligible for a Rehabilitation Program Deferment.

 

• • To qualify, the training program must be licensed, approved, certified, or recognized by the Department of Veterans Affairs or a state agency. 

• • The deferment may only be requested in increments of three (3) months.
• • The deferment is offered for a cumulative maximum of thirty-six (36) months. 

 

Active-Duty Military Deferment

You may be eligible for an Active-Duty Military Deferment if you are performing the following: 

 

• • Serving on active duty during a war, another military operation, or national emergency.
• • Performing qualifying National Guard duty during a war, other military operations, or national emergencies. 

 

Either you, a cosigner, or your spouse/dependant may apply for this deferment. Keep in mind: 

• • If we’ve received the necessary notifications from the Department of Defense, you, a cosigner or spouse / dependent may be able to request a deferment over the phone.
• • Military orders can be sent in directly to receive the Active Military Duty Deferment. 
• • Deferment will be applied in 12 month increments. 

• • An approved Active-Duty Military Deferment is automatically extended for an additional 180-day period following the demobilization date for any of the aforementioned qualifying service.
• • There is no cumulative maximum for this type of deferment and this deferment extends the remaining repayment term of the applicable loan.
• • The maximum interest rate on applicable loans will be 6% for the period of the Military Deferment if you do not otherwise qualify for SCRA protection.
• • Interest will continue to accrue during an approved Military Deferment period.

 

In cases of no Department of Defense notification, 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 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.

 

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.

SoFi members utilizing the following repayment options will not have interest capitalized at the end of the deferred period:

• • Military Deferment
• • Disaster Deferral Forbearance
• • Return-to-School Deferment for the following products:
•  • In-School loans disbursed between 1/1/2013-6/30/2018
•  • In-School loans disbursed after 5/1/2019 that elected Interest Only or Fixed Payment repayment options

 

Hardship Options

What if I’m having trouble making payments on my SoFi loan? If you’re facing financial troubles, a natural disaster, or other hardships, you may qualify to lower your monthly payments on your SoFi loan.

 

Call us today if you’re facing a hardship:

• • We’ll ask about your financial situation, how long you’ll likely need help, and your ability to make monthly payments.
• • We’ll talk through any program eligibility and enrollment options available to help: (855) 456-SOFI (7634)

 

Important Information: Hardship options may be approved at the discretion of SoFi. An approval or denial notification will be provided by SoFi. For approved hardship programs, unpaid accrued interest may be capitalized.