New Hampshire Student Loan & Scholarship Information
Many students dream of heading east for college. If you are one of them, you might consider the White Mountain State. New Hampshire, with its mountains, forests, and coastal views, is home to many good colleges. To help afford your education, learn about the scholarships, grants, and student loan forgiveness options in New Hampshire.
Average Student Loan Debt in New Hampshire
As you’re thinking about New Hampshire for college, it’s smart to learn about the state’s average student loan debt. According to a 2023 report, 70% of New Hampshire college attendees have student loan debt, with an average balance of $39,928.
70%
of New Hampshire college
attendees have
student loan debt.
SoFi offers simple student loans that work for you.
New Hampshire Student Loans
Federal Student Loans
Federal student loans are provided by the U.S. Department of Education’s Direct Loan Program. If you take out a federal loan, the DOE is your lender. All federal student loans have fixed interest rates — which are generally lower than private loans’ — and carry fees between 1.057% and 4.228% that are deducted from the loan amount before disbursement.
To see which type of loans you may qualify for, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA®) to apply for financial aid for college or grad school. Be aware of your state’s deadline as well as the federal FAFSA deadline.
You should also review the deadlines for each college to which you are applying, as one college may define their deadline as the date you submit your FAFSA form, while another considers it to be the date on which your FAFSA is actually processed. FAFSA will then offer you a financial aid package, dependent on your college, that may include grants, work-study opportunities, and federal student loan options. It is important to note that not every student will qualify to receive federal aid.
Recommended: FAFSA Guide
Direct Subsidized Loans: These are for eligible undergraduate students who demonstrate financial need, and they help cover the costs of higher education at a college or career school. The federal government pays the interest on Direct Subsidized Loans while a student is in school at least half-time. Interest starts accruing on these loans after a six-month grace period once students graduate or if they drop below half-time enrollment.
Direct Unsubsidized Loans: Eligible undergraduate, graduate, and professional students may qualify for these loans. Eligibility is not based on financial need. The interest on these loans begins accruing immediately after funds are disbursed (meaning paid out).
Direct PLUS Loans: These loans are for parents of dependent undergraduate students who need help paying for education expenses not covered by other financial aid. Eligibility for this loan is not based on financial need, but it does require a credit check.
PLUS loans for graduate and professional students are being phased out. Only borrowers who already received these loans before June 30, 2026, can continue to borrow under their current terms through the 2028-29 academic year.
Recommended: Types of Federal Student Loans
Private Student Loans
Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-affiliated organizations. A key point to note: Private lenders follow a different set of regulations than federal loans, so their interest rates can vary widely. What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed.
Private lenders may require you to make payments on your loans while you are still in school. On the other hand, you don’t have to start paying back federal student loans until after you graduate, leave school, or change your enrollment status to less than half-time.
Unlike federal loans which can only be applied for within certain deadlines (once a year, and states have their own deadlines), private loans can be applied for on an as-needed basis. Even if you suspect you may need to take out a private loan, it’s still a smart move to submit your FAFSA before applying. That way, you can see what federal aid you may qualify for first.
If you’ve missed the FAFSA deadline and you’re struggling to pay for school throughout the year, private loans can potentially help you make your education payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
Scholarships & Grants
Who doesn’t love a gift? You may sometimes hear grants and scholarships referred to as gift aid. That’s because while grants or scholarships may have certain academic or other requirements to keep them, you usually don’t have to pay them back as you would with a loan. Whether you call that a gift, a windfall, or free money, it’s a huge help when it comes time to pay for higher education.
There are a few instances where you may have to pay back grant money, but typically only if certain requirements aren’t met. Generally, grants are need-based (meaning they are distributed due to your financial need), while scholarships are awarded based on merit (such as academic, athletic, or artistic achievement).
There is no one-size-fits-all grant or scholarship amount or requirements, and both scholarships and grants can come from a variety of entities (including private organizations and federal or state governments).
Some scholarships or grants can be for a small amount that may help you pay for your books or research supplies, but others can cover the entire cost of your education. That means tuition, room and board, and the extras. Which is a very good thing. Who knew parking passes could be so expensive?
New Hampshire Scholarships & Grants
If you are looking for scholarships for New Hampshire students, look no further. Here is a list of scholarship opportunities in the state that could help you pay for college.
New Hampshire Charitable Foundation Scholarships
The New Hampshire Charitable Foundation offers a variety of scholarship opportunities and is the largest provider of publicly available scholarships in New Hampshire. They award more than $8 million to more than 1,800 promising students each year. Applicants fill out one application and are matched with all scholarship opportunities for which they qualify.
Raymond K. Conley Memorial Scholarship
Students pursuing a career in physical or mental rehabilitation may want to apply for this $500 scholarship from the New Hampshire American Legion. They must have been a resident of New Hampshire for at least three years in order to qualify and be able to prove acceptance to a four-year college or two-year vocational school.
Presidential Scholarship
If you attend the University of New Hampshire you can apply for this merit-based renewable scholarship that awards $5,000 annually to eligible first-year New Hampshire residents, and $9,000 annually to eligible non-residents.
Dean’s Scholarship
First-year applicants at the University of New Hampshire may be eligible for this renewable merit-based scholarship that awards $3,000 to qualifying New Hampshire residents and $7,000 to qualifying non-residents.
ACEC-NH Scholarship Program
This is a scholarship program from the American Council of Engineering Companies of New Hampshire for children of employees of member firms who plan to pursue an education in engineering, geology or a related program. Eligible students must be New Hampshire residents, and if selected, they can use the $2,000 award at any four-year college or graduate school of their choosing.
New Hampshire Society of Professional Engineers (NHSPE) State Scholarship Program
Scholarships through the NHSPE State Scholarship program are designed for eligible engineering students in order to encourage career development at the state level in the disciplines of general civil, structural, mechanical, and electrical engineering. Applicants must be residents of New Hampshire. The awards, which are based on financial need, academic achievement, and community involvement, have a minimum value of $1,000.
Get low-rate in-school loans that work for you.
New Hampshire Student Loan Repayment & Forgiveness Programs
If you’ve taken out student loans to attend a school in New Hampshire, it is never too early to start thinking about your repayment plan. And guess what? You have a few repayment options at your disposal.
Under the 2025 domestic policy bill, the standard student loan repayment term is between 10 and 25 years, based on the loan amount. Federal student loan interest rates vary based on what year you receive the loan.
For the 2025-2026 school year, the federal student loan interest rate is 6.39% for Direct Subsidized and Unsubsidized Loans for undergraduates, 7.94% for Direct Unsubsidized Loans for graduate and professional students, and 8.94% for Direct PLUS loans for parents and graduate or professional students.
For private loans, terms and conditions such as interest rates are set by the lender and vary due to many factors. Federal student loans typically offer the lowest interest rates and more flexible repayment options as compared to private student loans.
10-30
Years
New federal student loan repayment terms,
depending on the loan amount,
beginning July 2026.
Federal Student Loan Repayment Options
The U.S. domestic policy bill that was passed in July 2025 eliminates a number of federal repayment plans. Because current borrowers may remain in the plans, we are including them here. But for borrowers taking out their first loans on or after July 1, 2026, there will be only two repayment options: The Standard and an income-driven plan. You can learn more about your repayment options for federal student loans here.
Standard Repayment Plan
This plan will continue to be available in a modified form. Most borrowers were eligible for the original plan, which had a 10-year repayment period. Borrowers often paid less over time than with other plans because the loan term was shorter. (Typically, less interest accrues over shorter loan terms than longer ones if payments are made in full and on-time.) For loans taken out on or after July 1, 2026, the repayment term will range from 10 to 25 years based on the loan amount.
Repayment Assistance Program
This new program is similar to previous income-driven plans, which tied payments to income levels and household size. Payments range from 1% to 10% of adjusted gross income over a term up to 30 years. At that point, any remaining debt will be forgiven. If your monthly payment doesn’t cover the interest owed, the interest will be cancelled.
Graduated Repayment Plan
This plan will be closed to new loans made on or after July 1, 2026. Most borrowers were eligible for this plan, which allowed them to pay their loans off over 10 years. Payments started relatively low, then increased over time (usually every two years). Current borrowers in this plan will continue to make payments according to the plan’s graduated structure.
Extended Repayment Plan
This plan will be closed to new loans made on or after July 1, 2026. To qualify for this plan, you must have had more than $30,000 in outstanding Direct or FFEL loans. Monthly payments on the Extended Repayment Plan were typically lower than under the 10-year Standard Plan or the Graduated Repayment Plan, because borrowers had a longer period to pay them off (and therefore made more interest payments). Current borrowers in this plan will continue to make payments according to the plan’s extended term.
Saving on a Valuable Education (SAVE)
This plan is scheduled to be eliminated by June 30, 2028. Most student borrowers were eligible for this plan. The SAVE Plan lowered payments for almost all borrowers compared to other income-driven plans because payments were based on a smaller portion of your adjusted gross income (AGI). In addition, any remaining balance would be forgiven after 20 years. Current borrowers in this plan may transition into the new Standard Repayment Plan or Repayment Assistance Program (RAP) beginning July 1, 2026.
Income-Based Repayment (IBR)
IBR is available to anyone currently in an income-driven plan that’s scheduled to close. It was designed for borrowers who have a high debt relative to their income. Monthly payments were never higher than the 10-year Standard Plan amount. Generally, however, borrowers paid more over time than under the Standard Plan.
Still not sure which payment plan is right for you?
For more information on repayment plans, check out our Student Loan Repayment Options article to help add some clarity.
Granted, it’s not always easy to pay loans back on time. When it comes to student loan default, 10% to 20% of student loans are typically in default. To help you avoid being among those who default on your student loans, let’s take a look at refinancing options.
Student Loan Refinancing
One option to potentially help accelerate student loan repayment is to refinance your student loans with a private lender. Some private lenders, like SoFi, will let you consolidate and refinance both your federal and private student loans into one loan and a single interest rate. It’s a great way to streamline your bill paying and financial life in general.
Consolidating your loans (aka combining them) under one lender gives you the opportunity to refinance your loan and get a new term and interest rate. If you have an improved financial profile compared to when you took out your original loan, you may be able to lower your interest rate when you refinance, or shorten your term to pay off your loan more quickly.
But it is important to remember that if you refinance federal student loans with a private lender, you will lose access to federal programs such as the income-driven repayment plans mentioned above, as well as student loan forgiveness and forbearance options.
Student Loan Forgiveness
At first glance, student loan forgiveness looks appealing, but it is not easily attainable. That being said, there are state-specific and federal Public Service Loan Forgiveness programs that certain student loan borrowers may be eligible for.
Before you review your options, it’s important to know that the terms forgiveness, cancellation, and discharge essentially mean the same thing when it comes to federal student loans, but are applied in different scenarios. For example, if you are no longer required to make loan payments due to your job, that could fall under forgiveness or cancellation.
Or, if the school you received your loans at closed before you graduated, this situation would generally be called a discharge.
Even if you don’t complete your education, can’t find a job, or are unhappy with the quality of your education, you must repay your loans. But there are circumstances that may lead to federal student loans being forgiven, canceled, or discharged. Here are some of those options:
Public Service Loan Forgiveness (PSLF)
The PSLF Program may forgive the remaining balance on eligible Direct Loans, after 120 qualified monthly payments are made under a repayment plan (and working with a qualifying employer).
Teacher Loan Forgiveness
Those who teach full-time for five complete and consecutive academic years in a low-income school or educational service agency may be eligible for forgiveness of up to $17,500 on select federal loans.
Perkins Loan Cancellation
Cancellation for this specific loan is based on eligible employment or volunteer service and length of service, among other factors.
Total and Permanent Disability Discharge
Qualification may relieve eligible borrowers from repaying a qualifying Direct Loan, a Federal Family Education Loan (FFEL) Program loan, and/or a Federal Perkins Loan or a TEACH Grant service obligation.
Death Discharge
Due to the death of the borrower or of the student on whose behalf a PLUS loan was taken out, federal student loans may be discharged.
Bankruptcy Discharge
Certain eligible borrowers may have federal student loans discharged if they file a separate action during bankruptcy, known as an “adversary proceeding.”
Closed School Discharge
Borrowers who were unable to complete an academic program because their school closed might be eligible for a discharge of Direct Loans, Federal Family Education Loan (FFEL) Program loans, or Federal Perkins Loans.
New Hampshire Specific Student Loan Forgiveness Programs
Federal loan forgiveness programs are a logical place to start, but it can be smart to also consider other student loan forgiveness programs. There are forgiveness programs tailored to loan borrowers who live in certain locations, or have an in-demand and service-based vocation.
Law School Loan Repayment Assistance Program
Eligible attorneys with outstanding law school loans may apply for this forgiveness program. They must practice at NH Legal Assistance, 603 Legal Aid, or the Disabilities Rights Center (DRC) to qualify. Recipients may receive a maximum amount of $8,000 annually.
New Hampshire State Loan Repayment Program
This repayment program provides money to eligible health care professionals who work in areas of New Hampshire that are determined to be medically underserved. Recipients must commit to work for a minimum of three years (or two years if part-time) in those areas in order to receive funding. Award amounts vary based on the type of healthcare provider and length of service.
SoFi Private Student Loans
In the spirit of transparency, we want you to know that you should exhaust all of your federal grant and loan options before you consider a SoFi private student loan.
We believe that it is in each student’s best interest to look at federal financing options first in order to find the right financial aid package for them.
If you do decide a private student loan is the right fit for your educational needs, we’re happy to help! SoFi’s private student loan application process is easy and fast. We offer flexible payment options and terms, and there are no origination or late fees.
Read more
Liz Looks at: Markets With Fresh Eyes
Fresh Eyes, Fresh Highs
I’m back from spending a few months with our beautiful new baby boy, and somehow it seems like even though much has changed, much has stayed the same. After having the opportunity to step back from the constant stream of headlines, the intraday swings in bond yields, the whipsaws of sentiment, and the ever-present fixations on Fed statements, I can confirm that an occasional change of pace is essential for us as investors — and humans.
Since we can’t take a few months off every year, we’ll have to find other ways to look through a fresh lens. I’ve always understood the virtue of seeing the bigger picture and being patient, but perhaps I didn’t fully appreciate the benefits until now.
When I went on leave in mid-March, tariffs were a looming idea and growth stocks were actually dragging markets down. Fast forward five months and growth stocks are once again the darlings that drive all good things, and markets are at all-time highs.
If I had gone to sleep in March and woken up today, it would appear that very little had happened except a rotation back into megacaps. But knowing that much more has transpired is exactly why lengthening our reaction time can be one of the most beneficial skills to learn as market participants.
Bargains Be Gone
Two of the big things that haven’t changed are: Valuations are high, and valuations are a poor timing mechanism. Given that the S&P 500 is in the 94th percentile of its historical valuation (since 1995), it’s no wonder this is still a major story. However, it was in the 78th percentile before I went on leave, dropped only to the 74th percentile in April, and has since gone even higher. Had we made investment decisions based on this metric for the past four months, we would’ve missed a lot of upside.
Forward P/E Percentile Ranks
The reality of the situation is that enthusiasm and forward-looking momentum will almost always be a stronger force than valuations. Rather than looking for reasons to talk ourselves out of the enthusiasm (guilty as charged), we need to remember that runs like this can go on for extended periods of time before the valuation police finally make an arrest.
Back in the late 90s, markets saw five consecutive years of 20% or greater returns before a multi-year downtrend. Five years straight! And in three of those five years, there was an intrayear drawdown of more than 10%… because that’s normal. How often do you think valuations were mentioned as a reason to avoid the top stocks? Probably too many to count.
Be Active, Not Reactive
Markets at these levels are difficult to impress and easy to disappoint — and investors should approach their decision-making from the same headspace. The main risks to avoid are overconcentration and chasing performance, because it doesn’t take much to give the broad indices a violent shake, as we saw last Friday after one disappointing jobs report.
The problem isn’t the shakeout itself — in fact a few shakeouts from these highs would be healthy in my opinion — the problem is our knee-jerk reactions to it that leave us wishing we woulda/coulda/shoulda.
Being active as an investor doesn’t necessarily mean doing your own stock picking or only buying actively managed funds. It means being mindful of your exposure and your entry or exit points. With the 10 largest stocks in the S&P 500 now making up 42% of its overall market cap, many investors are concentrated in these names whether they intend to be or not. This makes managing your concentration risk more important right now.
Weight of Top 10 Stocks in the S&P 500
Additionally, investors are jumpy. I say that because when we look at implied volatility (what the options market expects volatility to be over the next 30 days) versus realized volatility (how big the market swings have actually been) we can see that markets expect higher volatility than what we’ve seen lately.
S&P 500 30-Day Volatility
This is a time of year when volatility tends to pick up for a variety of reasons. Last year, we saw a swift market drawdown during this exact same period. It was also after a weak jobs report and was exacerbated by trouble in Japan. No one can explain exactly why things tend to upset markets during August and September, but sometimes simply the expectation of market turmoil can cause more market turmoil.
There will always be warning signs and risks, but for now those are either too uncertain to act upon, or too early to ring the alarm bell about. We still believe markets can remain resilient even in the face of increased 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. Liz Thomas 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.
OTM2025080801
Read moreVermont Student Loan & Scholarship Information
It’s no surprise that students from around the country flock to schools in The Great Mountain State. Vermont may be known for its great outdoors and delicious maple syrup, but in addition, the state has some great financial aid opportunities for college students. Learn about the Vermont grants, student loans, and scholarships that could make paying for college easier.
Average Student Loan Debt in Vermont
You may be curious about the average student loan debt in Vermont. According to a 2023 report, 57% of Vermont college attendees have student loan debt, with an average balance of $34,866.
57%
of Vermont college attendees
have student debt.
SoFi offers simple student loans that work for you.
Vermont Student Loans
Federal Student Loans
Federal student loans are provided by the U.S. Department of Education’s Direct Loan Program. If you take out a federal loan, the DOE is your lender. All federal student loans have fixed interest rates — which are generally lower than private loans’ — and carry fees between 1.057% and 4.228% that are deducted from the loan amount before disbursement.
To see which type of loans you may qualify for, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA®) to apply for financial aid for college or grad school. Be aware of your state’s deadline as well as the federal FAFSA deadline.
You should also review the deadlines for each college to which you are applying, as one college may define their deadline as the date you submit your FAFSA form, while another considers it to be the date on which your FAFSA is actually processed. FAFSA will then offer you a financial aid package, dependent on your college, that may include grants, work-study opportunities, and federal student loan options. It is important to note that not every student will qualify to receive federal aid.
Recommended: FAFSA Guide
Direct Subsidized Loans: These are for eligible undergraduate students who demonstrate financial need, and they help cover the costs of higher education at a college or career school. The federal government pays the interest on Direct Subsidized Loans while a student is in school at least half-time. Interest starts accruing on these loans after a six-month grace period once students graduate or if they drop below half-time enrollment.
Direct Unsubsidized Loans: Eligible undergraduate, graduate, and professional students may qualify for these loans. Eligibility is not based on financial need. The interest on these loans begins accruing immediately after funds are disbursed (meaning paid out).
Direct PLUS Loans: These loans are for parents of dependent undergraduate students who need help paying for education expenses not covered by other financial aid. Eligibility for this loan is not based on financial need, but it does require a credit check.
PLUS loans for graduate and professional students are being phased out. Only borrowers who already received these loans before June 30, 2026, can continue to borrow under their current terms through the 2028-29 academic year.
Recommended: Types of Federal Student Loans
Private Student Loans
Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-affiliated organizations. A key point to note: Private lenders follow a different set of regulations than federal loans, so their interest rates can vary widely. What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed.
Private lenders may require you to make payments on your loans while you are still in school. On the other hand, you don’t have to start paying back federal student loans until after you graduate, leave school, or change your enrollment status to less than half-time.
Unlike federal loans which can only be applied for within certain deadlines (once a year, and states have their own deadlines), private loans can be applied for on an as-needed basis. Even if you suspect you may need to take out a private loan, it’s still a smart move to submit your FAFSA before applying. That way, you can see what federal aid you may qualify for first.
If you’ve missed the FAFSA deadline and you’re struggling to pay for school throughout the year, private loans can potentially help you make your education payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
Scholarships & Grants
Who doesn’t love a gift? You may sometimes hear grants and scholarships referred to as gift aid. That’s because while grants or scholarships may have certain academic or other requirements to keep them, you usually don’t have to pay them back as you would with a loan. Whether you call that a gift, a windfall, or free money, it’s a huge help when it comes time to pay for higher education.
There are a few instances where you may have to pay back grant money, but typically only if certain requirements aren’t met. Generally, grants are need-based (meaning they are distributed due to your financial need), while scholarships are awarded based on merit (such as academic, athletic, or artistic achievement).
There is no one-size-fits-all grant or scholarship amount or requirements, and both scholarships and grants can come from a variety of entities (including private organizations and federal or state governments).
Some scholarships or grants can be for a small amount that may help you pay for your books or research supplies, but others can cover the entire cost of your education. That means tuition, room and board, and the extras. Which is a very good thing. Who knew parking passes could be so expensive?
Vermont Scholarships & Grants
There are grants for college students in Vermont to consider before taking out loans. There are even specific Vermont scholarships you can apply for if you’re a Vermont resident. Here are a few of those options.
VSAC-Assisted Scholarships
More than 150 scholarships are available to qualifying Vermont residents thanks to these scholarships from the Vermont Student Assistance Corporation. For a start, recipients must be Vermont residents, but they don’t have to attend school in Vermont to qualify.
Vermont John H. Chafee Education and Training Scholarship
Young adults who have been in the foster care system may apply for this scholarship which helps students prepare for job training programs or college. There are no number of credit requirements for this scholarship and eligible students can be enrolled in any program. Scholarship amounts typically range from $1,000 to $3,000.
Armed Services Scholarship
Two scholarships are offered to members of the armed services and their family members. This program provides free tuition to Vermont colleges for the families of Vermont National Guard (VTNG), U.S. active reserve, or active armed services members who have died while on either active or inactive duty.
Vermont Grant
This grant for undergraduate study is awarded to eligible full-time or part-time students in Vermont. Award amounts depend on available funding and the recipient’s financial situation.
Advancement Grant
Students who are attending a non-degree course or program in Vermont may be eligible, as long as their current studies improve their ability to get a job or encourage further study. Grant amounts vary by student and by year based on available funding.
Get low-rate in-school loans that work for you.
Vermont Student Loan Repayment & Forgiveness Programs
If you’ve taken out student loans to attend a school in Vermont, it is never too early to start thinking about your repayment plan. And guess what? You have a few repayment options at your disposal.
Under the 2025 domestic policy bill, the standard student loan repayment term is between 10 and 25 years, based on the loan amount. Federal student loan interest rates vary based on what year you receive the loan.
For the 2025-2026 school year, the federal student loan interest rate is 6.39% for Direct Subsidized and Unsubsidized Loans for undergraduates, 7.94% for Direct Unsubsidized Loans for graduate and professional students, and 8.94% for Direct PLUS loans for parents and graduate or professional students.
For private loans, terms and conditions such as interest rates are set by the lender and vary due to many factors. Federal student loans typically offer the lowest interest rates and more flexible repayment options as compared to private student loans.
10-30
Years
New federal student loan repayment terms,
depending on the loan amount,
beginning July 2026.
Federal Student Loan Repayment Options
The U.S. domestic policy bill that was passed in July 2025 eliminates a number of federal repayment plans. Because current borrowers may remain in the plans, we are including them here. But for borrowers taking out their first loans on or after July 1, 2026, there will be only two repayment options: The Standard and an income-driven plan. You can learn more about your repayment options for federal student loans here.
Standard Repayment Plan
This plan will continue to be available in a modified form. Most borrowers were eligible for the original plan, which had a 10-year repayment period. Borrowers often paid less over time than with other plans because the loan term was shorter. (Typically, less interest accrues over shorter loan terms than longer ones if payments are made in full and on-time.) For loans taken out on or after July 1, 2026, the repayment term will range from 10 to 25 years based on the loan amount.
Repayment Assistance Program
This new program is similar to previous income-driven plans, which tied payments to income levels and household size. Payments range from 1% to 10% of adjusted gross income over a term up to 30 years. At that point, any remaining debt will be forgiven. If your monthly payment doesn’t cover the interest owed, the interest will be cancelled.
Graduated Repayment Plan
This plan will be closed to new loans made on or after July 1, 2026. Most borrowers were eligible for this plan, which allowed them to pay their loans off over 10 years. Payments started relatively low, then increased over time (usually every two years). Current borrowers in this plan will continue to make payments according to the plan’s graduated structure.
Extended Repayment Plan
This plan will be closed to new loans made on or after July 1, 2026. To qualify for this plan, you must have had more than $30,000 in outstanding Direct or FFEL loans. Monthly payments on the Extended Repayment Plan were typically lower than under the 10-year Standard Plan or the Graduated Repayment Plan, because borrowers had a longer period to pay them off (and therefore made more interest payments). Current borrowers in this plan will continue to make payments according to the plan’s extended term.
Saving on a Valuable Education (SAVE)
This plan is scheduled to be eliminated by June 30, 2028. Most student borrowers were eligible for this plan. The SAVE Plan lowered payments for almost all borrowers compared to other income-driven plans because payments were based on a smaller portion of your adjusted gross income (AGI). In addition, any remaining balance would be forgiven after 20 years. Current borrowers in this plan may transition into the new Standard Repayment Plan or Repayment Assistance Program (RAP) beginning July 1, 2026.
Income-Based Repayment (IBR)
IBR is available to anyone currently in an income-driven plan that’s scheduled to close. It was designed for borrowers who have a high debt relative to their income. Monthly payments were never higher than the 10-year Standard Plan amount. Generally, however, borrowers paid more over time than under the Standard Plan.
Still not sure which payment plan is right for you?
For more information on repayment plans, check out our Student Loan Repayment Options article to help add some clarity.
Granted, it’s not always easy to pay loans back on time. When it comes to student loan default, 10% to 20% of student loans are typically in default. To help you avoid being among those who default on your student loans, let’s take a look at refinancing options.
Student Loan Refinancing
One option to potentially help accelerate student loan repayment is to refinance your student loans with a private lender. Some private lenders, like SoFi, will let you consolidate and refinance both your federal and private student loans into one loan and a single interest rate. It’s a great way to streamline your bill paying and financial life in general.
Consolidating your loans (aka combining them) under one lender gives you the opportunity to refinance your loan and get a new term and interest rate. If you have an improved financial profile compared to when you took out your original loan, you may be able to lower your interest rate when you refinance, or shorten your term to pay off your loan more quickly.
But it is important to remember that if you refinance federal student loans with a private lender, you will lose access to federal programs such as the income-driven repayment plans mentioned above, as well as student loan forgiveness and forbearance options.
Student Loan Forgiveness
At first glance, student loan forgiveness looks appealing, but it is not easily attainable. That being said, there are state-specific and federal Public Service Loan Forgiveness programs that certain student loan borrowers may be eligible for.
Before you review your options, it’s important to know that the terms forgiveness, cancellation, and discharge essentially mean the same thing when it comes to federal student loans, but are applied in different scenarios. For example, if you are no longer required to make loan payments due to your job, that could fall under forgiveness or cancellation.
Or, if the school you received your loans at closed before you graduated, this situation would generally be called a discharge.
Even if you don’t complete your education, can’t find a job, or are unhappy with the quality of your education, you must repay your loans. But there are circumstances that may lead to federal student loans being forgiven, canceled, or discharged. Here are some of those options:
Public Service Loan Forgiveness (PSLF)
The PSLF Program may forgive the remaining balance on eligible Direct Loans, after 120 qualified monthly payments are made under a repayment plan (and working with a qualifying employer).
Teacher Loan Forgiveness
Those who teach full-time for five complete and consecutive academic years in a low-income school or educational service agency may be eligible for forgiveness of up to $17,500 on select federal loans.
Perkins Loan Cancellation
Cancellation for this specific loan is based on eligible employment or volunteer service and length of service, among other factors.
Total and Permanent Disability Discharge
Qualification may relieve eligible borrowers from repaying a qualifying Direct Loan, a Federal Family Education Loan (FFEL) Program loan, and/or a Federal Perkins Loan or a TEACH Grant service obligation.
Death Discharge
Due to the death of the borrower or of the student on whose behalf a PLUS loan was taken out, federal student loans may be discharged.
Bankruptcy Discharge
Certain eligible borrowers may have federal student loans discharged if they file a separate action during bankruptcy, known as an “adversary proceeding.”
Closed School Discharge
Borrowers who were unable to complete an academic program because their school closed might be eligible for a discharge of Direct Loans, Federal Family Education Loan (FFEL) Program loans, or Federal Perkins Loans.
Vermont Specific Student Loan Forgiveness Programs
Federal loan forgiveness programs are a logical place to start, but it can be smart to also consider other student loan forgiveness programs. There are forgiveness programs tailored to loan borrowers who live in certain locations, or have an in-demand and service-based vocation.
Vermont Educational Loan Repayment Program
In exchange for service commitments in Vermont by eligible health care professionals, including physicians, dentists, physician assistants, those who qualify can receive loan repayment assistance. Recipients must have outstanding educational debt that they acquired while pursuing an undergraduate or graduate degree from an accredited college or university that exceeds the amount of the loan repayment award.
Vermont Educational Loan Repayment Program for Dentists
This repayment program focuses on eligible dentists, but similarly to other programs mentioned is funded by federal State Loan Repayment Program (SLRP), state, and local funds. Award amounts can go as high as $20,000 a year.
The Student Loan Repayment Assistance Program for Early Childhood Educators
This program provides up to $4,000 a year to reduce the student loan debt of full-time educators in Vermont who earned an early childhood-related degree and commit to working in an early childhood education program in the state for at least 12 months.
SoFi Private Student Loans
In the spirit of transparency, we want you to know that you should exhaust all of your federal grant and loan options before you consider a SoFi private student loan.
We believe that it is in each student’s best interest to look at federal financing options first in order to find the right financial aid package for them.
If you do decide a private student loan is the right fit for your educational needs, we’re happy to help! SoFi’s private student loan application process is easy and fast. We offer flexible payment options and terms, and there are no origination or late fees.
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College Planning Guide for Parents
College Planning Guide for Parents
of High School Students
Need help with the college planning process?
We’ve put together a comprehensive guide to help parents through every step of the college planning process. From starting the college conversation to visiting campuses, our tools and resources will help answer questions you may have about helping your child get a college education.
For starters, you might want to check out our College Planning Checklist that outlines some initial steps before you hop into the rest of our guide. If your children are years away from applying to college, start planning early with our tips for How to Set Up a College Fund.
Figuring Out How to Pay for College
If you’re already looking at colleges for your child, you might think it’s too late to start thinking about saving. However, there are a number of things you can do to shore up your finances while your child is still in high school.
Choosing a School and Major
Your child might need some help when it comes to figuring out which school or program will work best for their goals and your family’s financial situation. Learn more about how to help them make the right choice.
Helping Your Child With Tests and Applications
The college application process can be overwhelming. Below are some resources to help your child
get ready for tests and apply (and hopefully get accepted!) to the perfect school.
Financial Aid 101
Learn more about the financial aid options available for your child — including both federal and private student loans.
Questions about paying for college? Speak with a specialist.
Know your options and break down your financial aid package with someone who gets it.
Schedule a call today — there’s no cost or commitment, just solid advice.
Student Loan Information
Thinking about using student loans to help afford your child’s tuition? Read the articles below to get more information on different types of student loans that may work for your family.
What you need to know about student loans, grants, and scholarships.
Depending on where your school is, you have different options when it comes to getting the money you need to pay for school. Here are some resources to help.
Select your state to get started:
Move-In Day and Beyond
Even after you’ve said your goodbyes, your child may need a bit of help getting adjusted. Here are some ways you can continue to support your child during their first weeks of school.
Frequently asked questions
Fast and Easy Private Student Loans
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
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College Planning Guide for High School Students
College Planning Guide for High School Students
Ready for the Next Chapter
“Thank you!” That’s what your future self will likely say for taking the time to learn about applying to college now. After all, the process — researching schools, submitting applications, figuring out how to pay for school — is hardly quick and simple.
In fact,“Project: Get Into College” may come to feel like a part-time job at times. Even reading this guide, which lays out some of the basics of what you’ll need to know and do, may seem overwhelming. That’s why you’ll probably want to break down the process into manageable chunks, including reading this guide. Our recommendation: skim it first, bookmark it, and then come back as questions come up.
If you’re prepping for college with a little help from Mom and Dad, ask them to check out our College Planning Guide for Parents!
Basic Prep for Juniors and Seniors
Check out some helpful tips for getting the most out of high school and making smart choices — before you even start applying to colleges.
What to Know When You’re Applying
Where should you go to college, and how many schools should you apply to? We’ll answer these questions and more. You can first start by taking our Quiz: What College Should I Go to?
We’re here to help.
If you have questions about SoFi’s Private Student Loans, call us at 855-456-SOFI (7634) Mon.–Thu. 5am–7pm PT, and Fri.–Sun. 5am–5pm PT. Our agents can answer your questions and walk you through the process.
Figuring Out How to Pay for College
If college is in your future, you’ll need to take a good look at your finances. These resources will help you get a better understanding of how you’ll pay for college, starting with the basics.
What you need to know about student loans, grants, and scholarships.
Depending on where your school is, you have different options when it comes to getting the money you need to pay for school. Here are some resources to help.
Select your state to get started:
Filling Out the FAFSA
The Free Application for Federal Student Aid (FAFSA) is the form students must complete to apply for federal financial aid for college, including grants, work-study, and loans. Learn everything you need to know about the FAFSA, including what it stands for and when you need to fill it out.
Making Your College Decision
A lot goes into making your choice on a school. These articles can help you navigate the next steps once your applications are sent and your offer letters start rolling in.
Get Started With a Private Student Loan
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
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