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

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

Week Ahead on Wall Street: Titans Report

By Mario Ismailanji | | Comments Off

Guiding Through the Storm

Financial markets are bracing for the most intense week of the S&P 500 earnings season, with results due from 184 companies (37% of the entire index). Critically, this wave includes reports from tech titans like Meta, Microsoft, Amazon, and Apple, whose capital expenditures and innovation have helped drive markets higher over the last few years. This earnings deluge arrives against a backdrop of significant global trade friction, which has injected considerable uncertainty into the economic forecast. It has also stoked fear of a recession, which betting markets now consider more likely than not in 2025.

The raw earnings numbers, while important, will compete with executive commentary for investor attention. Tariffs directly impact supply chains, input costs, and demand – and investors will be laser-focused on how management teams are navigating these challenges. Are cost pressures being absorbed, or passed on through price increases? Are companies seeing signs of shifting consumer and business behavior? Already, some have noted the difficulty in forecasting amidst such policy uncertainty, giving any forward-looking statements – or lack thereof – outsized significance this week.

While first-quarter results will largely reflect a pre-tariff environment period for many, the insights gleaned from management calls about current conditions and expectations will be paramount. The sheer volume of reports, the influence of the tech behemoths reporting, and the ongoing trade policy drama will combine to make the upcoming week a crucial juncture for assessing corporate health and the broader economic trajectory for the rest of this year.

Economic and Earnings Calendar

Monday

• April Dallas Fed Manufacturing Activity: This is the Dallas Fed’s survey of manufacturing executives in the region on business conditions and their outlook.

• Earnings: Alexandria Real Estate Equities (ARE), Brown & Brown (BRO), Cadence Design Systems (CDNS), Cincinnati Financial (CINF), Domino’s Pizza (DPZ), F5 Networks (FFIV), Nucor (NUE), NXP Semiconductors (NXPI), Roper Technologies (ROP), PerkinElmer (RVTY), SBA Communications (SBAC), Teradyne (TER), Universal Health Services (UHS), Welltower (WELL), Waste Management (WM)

Tuesday

• March Wholesale Inventories and Sales: Wholesalers often operate as an intermediary between manufacturers and retailers, serving as a key part of the goods supply chain.

• March Wholesale and Retail Inventories: Wholesalers and retailers often operate as intermediaries for the sale of manufactured products, serving as a key part of the goods supply chain.

• February FHFA House Price Index: This is a broad measure of single-family house prices released by the Federal Housing Finance Agency.

• February S&P CoreLogic Case-Shiller Home Price Index: This is a private sector measure of national home prices. After a period of slight decline in the second half of 2022 and early 2023, the index returned to growth and is now at record highs.

• March Job Openings: A key measure of business demand for labor is the number of job openings, since reducing openings is easier and preferable to layoffs.

• April Conference Board Consumer Confidence: How consumers feel about economic conditions affect their spending habits. This survey places a particular focus on job availability and the state of the labor market.

• April Dallas Fed Non-Manufacturing Activity: This is the Dallas Fed’s survey of services executives in the region on business conditions and their outlook.

• Earnings: Arch Capital Group (ACGL), American Tower (AMT), A O Smith (AOS), Booking Holdings (BKNG), Boston Properties (BXP), CoStar Group (CSGP), Caesars Entertainment (CZR), Ecolab (ECL), Edison International (EIX), Equity Residential (EQR), Essex Property Trust (ESS), Entergy (ETR), Expand Energy Corporation (EXE), Extra Space Storage (EXR), Fair Isaac (FICO), First Solar (FSLR), Corning (GLW), General Motors (GM), Hilton Worldwide Holdings (HLT), Honeywell International (HON), Incyte (INCY), Kraft Heinz (KHC), Coca-Cola (KO), Laboratory of America Holdings (LH), Mondelez International (MDLZ), Altria Group (MO), ONEOK (OKE), PACCAR (PCAR), Pfizer (PFE), PPG Industries (PPG), PayPal (PYPL), Royal Caribbean Cruises (RCL), Regency Centers (REG), Regeneron Pharmaceuticals (REGN), Starbucks (SBUX), Sherwin-Williams (SHW), S&P Global (SPGI), Seagate Technologies (STX), Sysco (SYY), United Parcel Service (UPS), Visa (V), Veralto Corporation (VLTO), Xylem (XYL), Zebra Technologies (ZBRA)

Wednesday

• April ADP Employment Report: This survey, usually released a day or two before the official government jobs report, offers insight into private sector employment trends.

• 1Q GDP First Estimate: The primary measure of economic activity in the United States, which is measured as total expenditure on a country’s goods and services.

• 1Q Employment Cost Index: This is the most comprehensive measure of worker compensation, including wages, bonuses, benefits and more.

• April Chicago Business Barometer: The barometer provides information on U.S. economic activity and business conditions, consisting of seven activity indicators and three buying policy indicators.

• March Personal Income and Spending: These numbers give insight into how Americans are doing, which is important since consumer spending accounts for about two-thirds of economic growth in the United States.

• March Personal Consumption Expenditures Price Index: The Fed targets this inflation measure for its price stability mandate and believes PCE to be the best measure of consumers’ spending habits.

• Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.

• Earnings: Automatic Data Processing (ADP), American Electric Power (AEP), Aflac (AFL), Albemarle (ALB), Align Technology (ALGN), Allstate (ALL), Amcor PLC (AMCR), ANSYS (ANSS), AvalonBay Communities (AVB), American Water Works (AWK), Caterpillar (CAT), Crown Castle International (CCI), CH Robinson Worldwide (CHRW), Cognizant Technology Solutions (CTSH), eBay (EBAY), Everest RE Group (EG), Equinix (EQIX), GE HealthCare Technologies Inc (GEHC), Globe Life (GL), Generac Holdings (GNRC), Garmin (GRMN), Hess (HES), Host Hotels & Resorts (HST), Humana (HUM), Invitation Homes (INVH), International Paper (IP), Illinois Tool Works (ITW), KLA-Tencor (KLAC), Mid-America Apartment Communities (MAA), MetLife (MET), Meta Platforms, Inc. (META), MGM Resorts International (MGM), Martin Marietta Materials (MLM), Microsoft (MSFT), Norwegian Cruise Line Holdings (NCLH), Public Service Enterprise Group (PEG), PPL (PPL), Prudential Financial (PRU), Public Storage (PSA), PTC (PTC), Qualcomm (QCOM), Super Micro Computer (SMCI), Stanley Black & Decker (SWK), Trane Technologies (TT), UDR (UDR), Vici Properties (VICI), Vulcan Materials (VMC), Ventas (VTR), Western Digital (WDC), YUM! Brands (YUM)

Thursday

• April Challenger Job Cuts: The firm Challenger, Gray & Christmas tracks the number of layoff announcements each month by sector.

• April ISM Manufacturing PMI: This index from the Institute for Supply Management tracks how purchasing managers across the manufacturing sector feel about the business environment.

• March Construction Spending: Construction data is a leading indicator of business activity.

• April Wards Total Vehicle Sales: Cars are a big ticket item for consumers, so underlying vehicle sales trends can help shine a light on demand for durable goods.

• Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits. Jobless claims have continued to show a labor market that remains strong despite having cooled.

• Earnings: Apple (AAPL), Airbnb (ABNB), Ameren (AEE), American International Group (AIG), Arthur J Gallagher & Co (AJG), Ametek (AME), Amgen (AMGN), Amazon (AMZN), Air Products and Chemicals (APD), Aptiv (APTV), Baxter International (BAX), Becton Dickinson and Company (BDX), Biogen (BIIB), Builders FirstSource (BLDR), Broadridge Financial Solutions (BR), Cardinal Health (CAH), Carrier Global Corp (CARR), Church & Dwight (CHD), Camden Property Trust (CPT), CVS Health (CVS), Dominion Energy (D), DTE Energy (DTE), DexCom (DXCM), Consolidated Edison (ED), Estee Lauder Companies (EL), EOG Resources (EOG), Eversource Energy (ES), Exelon (EXC), Fortive (FTV), GoDaddy (GDDY), WW Grainger (GWW), Huntington Ingalls Industries (HII), Hologic (HOLX), Hershey (HSY), Hubbell (HUBB), Howmet Aerospace (HWM), Intercontinental Exchange (ICE), IDEXX Laboratories (IDXX), IDEX (IEX), Ingersoll Rand (IR), Iron Mountain (IRM), Juniper Networks (JNPR), Kellogg (K), Kimco Realty (KIM), KKR & Co (KKR), Linde PLC (LIN), Eli Lilly (LLY), Live Nation Entertainment (LYV), Mastercard (MA), McDonald’s (MCD), Mohawk Industries (MHK), Monolithic Power Systems (MPWR), Moderna (MRNA), Motorola Solutions (MSI), Mettler-Toledo International (MTD), Parker-Hannifin (PH), Pinnacle West Capital (PNW), Quanta Services (PWR), Southern Company (SO), Smurfit WestRock (SW), Stryker (SYK), Targa Resources (TRGP)

Friday

• April Employment Situation Summary: This monthly blockbuster release from the Labor Department gives a comprehensive look at employment, wages, and hours worked in the previous month.

• March Factory and Durable Goods Orders: These metrics give insight into underlying trends for leading cyclical indicators.

• Earnings: AES (AES), Apollo Global Management, Inc (APO), Franklin Resources (BEN), Cboe Global Markets (CBOE), Cigna (CI), Chevron (CVX), DuPont de Nemours (DD), DaVita (DVA), Eaton Corp (ETN), Monster Beverage (MNST), Trimble (TRMB), T Rowe Price Group (TROW), Exxon Mobil (XOM)

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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.

Apr

2025

Why Your Auto Insurance Could Jump by $446 This Year

By Keith Wagstaff | | Comments Off

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

Cars and tariffs. There’s more at stake than the price on the lot.

New tariffs on imports of autos, parts and related materials will drive up not just the cost of a vehicle, but the cost of repairs and, in turn, the price of auto insurance, analysts say. By the end of this year, the average annual premium on an auto policy is expected to reach $2,759 — an increase of $446, or 19%, from the end of 2024, according to Insurify, an online insurance agency. And there’s a big variation by state.

“The consensus is that recent tariffs will raise the price of auto parts and cause insurers to spend more money on repair claims,” Mallory Mooney, director of sales and service at Insurify, said in a statement earlier this month. “Faced with this cost increase, we expect insurers will have no other option than to pass these losses on to drivers in the form of higher premiums.”

Car repair costs have already been increasing, and in fact, the average insurance premium rose even more (by 24%) in 2023 because of soaring inflation and claims related to severe weather, according to Insurify. But before the tariffs were imposed, Insurify expected this year’s increase to be significantly smaller — 5.3%, or $122.

Of course, drivers aren’t likely to see these increases until they renew their policies or switch insurers. And a lot could change before the end of the year, given how quickly international trade policy is evolving.

So what? All drivers must have insurance. And auto premiums will almost certainly increase in 2025 — it’s just a matter of how much. Here are a few ways to help offset any added costs:

• Shop around. Rates can vary widely between insurers, so explore your options. (SoFi’s partner, Experian Insurance Services, can even input your current insurance details to make it easier to compare quotes.)

• Bundle policies. Own a home, boat, or motorcycle? Combining your coverage can unlock discounts.

• Drive safely (and prove it). Many insurers offer discounts for enrolling in safe-driving programs that track your habits.

• Raise your deductible. A policy with a higher deductible may cost less. Just make sure you could cover the additional cost with savings if you wound up filing a claim.

SmartStart Student Loan – DM Primary Landing Page

By Erik Carlson | Uncategorized | Comments Off

SoFi SmartStart is a brand new way to refi. And grow into your goals.

Keep more money in your pocket after school with SoFi SmartStart student loan refinancing.

✔ Start with a partial payment for 9 months.
✔ After the first 9 months, count on a fixed rate and one monthly payment.*
✔ No fees required – no late fees, and no fees to pay off your loan early.

Preview all available loan options and choose the terms that work for you

View your rate

Checking your rate will not affect your credit score✝︎.

Why refinance student loans?

Refinancing could help you pay off your student loan debt sooner or
bring down your monthly payment amount – all on your terms.

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.¹

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.

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

SoFi Blog

Tips and news—for your financial moves.

SoFi Essential | Credit Karma $100

SoFi Essential Credit Card Terms & Conditions

How We Will Calculate Your Balance

Loss of Introductory APR

Bonus Terms

Variable Rates

Payment Allocation

SoFi Everyday Cash Rewards Credit Card Terms & Conditions

Identity Verification

Credit Reports

Cardholder Agreement

Credit Eligibility

About Adding An Authorized User

Additional Information

SoFi Everyday Cash Rewards Credit Card Rewards Program

SoFi Member Rewards Program

Mastercard World Benefits

Fraud, Misuse, Abuse, or Suspicious Activity

Special Notices

Additional documents

Week Ahead on Wall Street: Titans Report

Guiding Through the Storm

Economic and Earnings Calendar

Monday

Tuesday

Wednesday

Thursday

Friday

Want to see more stories like this? On the Money is SoFi’s flagship newsletter for all things personal finance.

Why Your Auto Insurance Could Jump by $446 This Year

Related Reading

SmartStart Student Loan – DM Primary Landing Page

SoFi SmartStart is a brand new way to refi. And grow into your goals.

Why refinance student loans?

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

Tips and news—
for your financial moves.

Want to see more stories like this?
On the Money is SoFi’s flagship newsletter
for all things personal finance.