• Absolutely no fees

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• Flexible term options

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How refinancing student loans works at SoFi.

View your rate

 
Checking your rate will not affect your credit score.^†

Find your low, fixed interest rate.

Refinance student loans for a lower monthly payment or a lower interest rate.
See payment examples.

Why choose SoFi?

Since 2011, we’ve helped over 500,000 members refinance their student loan debt. Here’s just a bit of what they enjoy:

• Serious savings.
  Zero required fees.
  

  You could save thousands with a lower interest rate and no fees required.

• Easy online process
  

  Your time matters. View your
  rate in minutes.

• Member benefits
  

  Access SoFi Travel benefits³, our debt summary tool, rewards points⁴ to pay toward loans, and more.

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Let’s find a loan that fits you.

Take a short quiz for a recommendation on a loan that meets your money needs now.

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FAQs

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Round Trip

It was February 19. Stocks were sitting at record highs, with the S&P 500 surpassing 6144. A rapidly shifting policy landscape was largely written off by investors as the typical early days of a new administration.

Then came April 2. On what President Trump called Liberation Day, he unveiled a baseline universal tariff on imports in addition to higher reciprocal tariffs. The market reaction was swift. Over the next week, stocks — already down 7.7% from their all-time highs — fell an additional 12% as investors grappled with what were likely to be the meaningfully negative effects of higher import costs.

The market carnage ended suddenly on April 9, when the administration announced a 90-day pause on tariffs to allow time for negotiations. The S&P 500 rose 9.5% that day, the 10th best day for stocks since 1927. Looking past major tit-for-tat retaliation with China and an eventual detente, stocks have nearly round-tripped all the way back, now sitting just 5% away from all-time highs.

If the pivot on trade policy was what ignited this rally, washed-out positioning and bearish sentiment, which reached its most extreme levels since 2022, served as fuel. Factors like this can affect price only for so long before fading, however. That looks to be happening now with the recent strong momentum losing some steam.

From a technical perspective, the S&P 500 might have encountered some resistance near 6000, a psychologically important round number. (For all its complexity, investing can sometimes be that simple – investors are humans after all). That this consolidation is happening after stocks have punched through several important retracement levels isn’t shocking or unhealthy. Digestion phases are normal.

S&P 500 Levels

Just as certain price levels can serve as resistance, they can also serve as support. Given that market momentum has faded in recent days, investors could look to these levels for a “verdict” on the rally’s durability. Two such levels to keep in mind are the 200-day moving average currently at 5767 and the 78.6% retracement level at 5896. The S&P 500 has hovered around the latter in recent days and even fell below it yesterday.

How this clash of investor buying and selling shakes out is key. If support fails, it could be the beginning of a meaningful move lower for stocks.

Fundamentals Are King

Technical factors may affect markets in the short-term, but what matters over the long-term is fundamentals. And for now, things look rosy on that end.

With 94% of S&P 500 companies having reported first quarter results, earnings per share are tracking toward year-over-year growth of 11.2%, surpassing consensus expectations by 8.0%. This marked the second consecutive quarter of double-digit growth and the seventh straight quarter of positive growth.

Of course, all the recent upheaval has made these results a bit stale. Companies have been cautious about providing guidance with the outlook heavily dependent on what happens on the macroeconomic and trade policy front. Tariffs, in particular, have emerged as a major concern, with nearly all companies mentioning them this earnings season.

That’s not surprising. Tariffs can increase input costs, disrupt supply chains, and dampen consumer demand, thereby squeezing profit margins. This caution is further reflected in company guidance, which Bloomberg data suggests is at its most negative since 2015. Despite the negative direction, investor expectations for forward earnings have been pretty resilient: Forward 12m EPS consensus is $273, only 1.2% below the March 31 peak of $277.

S&P 500 Forward Earnings

This is different from prior periods of non-recessionary market upheaval, which saw more deterioration in earnings expectations.

•   The 2018-19 trade war (which, like now, had a Federal Reserve talking tough on interest rates) saw forward earnings estimates fall 3.1%.

•   The period of negative guidance momentum a decade ago saw forward earnings estimates fall 5.7%.

•   The inflation shock of 2022-23 saw forward earnings estimates fall 6.1%.

That’s not to mention recessionary drawdowns, which often see earnings revised lower by double-digit percentage points.

All in all, resilient earnings expectations have enabled stocks to recover recent losses, but that could be reversed if the macro backdrop changes. It might take some time to get that clarity though, which suggests the risk of the fundamentals breaking down in the immediate future is somewhat muted. Later in the summer, once trade deals are signed (or not) and tariffs are finally set in stone (or not), these concerns could pick up. But for now it’s spring and out of sight, out of mind.

The Bigger Picture

It would be remiss not to acknowledge that financial markets are more than just stocks. Gold, for instance, has been a standout performer in 2025, with the precious metal up nearly 27% this year alone. Aggressive purchasing globally by central banks seeking to diversify their reserves has provided strong underlying support. Gold is also typically seen as a hedge against inflation fears and U.S. dollar weakness, which have been market themes year-to-date.

Bonds have been another asset class with a lot of action — especially U.S. Treasurys. The big shifts in inflation, economic growth, and Fed policy expectations has led to major whipsaw in what is typically seen as one of the safer investment options. Long-term Treasury yields fell 9-13 basis points in the first two days post-Liberation Day, before surging 45-50 basis points over the next week.

Bond Market Volatility

Corporate bonds give us a more nuanced way of being able to view markets. While affected by trends in Treasury markets, they often have higher yields due to the risk associated with their exposure to businesses’ financial health. After High Yield credit spreads had already risen 72 basis points from February 19 to April 2, they rose an additional 119 basis points through April 8, reflecting increased recession fears. In the month and a half since then, they’re down 142 basis points. Now they’re below where they were on Liberation Day and quite low historically.

So let’s summarize: Gold is pushing toward all-time highs, as we might expect it to do in a period of elevated uncertainty and dollar weakness. Credit spreads suggest a benign backdrop, and stocks are near all-time highs (albeit with weakening momentum). It’s an unlikely combination, and how it will resolve is anyone’s guess. If the economy holds up and trade policy uncertainty evaporates, stocks should be able to set new records. If there’s more volatility ahead, it’ll be tougher for stocks to climb the mountain, with defensive areas likely to outperform.

Want more insights from SoFi’s Investment Strategy team? The Important Part: Investing With Liz Thomas, a podcast from SoFi, takes listeners through today’s top-of-mind themes in investing and breaks them down into digestible and actionable pieces.

SoFi can’t guarantee future financial performance, and past performance is no indication of future success. This information isn’t financial advice. Investment decisions should be based on specific financial needs, goals and risk appetite.

Communication of SoFi Wealth LLC an SEC Registered Investment Adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Mario Ismailanji is a Registered Representative of SoFi Securities and Investment Advisor Representative of SoFi Wealth. Form ADV 2A is available at www.sofi.com/legal/adv.

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

What’s your runway?

That is, how long could you cover your expenses if you lost your job or faced some other hardship?

Sobering questions like these are on all of our minds as uncertainty about the economy consumes much of the country. Last month concerns about tariff policies and a potential recession turned Americans’ expectations about future income prospects negative for the first time in five years, according to The Conference Board’s Consumer Confidence survey.

If you have enough saved to cover three to six months worth of living expenses — as experts recommend — you’re already ahead of the game, since many people don’t.

But figuring out how to stretch those limited dollars over an unemployment gap of unknown length can still be stressful. You can take control of your finances — and be better prepared — by planning out exactly what steps you would take if you’re laid off. Create an emergency financial plan, as it were.

There are no set rules for these kinds of plans, and for some, it might be enough to make a quick mental list of backup options.

But you can get as detailed as you want, writing up a step-by-step plan for what you would cut from your monthly budget when and how you would pivot if your reserves are dwindling. The key is the timing: determining what you would do right away and which extra steps you would take if your unemployment was extended.

Here are a few questions an uber planner will want to answer as they create their emergency financial plan:

1.    Would you be eligible for unemployment benefits, and if so, how much could you expect to collect each week? This roundup of rules for each state can help.

2.    How much monthly income will your household have without yours? This would include unemployment benefits, SNAP or other government assistance you may be eligible for, a spouse or partner’s income, investment income, and alimony or child support.

3.    What are your baseline monthly expenses — your rent or mortgage payment, utilities, food, gas, debt payments, etc. — and how much do you spend on optional things? Can you rank those optional or discretionary items from most to least cuttable? (For instance, maybe you cancel streaming services and stop getting takeout right away, but only stop your gym membership or kid’s piano lessons if your savings fall to a certain level.)

4.    Could you take on any temporary or part-time work while you look for your next permanent role? If so, how much could you earn?

5.    At what point will you consider taking more drastic measures and what will those be? Could you borrow on your credit cards or take out a loan? Apply for forbearance with one or more lenders? Dip into your 401(k) or IRA?

So what? Unemployment most typically lasts about 10 weeks, but 23% of the people unemployed in April had been out of work for at least 27 weeks, according to government data. Having a healthy emergency savings and a plan for using it can help you prepare you for whatever happens. Plus, confronting the worst-case scenario often reduces stress and anxiety — and gives you back control of the uncontrollable.

Related Reading

•   5 Things to Do to Come Back From a Layoff (SoFi)

•   Reducing the Harms of Unemployment (University of North Dakota)

•   In Case of Emergency, Break Glass: Managing Household Liquidity (Vanguard)

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.

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