Homeowners Insurance Guide
Homeowners Insurance Guide
Homeowners Insurance Resources: A Comprehensive Guide to Homeowners Insurance
Understanding your homeowners insurance needs can be challenging. This resource hub brings together helpful articles on topics like coverage types, common insurance terms, and costs. Whether you’re looking for ways to lower your premium or just want to learn the basics, these resources can help.
Terms to know:
Blanket Insurance
Blanket insurance enables a property owner to cover multiple pieces of property with one policy. For example, a landlord who has many rental units might take out a blanket policy to insure them all.
Flood Insurance
A standard homeowners policy typically offers some coverage for unexpected water damage due to a plumbing malfunction or broken water pipe. But most standard homeowners policies do not cover damage caused by an overflowing body of water, like a creek, bay, or river. That kind of protection usually requires a separate flood insurance policy.
Hazard Insurance
When you hear the term “hazard insurance,” it’s typically referring to the portion of a homeowners policy that kicks in when someone suffers a loss caused by certain hazards or “perils,” such as fire, hail, theft, a falling tree, or a broken pipe.
Homeowners Insurance
A typical homeowners policy covers the physical structure of an insured home and other structures on the property, personal belongings in the home, and additional living expenses if the owner can’t stay in the home after damage.
Mortgage Insurance
Mortgage insurance protects lenders against the possibility that a borrower might fail to make the payments on a home loan.
Title Insurance
When you buy title insurance, the title company searches for any ownership issues that might cause legal problems after you close on the property. It will look for any liens that might remain on the property, for example, or clerical problems that weren’t caught and fixed in the past.
What Does Homeowners Insurance Cover?
Learn what is, and isn’t, typically covered by homeowners insurance.
Ready to Explore Homeowners Insurance?
With SoFi, compare homeowners insurance coverage options from a network of top insurance providers.
More Homeowners Insurance Topics
Move beyond the basics with the homeowners insurance articles below.
Decoding Markets: Grinding Higher
Unbelievable Rally
The stock market rally we’ve seen since April 8 has been astonishing, and while sputtering a bit, it looks to be hanging in there. Fears of a breakdown intensified last week, as the S&P 500 briefly fell below the 78.6% retracement level of 5896. Despite that brief hiccup, the index was able to bounce off of the 200-day moving average and get back above 5900 on May 27.
The fact that support held suggests that while there isn’t enough buying demand at the moment to take stock indices back to their all-time highs, there are enough investors willing to buy the dip to prevent any major drawdowns.
Of course, certain parts of the market have performed differently in this recovery: While the broad market is +5.9% in May thus far, the Information Technology and Consumer Discretionary sectors are +10.7% and +9.8%, respectively. Drilling down further, the automobiles (+24.3%, Consumer Discretionary) and semiconductors (+20.7%, Information Technology) industry groups have been leading the pack. Renewed enthusiasm for artificial intelligence has also been a boon for these high-growth parts of the market.
May S&P 500 Sector Total Returns
Beneath the surface, however, trading volumes have been generally muted. While a rally on low volume isn’t inherently negative, it does suggest a lack of broad conviction in the durability of the rally. In these environments, systematic traders and algorithms can play a bigger role in market direction, especially when specific technical levels are breached or momentum signals are triggered.
For investors who were (or still are) underinvested after the upheaval of the last two months, that could make the “pain trade” still higher, potentially forcing sidelined capital back into the market and adding more fuel, even if conviction isn’t widespread. Still, a foundation built on concentrated leadership and low-volume trading leaves the market susceptible to sharp reversals.
Elephant in the Room
It’s not an exaggeration to say that investor sentiment and stock prices aren’t fully in tune with each other at the moment. Despite the major rally since the April 8 bottom, and the fact that the S&P 500 is now just 3.8% off its highs, investors remain cautious.
For instance, the latest AAII Sentiment Survey showed bullish sentiment at 37.7% versus bearish sentiment at 36.7% — the first time the bulls outnumbered the bears since the end of January. While the bullish investor reading was in-line with its historical average, bearish sentiment remained above average.
The CBOE Volatility Index (VIX), often referred to as the “fear gauge,” tells a similar story. It’s below the panic highs in April when it surged to 52.33, but the current value of 19.23 remains above 2023-24 levels — and well above the low of 11.86 set last year.
Fear Is Receding
For the contrarians, the rapid improvement in sentiment could be a negative signal. Has uncertainty ebbed or are investors too complacent? If negative catalysts were to emerge, the snap back from somewhat positive to pessimistic could be swift.
Known Unknowns
Geopolitical tensions and broader economic uncertainties are casting a long shadow, and it’s not like investors aren’t aware of it.
Tariffs have gotten the bulk of investor attention, and while they’ve been delayed for 90 days, how this eventually plays out is unclear. There’s the persistent threat of re-escalation or new trade disputes (for example, with the European Union, given President Trump’s comments last week about a possible 50% tariff), but market price action suggests investors are pretty confident these issues will be resolved without much economic consequence.
This dynamic effectively makes tariff policy a primary short-term volatility switch for markets. Headlines can trigger immediate and amplified reactions, potentially creating a “headline risk premium.” It also can affect the economy, since businesses and consumers will buy things ahead of tariffs to front-run higher prices as we’ve seen this year:
• Front-running in March to get ahead of April tariffs
• Less buying in April and early May as tariffs on Chinese goods surged
• Recent delay on Chinese tariffs likely leading to another surge of buying activity
It seems probable that there could be another slowdown in spending once the front-running ends, especially if tariffs eventually move higher again.
Beyond tariffs, Russia, Iran and Venezuela loom large. The countries are important players in global oil markets, and discussions have swirled around the possibility of sanctions being lessened or intensified on them. Sanctions relief could lead to more oil supply and lower prices, while tougher sanctions could have the opposite effect.
WTI Oil Prices
Market timing is already exceptionally challenging, but in a highly fluid and event-driven environment where markets can swing dramatically based on a single headline, it’s basically impossible.
Maintaining a well-diversified portfolio that is aligned with your own risk tolerance and long-term financial goals — and resisting the powerful urge to make reactive decisions based on the daily news flow — is crucial. Having that strategic, long-term mindset will help filter out the inevitable market noise and better weather periods of volatility.
Want more insights from SoFi’s Investment Strategy team? The Important Part: Investing With Liz Thomas, a podcast from SoFi, takes listeners through today’s top-of-mind themes in investing and breaks them down into digestible and actionable pieces.
SoFi can’t guarantee future financial performance, and past performance is no indication of future success. This information isn’t financial advice. Investment decisions should be based on specific financial needs, goals and risk appetite.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Mario Ismailanji is a Registered Representative of SoFi Securities and Investment Advisor Representative of SoFi Wealth. Form ADV 2A is available at www.sofi.com/legal/adv.
Read more
Do You Know What You’re Spending on Subscriptions?
This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.
In the digital age, convenience often comes with a price.
Like automatic recurring charges. It’s great not having to keep track of monthly bills once you connect a business with your credit card or bank account, but some of us may be paying for subscriptions or memberships that we haven’t used in weeks, months or even years.
It might be a meditation app, a membership for discounted car rides, or the five streaming services that offered you a free trial during the pandemic.
In fact, Americans estimate that on average, over $200 — 18% of the $1,080 that they spend on subscriptions each year — goes to ones they don’t use, according to a recent CNET survey. Among younger adults belonging to Gen Z, that figure is even higher — $276.
So what? It’s easy to sign up for things and even easier to forget about them. But now’s the time to trim any fat from your budget. Sixty-one percent of people who have subscriptions told CNET they’re rethinking them because of concerns about the economy, and 26% said they’d already canceled at least one.
Even if eliminating one or two doesn’t make a big dent in your expenses, every little bit counts. And paying attention to your spending is a good habit to build.
If you’re dropping cash on subscriptions you don’t need or didn’t realize you still had, ask yourself:
• What is my total cost? Your mind may immediately go to video streaming, but are you also paying for music, Amazon Prime, meal delivery, security apps, gym memberships, or newsletters? A free budgeting app such as SoFi’s Relay can track all your recurring expenses each month, including subscriptions, memberships and any other regularly scheduled bills. You can also create a custom tag to put specific vendors in categories you choose.
• Which ones do I really want? Weed out wasteful spending by determining which ones are truly valuable or bring you joy. In a consumer survey KPMG conducted in April, the most appealing aspects of a paid subscription were discounts, free shipping, and a rewards program.
• Could I get it for less? Could you put up with watching a few ads to save money, for example? Seventy percent of KPMG respondents said they already use or would use ad-supported streaming services instead of ad-free ones. That’s a smart way to save without sacrificing what you love.
Related Reading
• Trying to Ditch a Subscription? Sorry, FTC Just Punted ‘Click to Cancel’ Enforcement (PCMag)
• I Asked a Budgeting Pro to Audit My Subscriptions — Here’s What They Said to Cancel (Apartment Therapy)
• Is a Recession on the Way or Not? Does It Even Matter? (SoFi)
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
OTM20250528SW
Read moreSmartStart Student Loan Refinancing – Affiliates
SmartStart is a brand
new way to refi. And
grow into your goals.
Keep more money in your pocket as you establish yourself after school with SmartStart student loan refinancing.
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Start out with partial payments.
Pay no principal for nine months1 and use that money for your ambitions.
1Pay only the monthly interest for the first 9 months, then start full principal and interest payments.
-
No fees required.
No late fees. And no fees to pay off your loan early.
-
You could save thousands.
A lower rate could help you save versus your current loan.
How SmartStart partial payments work.
how principal and interest works. With SmartStart:
-
• You could skip paying principal for the first nine months. So you start with lower payments and keep cash to start life after school.
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• This loan flexes with you. Because you can also pay toward your principal anytime, with no penalty.
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• You could save thousands with a lower rate. And there are no fees required.
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• You keep your existing grace period. Payments only begin when your grace period ends.
-
• For our most eligible borrowers. If you qualify for SmartStart, you’ll automatically get the option to select partial payments.
View your rate
What could you start with SmartStart?
SmartStart student loan refinancing gives you lower, partial payments for nine months. So why is that extra breathing room today helpful for tomorrow?
Nine months of extra cash could help you:
Find the right refi for you.
SmartStart helps our most qualified borrowers keep extra cash for nine months. Like our standard SoFi Student Loan Refinancing, it could save you thousands. See a 10-year, $50,000 refinance example:
Example chart shows calculations based on a 10-year term and a $50,000 loan balance. Estimated monthly payments for the standard Student Loan Refinance are based on 6.34% APR (the average interest rate for all SoFi refinance loans from 2/28/24 to 2/28/25). Estimated monthly payments for the SmartStart loan are calculated using 6.47% (the average rate for all SLR plus 0.125%). Estimated monthly payments for “Current Loan” are based on a hypothetical loan with 8.55% APR (SoFi borrowers’ average incoming rate from 2/28/24 to 2/28/25) with a remaining term of at least 10 years. Calculations assume no origination fee option selected and no pre-payment amounts. Your rate on a new SoFi loan will depend on various factors, including the term of your loan, your credit history, and your cosigner’s (if any) credit. 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.
*You may pay more interest over the life of a new SoFi loan if you refinance.
Find the right refi for you.
SmartStart helps our most qualified borrowers keep extra cash for nine months. Like our standard SoFi Student Loan Refinancing, it could save you thousands. See a 10-year, $50,000 refinance example:
Example chart shows calculations based on a 10-year term and a $50,000 loan balance. Estimated monthly payments for the standard Student Loan Refinance are based on 6.34% APR (the average interest rate for all SoFi refinance loans from 2/28/24 to 2/28/25). Estimated monthly payments for the SmartStart loan are calculated using 6.47% (the average rate for all SLR plus 0.125%). Estimated monthly payments for “Current Loan” are based on a hypothetical loan with 8.55% APR (SoFi borrowers’ average incoming rate from 2/28/24 to 2/28/25) with a remaining term of at least 10 years. Calculations assume no origination fee option selected and no pre-payment amounts. Your rate on a new SoFi loan will depend on various factors, including the term of your loan, your credit history, and your cosigner’s (if any) credit. 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.
*You may pay more interest over the life of a new SoFi loan if you refinance.
Grow ahead—get SmartStart now.
View your personalized options for rates and terms in just minutes.
Choose your plan. Our most qualified borrowers can select partial payments with SmartStart to pay no principal the first nine months.
Give your budget breathing room while getting a rate that could save you thousands.
View your rate
Checking your rate will not affect your credit score.†
FAQs
How does a “partial payment” for 9 months work?
For the first 9 months of your loan, you’ll only be required to pay the monthly interest, offering you some short-term flexibility. After that, your payments will cover both interest and principal, just like a standard loan. Keep in mind that while this structure gives you flexibility upfront, your total repayment over the life of the loan will be slightly higher compared to choosing standard payments from the start.
Will I pay more in interest if I chose the SmartStart loan?
Yes, your total lifetime cost will be higher compared to making standard payments from the start. This is because you’re deferring principal payments until after the first 9 months of the loan.
What if I don’t want to pay just the interest for 9 months?
With the SmartStart option, paying only the interest is the minimum requirement, but you’re welcome to make extra payments if your budget allows and start paying the principal off at any time. Any additional payments will go toward covering outstanding interest first, then toward your principal. Plus, if it makes more sense for you, you can always switch to standard payments at any time.
Does “interest only” mean that I am paying all of the interest of the loan upfront in the first 9 months?
No, during the first 9 months, your payments will only cover the accruing interest on your loan. After that, your payments will include both principal and interest for the remainder of the term.
If I choose the Interest Only option, can I refinance again later?
Yes, you can refinance as many times as needed. However, please note that you can only be the primary borrower on a ‘SmartStart’ loan once.
It doesn’t seem like there’s a big difference between the standard payment option vs. the interest only option. What’s the catch?
Depending on your loan offer, there may not be a significant difference! There’s no catch—we’ve just structured the repayment terms differently to give you more options to better meet your needs.
Why don’t I see a 5-year term for the interest only payments?
The SmartStart option is only available for 7, 10, 15, and 20 year terms.
How do I choose the repayment plan that offers me lower monthly payments?
The SmartStart option is available under the ‘partial payments for first 9 months’ dropdown. You can select it on the offer page using the ‘Repayment plan’ dropdown menu. Simply choose ‘partial payments’ from the options, and you can select your offer directly from that page. The SmartStart loan is only available to the most qualified borrowers, and those that don’t qualify won’t see the option during term selection.
Can I get a SmartStart loan with a cosigner?
Yes, SmartStart loans are available for cosigned loans. The same loan terms and eligibility requirements apply.
Can I choose a SmartStart loan with an interest-only period longer or shorter than 9 months?
Currently, the SmartStart option offers 9 months of interest-only terms. However, you’re welcome to make additional payments if you’d like to start paying down the principal sooner.
Can I end the 9-month interest-only period early?
No, once you select and sign a SmartStart loan offer, you’re committed to the 9-month interest-only period. However, you’re always welcome to make additional payments on top of the minimum requirement at any time during that period.
Is the SmartStart loan available to all student loan refinancing types?
The SmartStart option is not available for Medical and Dental Residency refinance loans. However, it is available for all other types of student loan refinances.
See all FAQs
SLR SubNav Test
A student loan refinance sparks more smart money moves.
Refinancing your student loans could save you thousands. When the Refi Effect gets rolling, your ambitions do too.
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Absolutely no fees
No origination fees, pre-payment, or late fees.
-
Competitive Fixed Rates2
Low fixed rates that could help you save more.
-
Flexible term options
Flexible term options that fit your budget.
{/* added 3/25/25 */}
Real stories from real grads.
515,000+
SoFi members have refinanced their student loans
$44 billion+
in student loans refinanced
4.3/5 stars
on Trustpilot
*4.3/5 star rating based on 9,418 reviews as of April 21, 2025. See trustpilot.com/review/sofi.com for more info.
Received a mailer from
us?
Enter confirmation #
Why refinance student loans?
-
Lower your interest rate with no fees required.
A competitive fixed or variable student loan refinance rate could help you save thousands.
-
Pay off your loan sooner.
A shorter term can help you pay off your loan sooner. Plus, you could receive a special rate discount with autopay.3
-
Simplify your finances.
Consolidate all your student loan debt into one easy payment.
-
Free up more cash.
You could lower your monthly payments and put more money toward other goals, like buying a home and saving for retirement.
}
headingText=”See your potential savings.”
imgAlt=”Student loans calculator illustration”
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How refinancing student loans works at SoFi.
First, we’ll see if you qualify.
You can see some basic eligibility criteria for different loan types. Plus, we’ll consider other factors like your financial history, credit score, and monthly income versus expenses.
Then, you pick a loan with a competitive interest rate.
If you’re approved, you can select from flexible terms that could lower your interest or monthly payments. All with no fees required.
Don’t forget to get a discount.
For example, you could get a 0.25% interest rate discount by enrolling in autopay.2
View your rate
Checking your rate will not affect your credit score.†
Find your low, fixed interest rate.
Refinance student loans for a lower monthly payment or a lower interest rate.
See payment examples.
5-year fixed rate
4.24% – 8.45% APR1
with all discounts
7-year fixed rate
4.72% – 8.77% APR1
with all discounts
10-year fixed rate
5.02% – 8.82% APR1
with all discounts
15-year fixed rate
5.28% – 8.87% APR1
with all discounts
20-year fixed rate
5.52% – 9.99% APR1
with all discounts
5-20-year variable rates
5.99%–9.99% APR1
with all discounts
Why choose SoFi?
Since 2011, we’ve helped over 500,000 members refinance their student loan debt. Here’s just a bit of what they enjoy:
-
Serious savings.
Zero required fees.
You could save thousands with a lower interest rate and no fees required.
-
Easy online process
Your time matters. View your
rate in minutes. -
steps={[
{
description: ‘Check the eligibility criteria for info you’ll need to apply. And check in on your credit and other financial stats.’,
img: {
alt: ‘How student loan refinancing works, step 1’,
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title: ‘Get prepared.’
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description: ‘If you think your application could use a little help, a cosigner with a strong credit history may be a good fit.’,
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title: ‘Consider a cosigner.’
},
{
description: ‘See rate options in minutes with no impact to your credit score.† Then pick a term and monthly payment that works for you.’,
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title: ‘Choose your loan terms.’
},
{
description: ‘Finish filling out your info online. This step will include a hard credit pull. On average, approvals take 2-3 business days.’,
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title: ‘Complete your application.’
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title={
}
/>
Let’s find a loan that fits you.
Take a short quiz for a recommendation on a loan that meets your money needs now.
Real stories from real grads.
550,000+
SoFi members have refinanced their student loans
$47 billion+
in student loans refinanced
4.4/5 stars
stars on Trustpilot
*4.3/5 star rating based on 9,386 reviews as of April 14, 2025. See trustpilot.com/review/sofi.com for more info.
An easy choice.
“When I researched refinancing my student loan, all the positive reviews made choosing SoFi a no-brainer.”
– Sandra S., SoFi member.
Surprisingly simple.
“I remember being so surprised about how easy it was to apply, get a decision, receive updates, and confirm funding.”
– Sandra S., SoFi member.
Simplify my finances.
“I decided to refinance after paying way too much in interest. SoFi had competitive rates and consolidated my loans into one manageable payment.”
– Joanna K., SoFi member.
Values first.
“I chose SoFi because of its values, specifically for putting members first.”
– Joanna K., SoFi member.
The savings and experiences of members herein may not be representative of the experiences of all members. Savings are not guaranteed and will vary based on your unique situation and other factors.
FAQs
Who should refinance their student loans?
Student loan refinancing is a great solution for working graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private student loans. Federal student loans do carry some special benefits, for example, public service loan forgiveness and economic hardship programs, that may not be accessible to you after you refinance. Check out this blog post that provides more information: When to Consolidate Federal and Private Loans by Refinancing. Or, call us for a free consultation about your particular situation.
Is it worth it to refinance student loan?
The answer to this question depends on your specific financial situation. However, student loan refinancing may be a good option if you can qualify for a lower interest rate and/or a shorter repayment period. By reducing your rate and getting a lower monthly payment term, you’ll owe less interest over the life of the loan and save money in the long run.
Can I refinance both federal and private student loans?
Yes, SoFi will consolidate all qualified education loans.
Am I a good candidate to refinance my student loans with SoFi?
SoFi aims to revolutionize financial services—ultimately improving the system for everyone. Today, we’re able to offer significant savings and flexibility to US citizens or permanent residents who have graduated from a selection of Title IV accredited university or graduate programs, are employed, have a sufficient income from other sources, or hold a job offer with a start date within 90 days, have a responsible financial history, and a strong monthly cash flow.
What is the difference between consolidating and refinancing student loans?
Student loan consolidation is when you combine multiple loans into one single loan. Student loan refinancing, on the other hand, is when you get a new loan at a new interest rate and/or a new term. You can refinance both federal and private loans. Learn more here.
What’s the difference between fixed and variable rate loans?
Fixed rate loans are loans that have an interest rate that does not change over the life of a loan, which means you pay the same amount each month. It also means you know with certainty the total interest that you’ll pay over the life of the loan. Fixed rate is a general term that can apply to different types of loans with a variety of uses, including student loans, mortgages, auto loans, and unsecured personal loans.
Variable rate loans are loans that have an interest rate that will fluctuate over time in line with prevailing interest rates. They generally have lower starting interest rates than fixed-rate loans, but the interest rate and payment amounts can change over time. Sometimes they are also known as floating-rate loans.
Find more info on Fixed vs. Variable Rate Loans.
Where can I find more information about student loans in general?
Deciding how to best handle your student loan refinancing can be an intimidating process. That’s why we’ve put together our Student Loan Help Center to give you guidance on existing student loan payments, refinancing, budgeting, and common terminology so you can feel more confident in your journey to becoming debt free.
How will applying impact my credit score?
To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your
credit score. However, if you choose a product and continue your application, we will request your full
credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
Learn more here.
What are the differences in refinancing federal vs. private loans?
When you refinance your federal student loans, you’ll have a new private loan, and private loans are not
eligible for federal programs and benefits, but it could be a good option if your goal is to lower your
monthly payments or get a lower rate. Once federal loans are refinanced into private loans, they
can’t be converted back, so it’s important you consider all your options. Learn more here.
Do you offer a rate discount?
Yes, we offer an autopay discount, as well as a direct deposit discount. The autopay discount is a 0.25%
interest rate reduction on loans in which you authorize the loan servicer to automatically deduct
monthly payments from any bank account you choose. Additionally, student loan refinance
borrowers who have refinanced after 9/17/24 can earn a 0.25% APR discount by having a qualifying
Direct Deposit. You must have a SoFi Money or SoFi Checking & Savings account to be eligible for the
direct deposit discount.
What’s the difference between an APR and an interest rate?
Your interest rate includes the interest percentage you will be charged for taking a loan out, accrued on
a daily basis, and does not include any other fees. An APR is the sum of the interest rate plus extra fees
and expressed as a percentage.
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2Fixed rates range from 4.24% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Variable rates range from 5.99% APR to 9.99% APR with a 0.25% autopay discount and 0.125% SoFi Plus discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 12/14/25 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term.
Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will be removed during periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
SoFi Plus Discount: To be eligible to receive an additional (0.125%) interest rate reduction on your Student Loan Refinancing (your “Loan”) for enrolling in SoFi Plus, you must enroll in SoFi Plus within 30 days of Loan funding, either by receiving a Direct Deposit to your SoFi Checking and Savings account, or by paying the SoFi Plus Subscription Fee. Once eligible, you will receive this discount during periods in which you have received Direct Deposit to your SoFi Checking and Savings Account, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount lowers your interest rate but does not change the amount of your regular monthly payment. This discount will be removed during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid the SoFi Plus Subscription Fee. SoFi reserves the right to change or terminate this interest rate reduction offer for unenrolled participants at any time without notice. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to be eligible for Loan approval.
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