Refi with SoFi. You could save thousands and get to your goals faster.^
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purchase or refi. Get a $1,000 cash bonus into a SoFi Checking
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^ SoFi requires PMI for conforming home loans with a loan-to-value (LTV) ratio greater than 80%.
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⁵ 30-YEAR Payment Example: The payment for a 30-year term, loan amount $362000.00, Rate 5.990%, LTV 80% is $2168.00 for full Principal and Interest Payments with $5361.22 due at closing. The Annual Percentage Rate is 6.216%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
⁶ 20-YEAR Payment Example: The payment for a 20-year term, loan amount $362000.00, Rate 5.750%, LTV 80% is $2542.00 for full Principal and Interest Payments with $6197.44 due at closing. The Annual Percentage Rate is 6.077%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
⁷ 15-YEAR Payment Example: The payment for a 15-year term, loan amount $362000.00, Rate 5.125%, LTV 80% is $2886.00 for full Principal and Interest Payments with $5556.70 due at closing. The Annual Percentage Rate is 5.502%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
⁸ 10-YEAR Payment Example: The payment for a 10-year term, loan amount $362000.00, Rate 5.125%, LTV 80% is $3862.00 for full Principal and Interest Payments with $5549.46 due at closing. The Annual Percentage Rate is 5.663%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
Federal student loan payments will resume in October 2023. Here are five effective ways employers can help ensure employees are ready for the restart.
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Read moreSTUDENT DEBT GUIDE
Millions of borrowers like you are trying to stay ahead of federal student loan changes. And that’s where SoFi comes in. We’ll update you with the latest on loans, so you can make the best call for your future.
July 4th, 2025 – The President signed the One Big Beautiful Bill Act into law. Here’s what it means for student loans.
The bill scales back federal student loans in several ways over the coming years, including by:
• Ending Grad PLUS loans and capping Parent Plus loans beginning next year. This puts a limit on how much graduate students and parents are able to borrow, rather than allowing them to borrow up to the full cost of attendance.
• Phasing out a number of current income-driven repayment plans over the next three years, including the newest SAVE plan, in favor of a new Repayment Assistance Plan aimed at simplifying the choices. RAP will require even the lowest-income borrowers to pay at least $10 a month and requires 30 years of payments — rather than 20 or 25 — before any remaining balance can be forgiven. Parent borrowers won’t be eligible.
• Making it harder to get loan payments waived or deferred. For people who get loans on July 1, 2027 or after, there will be no forbearance or deferment based on economic hardship or unemployment.
More than ever, it’s important to stay informed about your options, especially as delinquency
rates rise.
April 21, 2025 – The Department of Education to start collection efforts on defaulted student loans for the first time in five years.
The Department of Education’s Office of Federal Student Aid (FSA) will resume collections on defaulted student loans on May 5, according to a department press release. This means that for the first time since March 2020, borrowers who are in default (typically those who are at least nine months behind on their payments) could have their wages garnished or face other legal and financial consequences.
If you’re in default on your loan(s), contact the Default Resolution Group to make a monthly payment, enroll in an income-driven repayment plan, or sign up for loan rehabilitation.
For regular updates and more information on the world of student loans, subscribe to SoFi’s On the Money and check out SoFi Learn.
Step one: Let’s go over some common terms to avoid confusion.
Expand each section for more.
• What’s the difference?
APR, which stands for annual percentage rate, is the interest rate plus any fees your lender may add to the principal loan amount. The interest rate alone is what you’re being charged to borrow money from your lender, expressed as a percentage of the principal loan amount.
• Which fees are typically included in an APR?
The most common fee included in an APR is the student loan origination fee. This fee is typically based on a percentage of the total loan amount and gets deducted from the funds you receive before the loan is disbursed. Some lenders—like SoFi—don’t charge any fees.
• How do interest rates work?
The interest rate represents the amount your lender is charging you to borrow money. It’s expressed as a percentage of your loan amount (or principal) and doesn’t reflect any fees or other charges that might be connected to your loan.
• What’s the difference?
True to its name, a fixed interest rate does not change—it remains the same throughout the life of a loan, whereas a variable rate fluctuates with changes in the market.
• When might a fixed rate make sense?
If you like the security of knowing exactly what your monthly payment will be over the life of your loan, a fixed-rate loan is a good option. This consistency makes budgeting easier and offers peace of mind in times of economic uncertainty.
• When might a variable rate make sense?
A variable-rate loan can benefit borrowers in a declining interest-rate market because their monthly payment will decrease as well. However, when interest rates rise, borrowers who hold a variable-rate loan will find that their monthly payment also increases.
• What’s the difference?
Federal student loans are funded by the government—they can be subsidized or unsubsidized. Private student loans are not associated with the government, so their repayment terms vary from lender to lender. Unlike federal loans, interest rates can be either fixed or variable.
• How do I know whether my loan is federal or private?
To figure out whether your student loan is federal or private, visit the National Student Loan Data System (NSLDS). The database is a collection of information on student loans that aggregates data from universities, federal loan programs, and more.
• What are the benefits of a federal student loan?
Federal student loans include benefits not typically offered by private lenders, including income-based repayment, public service loan forgiveness, and deferment options.
• What are the benefits of a private student loan?
The benefits of a private student loan include higher loan amounts, your choice of fixed or variable interest rates, and a quick application process, among others.
Step two: Let’s get a clearer idea of how the
federal government could impact your loans.
Expand each section for more.
• Historical role
While the responsibility for education in the U.S. largely falls to states and local municipalities, the Department of Education has historically provided funds to help schools and districts reach their goals. Further, the Department of Education has managed the federal student loan program.
• Potential closure
A March 2025 executive order required the Department of Education to close “to the maximum extent appropriate and permitted by law.” Fully closing it would require Congress to act. But the order could lower the workforce and significantly reduce services. The Small Business Administration has been ordered to take over the federal student loan portfolio, but details and timing are not yet clear.
• What is available?
The last few years have seen a lot of change to student loan forgiveness. The One Big Beautiful Act was signed into law on July 4th, 2025, meaning most income-driven repayment (IDR) plans will be phased out by July 2026, including the Saving on a Valuable Education (SAVE) Plan, Income-Contingent Repayment (ICR), and Pay As You Earn (PAYE). Borrowers that are currently on those plans will have to switch between July 2026 and the end of June 2028.
Public Service Loan Forgiveness (PSLF) remains untouched for now – this plan could forgive the remaining balance on a federal Direct loan for borrowers in public service careers after enough qualifying payments.
• What do they cover?
Published in the Federal Register, executive orders are directives from the President of the United States to manage operations of the executive branch of the federal government. Although executive orders have historically related to administrative matters and internal operations of federal agencies, recent presidents have used executive orders more broadly to carry out policies and programs. They may be revoked by the President at any time. See 2025 executive orders.
• How do recent orders affect student debt?
Issued March 7, 2025, the executive order Restoring Public Service Loan Forgiveness directs the Public Service Loan Forgiveness (PSLF) program to now exclude organizations that engage in activities that have a “substantial illegal purpose” such as illegal immigration, terrorism, child abuse, discrimination, and public disruptions. It aims to ensure “only legitimate public servants benefit.”
Here are some strategies to consider as you explore ways to repay your student loans.
One of the most effective ways to get ahead of student debt is to pay more than the monthly minimum. Even an extra $50 each month could make a big difference. Paying down your principal balance could reduce the total interest you’d pay over the life of the loan and shorten your repayment period.
Applications have reopened for federal income-based repayment plans like Income-Based-Repayment (IBR). You may even be eligible to have your federal loans forgiven after 10 years if you work in public service full-time under the Public Service Loan Forgiveness Program (PSLF).
Refinancing your student loans through a private lender could help you get a lower interest rate or reduce your monthly payments. You could also consolidate multiple student loans into a single payment for easier management. Keep in mind that refinancing federal loans means benefits like income-based repayment plans and deferment options would no longer be available to you.
The TL;DR on student debt.
We get it. You want to think about your loans as little as possible. Here’s a quick, hot take on student loan repayment. Give us two minutes to break it down.
What Is Student Loan Refinancing?
How To Budget for Student Loan Payments
Calculate your monthly payment with a new interest rate, see your payoff date, and determine whether refinancing could save you money.
Punch in your loan amount and a new interest rate, and we’ll estimate your monthly payment.
Enter a few details about your loan and we’ll provide your payoff month and year.
Provide us with a few details and see how much you could save by refinancing.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Our free credit score monitoring tool allows you to track your student debt for a quick overview of your monthly payments, loan status, and payoff date—at no extra cost.
Our free credit score monitoring tool allows you to track your student debt for a quick overview of your monthly payments, loan status, and payoff date—at no extra cost.
Whether your goal is to pay off your student loans as quickly as possible, increase your savings, or invest for the future, our budgeting tools may help—and they’re free.
Whether your goal is to pay off your student loans as quickly as possible, increase your savings, or invest for the future, our budgeting tools may help—and they’re free.
In today’s landscape, student loan borrowers are navigating payoff journeys that are shaped by ever-changing factors like cost and cultural expectations. To better understand how they’re approaching these decisions, and thinking of their debt in 2025, SoFi surveyed 3,500 prospective and current students, graduates, and parents. After analyzing the findings and holding in-depth conversations with leading industry voices, we uncovered a revealing look at the emotional, financial, and practical realities shaping how families think of college as an investment today—and the kinds of support they’re actively seeking in their personal finance journeys.
Check out our findings here.
Need help applying for SoFi Student Loan Refinancing? Our live support team could help you understand the complexities of student loans and suggest refinancing options based on your individual needs.
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