SoFi Blog

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May

2025

Setting Money Boundaries Isn’t Easy, But It’s Worth It

By Samantha Leal | | Comments Off

This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.

Let’s be honest — money can complicate relationships. You might have a sibling who always needs some extra cash. A roommate who expects you to handle it when they’re short on their share of the rent. A friend who assumes you’re down to get another round or a pricey bottle of wine and then somehow, conveniently, forgets to Venmo you. (More on those “financial frenemies” later.)

If there are people in your life pressuring you to spend money you don’t want to spend (even on yourself,) it can make you feel resentful and stressed, not to mention derail your finances. It can also create some pretty awkward situations — whether there’s someone at fault or not. (Ever have a less budget-conscious friend obliviously suggest splitting the check 50/50 after you ordered a salad and they splurged on lobster and two cocktails?)

In fact, 26% of U.S. adults surveyed last year by Bread Financial said they felt financially incompatible with their friends, and 21% said they’d lost a friendship over money. And a separate survey by Intuit showed 27% of women and 17% of men feel uneasy talking about money in social settings.

Setting money boundaries might feel uncomfortable at first, but it can help you protect your relationships and your bank account. Here are a few tips for gently but firmly establishing limits and expectations around how you spend, discuss and share your money.

How to Set Money Boundaries

Remember, setting personal boundaries is important for healthy relationships, and money boundaries are no different. According to Psychology Today, boundaries give you the physical, emotional, and psychological space you need to feel comfortable, safe, and respected in your interactions with others.

Set Expectations Beforehand

One of the best ways to avoid awkward conversations or hard feelings is to set firm, clear money boundaries at the outset. You might even want to practice what you’re going to say ahead of time.

To that oblivious friend, you might say: “I’d love to join you for dinner, but I’m saving up for my vacation, so I’ll just get something light.” Or, “I’m happy to go, but I have a budget of $20.” Be transparent about your financial comfort level to raise awareness and help prevent misunderstandings.

Broadcast Your Rules

Some boundaries are best communicated broadly so that no one feels singled out. For example, you might make a habit of mentioning your rules when planning group outings or discussing shared expenses. You might say: “I always Venmo right after we split the check,” or “I like to keep my social budget to $100 a week.”

By setting expectations with everyone, before any specific tension or situation arises, you’re making it much less likely your friends or family will feel offended.

Watch Out for Financial Frenemies

There are a number of types of financial frenemies. Maybe they always pick the most expensive activities, conveniently forget their wallet, or guilt you into covering their share. Recognizing these patterns is key to setting boundaries and protecting your money. Addressing the issue directly (but nicely) can often reframe the dynamic — but if it doesn’t, it might be time to reevaluate the friendship.

Offer Other Types of Help

If a friend or relative asks you for financial help you’re not comfortable with, be empathic, tell them you can’t, and then consider whether there are other ways you can show your support.

You might say, “I’m not in a position to contribute money right now, but I can take a look at your resume.” Or, “I’m sorry, I can’t do that, but let’s stay in tonight and brainstorm other options for you.” (If they’re often in a bind, you might even direct them to SoFi’s extensive library of financial tools and guides.)

Don’t Rush to Answer

When someone approaches you about money, it’s okay to take your time before answering. You might regret a quick response, either because you agreed to something you didn’t want to, or because your “no” wasn’t as tactful as you would have liked.

Practicing a few versatile catch phrases now can be really helpful for whenever a situation arises. “Let me think about it and get back to you” is a great one (and not just when it comes to money boundaries.) Or you might try, “I need to check my budget first.” This gives you some time to determine your comfort level and the best way to respond.

Be Comfortable If a Loan Turns Into a Gift

Experts agree that if you do decide to help someone, only offer an amount you can afford to part with. In other words, make sure it wouldn’t put you out if you didn’t get it back. So even if it’s framed as a loan, think of it as a gift. (And if you’re willing, consider actually making it a gift.)

Don’t Expect to Be Completely Comfortable

Setting and maintaining limits isn’t always easy. The conversations may be tough. You may feel guilty. Or you may worry you’ll alienate someone close to you. But don’t get sucked into thinking you’re being selfish by prioritizing your own financial well-being. It will get easier with practice. And ultimately, it should lead to healthier relationships and less stress for everyone.

photo credit: Bernie Pesko

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.

OTM2025050701

May

2025

SoFi Everyday Cash Rewards Card | 12TT | SoFi

By Nicholas Wong | 1_Web_CreditCard | Comments Off

SoFi Everyday Cash Rewards Credit Card Terms & Conditions

SOFI CREDIT CARD TERMS OF OFFER INTEREST RATES AND INTEREST CHARGES
Annual Percentage Rate (APR) for Purchases	0% Introductory APR on purchases for the first 12 months from account opening. After that, your standard purchase APR will be 18.74% to 32.99% based on your creditworthiness. Your standard APR will vary with the market based on the Prime Rate.
Annual Percentage Rate (APR) for Balance Transfers	0% Introductory APR on balance transfers for the first 12 months from the date of first transfer when transfers are completed within 60 days from the date of account opening. After that, your standard purchase APR will be 18.74% to 32.99% based on your creditworthiness. The standard APR will vary with the market based on the Prime Rate. The maximum amount you may use for Balance Transfers will not exceed 75% of your total Credit Limit.
Annual Percentage Rate (APR) for Cash Advances	30.74%. This APR will vary with the market based on the Prime Rate.
How to Avoid Paying Interest on Purchases	Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases made during the most recent billing cycle if you pay your entire balance (adjusted for any financing plan, if applicable) in full on or before the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date.
Minimum Interest Charge	If you are charged interest, the charge will be no less than $1.00.
For Credit Card Tips from the Consumer Financial Protection Bureau	To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/learnmore

FEES
Annual Fee	None
Transaction Fees Balance Transfer Fee Cash Advance Fee	The greater of $10 or 5% of the Balance Transfer The greater of $10 or 5% of the Cash Advance
Penalty Fees Late Payment Fee Returned Payment Fee	Up to $41 None

How We Will Calculate Your Balance

We use the “daily balance” method, including new transactions, to calculate the daily balance on which we will charge interest.

Loss of Introductory APR

We may revoke any promotional APR if you fail to make a payment of at least the minimum payment due within 60 days of the due date. Your new APR will be the Standard Purchase APR.

Variable Rates

Your Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) will change if the Prime Rate changes. If the Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) increase, your interest charges will increase, and your minimum payment will be greater. Complete details regarding how the variable rate is determined are set forth in the Cardholder Agreement.

Payment Allocation

We decide how to apply your payment, up to the minimum payment, to the balances on your account. We may apply the minimum payment first to interest charges, then to the balances with the lowest APR, and then to the balances with higher APRs.

If you pay more than the Minimum Payment, we’ll apply the amount over the Minimum Payment, first to the Balance with the highest APR, then to the Balance with the next highest APR, and so on, except as otherwise required by applicable law.

SoFi Everyday Cash Rewards Credit Card Terms & Conditions

The SoFi Everyday Cash Rewards Credit Card is issued by SoFi Bank, N.A. (“SoFi”, “we”, “us”, or “our”). By submitting this application, you request that we establish a card account (“SoFi Credit Card Account”) for you and any authorized users you have designated. You agree that all information provided in this application is verifiable and accurate. The SoFi Credit Card Account will be governed by the terms of the cardholder agreement (“Cardholder Agreement”), which will be provided when the SoFi Credit Card Account is issued.

Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by SoFi Bank, N.A., as issuer. Please allow thirty (30) days from the date of submission to process your application.

You must be at least 18 years of age (or of legal age in your state of residence). The card offer referenced in this communication is only available to individuals who reside in the United States. This communication is not and should not be construed as an offer to individuals outside of the United States.

Identity Verification

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a SoFi Credit Card Account. This means that we will ask for your name, address, date of birth, and other information that will allow us to identify you when you open a SoFi Credit Card Account. We may also ask to see your driver’s license or other identifying documents and obtain identification information about you or any authorized user you add to your SoFi Credit Card Account.

Credit Reports

Upon completion of your Credit Card application and submission, you authorize us to request a copy of your credit report from one or more consumer agencies. Upon receiving your completed application, we will conduct a soft credit pull, which will not impact your credit score. You hereby authorize us to conduct a soft credit pull upon receipt of your application. You understand that after evaluating your completed application and soft pull credit report, we may determine not to offer credit to you. If we approve your application, we will conduct a hard credit pull, which might impact your credit score. You hereby authorize us to conduct a hard credit pull following the approval of your application.

You authorize us to request credit reports and other information about you from consumer reporting agencies and other sources for such purposes as: (a) determining whether to issue you a SoFi Credit Card Account, (b) administering, reviewing, and renewing the SoFi Card Account, (c) credit line increases or decreases, (d) collection and other servicing of the SoFi Credit Card Account, (e) offering other products, (f) services, and (g) for any other uses permitted by law. We may report negative information about your SoFi Credit Card Account payment history, like delinquencies, to consumer reporting agencies.

Cardholder Agreement

If you are approved for a SoFi Credit Card Account, you’ll receive the Cardholder Agreement. By activating your SoFi Credit Card Account, using the SoFi Everyday Cash Rewards Credit Card or making any payment to your Account, you are agreeing to be bound by the terms of the Cardholder Agreement. We have the right to make changes to the terms of your SoFi Credit Card Account (including rates and fees) in accordance with the Cardholder Agreement.

In New York, this Agreement begins on the first date that you sign a sales slip or memorandum evidencing the purchase of goods or services.

Credit Eligibility

To receive a SoFi Credit Card Account, you must meet certain applicable criteria bearing on creditworthiness. Your revolving credit limit may be determined based on the following:

Your annual salary and wages
Any other annual income
A review of your debt, including the debt listed on your credit report.
A review of your credit history and other factors deemed relevant by the issuer

We’ll inform you of your revolving credit limit when you’re approved for your SoFi Credit Card Account. Some credit limits may be as low as $500.

About Adding An Authorized User

Before adding an authorized user to your SoFi Credit Card Account you should know that:

You’re responsible for all charges made to your SoFi Credit Card Account by the authorized user
Authorized users have access to your SoFi Credit Card Account information
Before adding an authorized user, you must first let them know that we may report SoFi Credit Card Account performance to the credit reporting agencies in the authorized user’s name
A review of your credit history and other factors deemed relevant by the issuer

If we ask for information about the authorized user, you must obtain their permission to share their information with us and for us to share it as allowed by applicable law.

Additional Information

Any benefit, reward, service, or feature offered in connection with your Card Account may change or be discontinued at any time for any reason except as otherwise expressly indicated. SoFi Bank isn’t responsible for products and services offered by other companies.

SoFi Everyday Cash Rewards Credit Card Rewards Program

With the SoFi Everyday Cash Rewards Credit Card, you can earn rewards points for purchases made using your card, rewards offered through the SoFi Member Rewards Program, or other rewards offered from time to time, and you can redeem those rewards points for statement credits and other redemption methods offered through the SoFi Member Rewards Program. More details on SoFi Everyday Cash Rewards Credit Card Rewards can be foundhere.

SoFi Member Rewards Program

As a SoFi Member, you can earn points by using features across SoFi products that are designed to help you Get Your Money Right. When you elect to redeem Rewards Points toward active SoFi accounts, including but not limited to your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Automated Invest account, SoFi Credit Card account, SoFi Personal Loan, Private Student Loan, Student Loan Refinance, or toward SoFi Travel purchases, your Rewards Points will redeem at a rate of 1 cent per every point.

Mastercard World Benefits

You are also eligible for more rewards through the World Mastercard Benefits program when shopping with eligible merchants. More details on the World Mastercard Benefits program can be found here.

Fraud, Misuse, Abuse, or Suspicious Activity

If we see evidence of fraud, misuse, abuse, or suspicious activity, we’ll investigate and, if we determine that fraud, misuse or abuse has occurred, we may take action against you. This action may include, without limitation and without prior notice:

Taking away the rewards points you earned because of fraud, misuse, or abuse
Suspending or closing your SoFi Credit Card Account
Taking legal action to recover our monetary losses, including litigation costs and damages

Some examples of fraud, misuse, abuse and suspicious activity include:

Using your SoFi Credit Card Account in an abusive manner for the primary purpose of acquiring rewards points
Using your SoFi Credit Card Account other than primarily for personal, consumer, or household purposes

SoFi Bank reserves the right to take action, including but not limited to those actions enumerated above, based on your activity across any SoFi product, as well as external information received from SoFi third-party vendors, external bureaus, or industry referrals.

Special Notices

California Residents:
If married, you may apply for a separate account.

Delaware Residents:
Service charges not in excess of those permitted by law will be charged on the outstanding balances from month to month.

Ohio Residents:
The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.

Wisconsin Residents:
If you are applying for individual credit or joint credit with someone other than your spouse, and your spouse also lives in Wisconsin, combine your financial information with your spouse’s financial information. No provision of any marital property agreement, unilateral statement under Section 766.59 of the Wisconsin statutes or court order under section 766.70 adversely affects the interest of the lender, unless the lender, prior to the time credit is granted, is furnished a copy of the agreement, statement of decree or has actual knowledge of the adverse provision when the obligation to the lender is incurred. If married, you understand that your lender must inform your spouse if a credit account is opened for you.

Additional documents

As a reminder, the SoFi Everyday Cash Rewards Credit Card is a completely digital product. All written communications related to the card will be online or in electronic format. The following is a link to the SoFi Esign terms and conditions that you must agree to in connection with your application for the SoFi Everyday Cash Rewards Credit Card.

Apr

2025

SoFi Essential | Credit Karma $100

By Nicholas Wong | 1_Web_CreditCard | Comments Off

SoFi Essential Credit Card Terms & Conditions

SOFI CREDIT CARD TERMS OF OFFER INTEREST RATES AND INTEREST CHARGES
Annual Percentage Rate (APR) for Purchases	The standard variable APR for purchases is 32.99%, based on your creditworthiness. Your APR will vary with the market based on the Prime Rate.
Annual Percentage Rate (APR) for Balance Transfers	32.99%, based on your creditworthiness. Your APR will vary with the market based on the Prime Rate. SoFi is currently accepting Balance Transfers from recipients of promotional offers only. We will inform you when this feature is widely available.
Annual Percentage Rate (APR) for Cash Advances	30.74%. This APR will vary with the market based on the Prime Rate.
How to Avoid Paying Interest on Purchases	Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases made during the most recent billing cycle if you pay your entire balance (adjusted for any financing plan, if applicable) in full on or before the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date.
Minimum Interest Charge	If you are charged interest, the charge will be no less than $1.00.
For Credit Card Tips from the Consumer Financial Protection Bureau	To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/learnmore

FEES
Annual Fee	None
Transaction Fees Balance Transfer Fee Cash Advance Fee	The greater of $10 or 5% of the Balance Transfer The greater of $10 or 5% of the Cash Advance
Penalty Fees Late Payment Fee Returned Payment Fee	Up to $41 None

How We Will Calculate Your Balance

We use the “daily balance” method, including new transactions, to calculate the daily balance on which we will charge interest.

Loss of Introductory APR

We may revoke any promotional APR if you fail to make a payment of at least the minimum payment due within 60 days of the due date. Your new APR will be the Standard Purchase APR.

Bonus Terms

In order to receive the $100 bonus, your SoFi Essential Credit Card account must be in good standing, and you must spend $500 or more within 90 days of account opening. You will receive your bonus as a statement credit to your SoFi Essential Credit Card account. The following charges and transactions shall be excluded when calculating your total spend during the Promotion Period: reversed transactions, returned purchases, fees or interest charges, balance transfers or cash advances, purchase of traveler’s checks or other cash equivalents, purchase or reloading of prepaid cards, and quasi-cash transactions with certain categories of merchants. This offer does not change your responsibility to make the minimum monthly payment. Allow 45 days from qualifying for the statement credit to be posted to your SoFi Essential Credit Card account.

Variable Rates

Payment Allocation

SoFi Everyday Cash Rewards Credit Card Terms & Conditions

Identity Verification

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT

Credit Reports

Cardholder Agreement

In New York, this Agreement begins on the first date that you sign a sales slip or memorandum evidencing the purchase of goods or services.

Credit Eligibility

To receive a SoFi Credit Card Account, you must meet certain applicable criteria bearing on creditworthiness. Your revolving credit limit may be determined based on the following:

Your annual salary and wages
Any other annual income
A review of your debt, including the debt listed on your credit report.
A review of your credit history and other factors deemed relevant by the issuer

We’ll inform you of your revolving credit limit when you’re approved for your SoFi Credit Card Account. Some credit limits may be as low as $500.

About Adding An Authorized User

Before adding an authorized user to your SoFi Credit Card Account you should know that:

You’re responsible for all charges made to your SoFi Credit Card Account by the authorized user
Authorized users have access to your SoFi Credit Card Account information
Before adding an authorized user, you must first let them know that we may report SoFi Credit Card Account performance to the credit reporting agencies in the authorized user’s name
A review of your credit history and other factors deemed relevant by the issuer

If we ask for information about the authorized user, you must obtain their permission to share their information with us and for us to share it as allowed by applicable law.

Additional Information

SoFi Everyday Cash Rewards Credit Card Rewards Program

SoFi Member Rewards Program

Mastercard World Benefits

Fraud, Misuse, Abuse, or Suspicious Activity

Taking away the rewards points you earned because of fraud, misuse, or abuse
Suspending or closing your SoFi Credit Card Account
Taking legal action to recover our monetary losses, including litigation costs and damages

Some examples of fraud, misuse, abuse and suspicious activity include:

Using your SoFi Credit Card Account in an abusive manner for the primary purpose of acquiring rewards points
Using your SoFi Credit Card Account other than primarily for personal, consumer, or household purposes

Special Notices

California Residents:
If married, you may apply for a separate account.

Delaware Residents:
Service charges not in excess of those permitted by law will be charged on the outstanding balances from month to month.

Additional documents

Apr

2025

SoFi Helps Student Loan Borrowers Navigate Life Transitions with New Flexible Refinance Option

By Hanin Sukayri | | Comments Off

SoFi’s new nine month interest-only refinancing option enables people with student loans to lower monthly minimum payments when it matters most.

SoFi Technologies, Inc. (NASDAQ: SOFI) is making student loan repayment more flexible with the launch of SmartStart, a new refinance option. With SmartStart, people can put money they’d otherwise use on student loan payments in the first nine months towards supporting life transitions like finding a new job, relocating to a new city, or searching for a new home.

A recent Gallup survey found that 71% of student loan borrowers delayed at least one major life event, like buying a car or moving out of their parents’ home, because of their student loans.1 With SmartStart, members can refinance their student loans and pay only the interest for their first nine months. This keeps minimum monthly payments low and eases financial stress as they start their next chapter. For example, a member refinancing $50,000 in loans over a 10-year term could reduce their monthly payments by more than $3,000 during their first nine months.2 After the first nine months, members will start paying the principal and interest for the remainder of the loan. SmartStart loans come with SoFi’s competitive fixed interest rates and flexible terms of up to 20 years, providing members with control over the amount they pay each month and more predictability over their budgets.

“For the millions of people who borrow money to fund their education, paying down debt is a critical, but an often difficult step on the path to getting their money right,” said Anthony Noto, CEO of SoFi. “With SmartStart, members get lower payments in the early part of their loans as they make important life transitions. There are endless ways SoFi will innovate to help our members spend less than they make and invest the rest, and that’s exactly what we’re doing with SmartStart.”

Through competitive interest rates, no hidden fees, and flexible repayment options, SoFi members have saved thousands of dollars over the life of their loans. SoFi makes it easier for borrowers to lower their monthly payments, reduce their total interest costs, and pay off their loans faster. SoFi members also get access to benefits like financial planning tools, and member events, ensuring that refinancing isn’t just about saving money—it’s about setting yourself up for long-term success.

As of December 2024, SoFi has helped over 534,374 members refinance more than $45.8 billion in student loans. Demand for SoFi’s student loan offerings continued through the end of 2024, with student loan originations reaching $1.3 billion in the fourth quarter, a 71% year-over-year increase.

To learn more about Smart Start visit https://www.sofi.com/smart-start/

To check out SoFi’s full suite of student lending options visit https://www.sofi.com/refinance-student-loan/

About SoFi

SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its over 10.1 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.

SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

1 Gallup & Lumina Foundation. (2024). The State of Higher Education 2024 Report. Retrieved from https://news.gallup.com/poll/643328/student-loan-borrowers-delayed-major-life-events.aspx

2 Estimated monthly payments for the SmartStart loan are $269 per month and calculated using 6.47% APR (the average rate for all SoFi refinance loans from 2/28/24 to 2/28/25 plus 0.125%). Estimated monthly payments without SmartStart are $621 per month and 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. Actual rates 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-F

Apr

2025

SmartStart Student Loan Refinancing

By Erik Carlson | Uncategorized | Comments Off

Pay less on student debt now.
And save more cash for tomorrow.

View your rate

Checking won’t affect your credit score.

Refinance student loans to start with lower payments. And
put the cash you keep toward your savings.

View your rate

Checking won’t affect your credit score.

You could save from the start with lower partial payments.

Pay no principal for nine months¹ and keep more of your cash.

¹Pay only the monthly interest for the first 9 months, then start full principal and interest payments.
Your extra cash can go toward your savings.

Save the money you keep for an emergency or other need.
You could still save thousands overall.

A lower rate could take a big bite out of your interest costs.

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Real stories
from real grads.

550,000+
SoFi members have refinanced their student loans

$47 billion+
in student loans refinanced

4.2/5 stars
on Trustpilot
*4.2/5 star rating based on 10,308 reviews as of December 8, 2025. See trustpilot.com/review/sofi.com for more info.

How partial
payments work.

New to loans? Here’s
how principal and interest works. With SoFi SmartStart:

• You could skip paying principal for the first nine months.
So you start with lower payments and keep cash to add to your savings.
• This loan flexes with you. Because you can also pay toward your principal anytime, with no penalty.
• You could save thousands with a lower rate. And there are no fees required.
• You keep your existing grace period. Payments only begin when your grace period ends.
• For our most eligible borrowers. If you qualify for SoFi SmartStart, you’ll automatically get the option to select partial payments.

View your rate

Checking won’t affect your credit score.

What could you start with SoFi SmartStart?

SoFi 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:

1/3

Be ready for life’s surprises.

Establish a crucial savings account now, so you’re ready for what tomorrow brings.

View your rate

Checking won’t affect your credit score.

2/3

Save strategically.

Got a goal? Make a plan. Like saving for a move or prepping for a new job.

View your rate

Checking won’t affect your credit score.

3/3

Think ahead. Way ahead.

Contribute to a Roth IRA or other retirement investments.

View your rate

Checking won’t affect your credit score.

Find the right refi for you.

SoFi 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. Visit our SmartStart calculator to compare the terms of your existing loan to potential refinance options.

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:

*You may pay more interest over the life of a new SoFi loan if you refinance.

Get SoFi 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 SoFi 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 won’t 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 SoFi 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 SoFi 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 SoFi 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 SoFi 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 SoFi 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 SoFi 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 SoFi SmartStart loan with a cosigner?

Yes, SoFi SmartStart loans are available for cosigned loans. The same loan terms and eligibility requirements apply.

Can I choose a SoFi SmartStart loan with an interest-only period longer or shorter than 9 months?

Currently, the SoFi 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 SoFi 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 SoFi SmartStart loan available to all student loan refinancing types?

The SoFi SmartStart option is not available for Medical and Dental Residency refinance loans. However, it is available for all other types of student loan refinances.

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