How is COVID-19 impacting college students and the admissions process? SoFi has partnered with Edmit to provide information to high school students, current college students, and college graduates.
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This article contains breaking news and events related to the current state of politics and the economy. While we try our best to keep our articles as up-to-date as possible, the ongoing effects of COVID-19 are happening in real time and information is subject to change.
On March 20, 2020, President Donald Trump announced that the U.S. government will be temporarily suspending payments on federal student loans. This comes after the president’s announcement last week that the government would be temporarily waiving interest payments on federal student loans .
U.S. Secretary of Education, Betsy DeVos, was quoted in a statement as saying the following:
“These are anxious times, particularly for students and families whose educations, careers, and lives have been disrupted. Right now, everyone should be focused on staying safe and healthy, not worrying about their student loan balance growing. I commend President Trump for his quick action on this issue, and I hope it provides meaningful help and peace of mind to those in need.”
The payment pause is for a minimum of 60 days, retroactively going back to March 13, 2020. More details will likely be provided as this story continues to unfold, including whether this pause will be extended past the initial 60-day timeframe.
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You could save money
each month—
or pay off your loan faster.
Checking your rate will not affect your credit score.✝
Save thousands of dollars thanks to flexible terms and low fixed or variable rates.
Simple online application and access to live customer support 7 days a week.
No application or origination fees. No pre-payment penalties.
SoFi members get career coaching, financial advice, and more—all at no cost.
$18 billion
in refinanced student loans
550,000+
members have refinanced their student loans
98%
of surveyed members would recommend SoFi to a friend 3
We’ll let you know if you’re qualified before you complete the full application.
Choose between saving on your monthly payment or saving on total student loan interest.
Upload screenshots of your information, then sign your paperwork electronically. Then we’ll pay off your servicer(s) and issue you one new student loan.
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$100 monthly payments. Low rates.
No compounding interest during residency.1
Checking your rate will not affect your credit score.✝
If you have federal and private student loans, you can apply to consolidate them into one easy payment.
Interest on your SoFi loan will not compound during residency. Plus, you can reduce your payment to just $100/month for up to four years.1
See payment examples.
Choose a repayment term and pick between a low fixed or variable interest rate based on your expected future income as a physician.
We’ll let you know if you’re qualified before you complete the full application.
Compare the plans available to you with a choice of rates and terms.
Upload screenshots of your student loan statements, then sign your paperwork electronically.
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Checking your rate will not affect your credit score✝.
Save on your student loans by choosing between a range of rates and terms. No prepayment penalties and no hidden fees. Ever.
Take your career to the next level with expert guidance from SoFi Career Coaches.
Our member events range from dinners and happy hours to panel sessions and networking opportunities.
Get a 0.125% rate discount on additional SoFi loans—just for being a member.✝✝
The student loan refinancing process is fast, easy, and can be done entirely online.
New Term
APR
5-year
4.03%
7-year
4.57%
10-year
4.98%
View Payment Examples
SoFi offers a range of terms and rates—so yours are going to look different from this illustrative chart, which is just something designed to show you what the SoFi app looks like.
We’ll let you know if you’re qualified before you finish the full application.
Choose between saving on your monthly payment or saving on total student loan interest.
Upload screenshots of your information, then sign your paperwork electronically.
We pay off your servicer(s) and issue you one new student loan.
It takes only two minutes and
won’t affect your credit score.✝
Speed matters. Which is why you can check loan rates or start investing online—in just minutes.
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