SoFi Blog

Tips and news—
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Dec
18
2025

crypto test

By | Uncategorized | Comments Off on crypto test

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INTRODUCING

The
first and only national chartered bank where retail customers can buy,
sell, and hold 25+ cryptocurrencies.


Access cryptocurrencies like Bitcoin, Ethereum, and Solana—on a federally
regulated platform with the safeguards of a bank. All in the same app as the rest of your finances.




Open an account

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Your chance to become a SoFi Crypto Founding Member—and win $1,000 in Bitcoin.*

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  • Win Bitcoin.

    100 Founding Members will each win $1,000 in Bitcoin for their portfolios.

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  • Trade to win.

    Every $10 in crypto trades is another chance to win. So a $100 trade means 10 entries, a $1,000 trade means 100 entries, and so on. Enter by 1/15/26.

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  • Get awarded.

    Each of the 100 Founding Members wins a custom keepsake to show off their smart move—getting in on SoFi Crypto.

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Learn more

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*NO PURCHASE OR QUALIFYING TRANSACTION NECESSARY. Open only to legal residents of the 50 US/DC, 18+. Void where prohibited by law. Sweepstakes starts 12/22/25 at 9 a.m. PT and ends at 11:59 p.m. PT on 1/15/26. See Official Rules for how to enter, free entry method by mail, prize details, limits, and odds: click here. Sponsor: SoFi Bank, National Association (“SoFi Bank”), 2750 E Cottonwood Pkwy #300, Cottonwood Heights, UT 84121.

{/* How to start trading crypto with SoFi. */}

How to start trading crypto with SoFi.

You’ll need a SoFi Checking and Savings account to access crypto.

Open a crypto account.

Open a SoFi Checking and Savings account.

Fund your checking
and savings account.

Access crypto on SoFi.


Open an account

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Why go crypto at SoFi?

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Buy, sell, and hold crypto on a platform with the safeguards of a bank.

This is where crypto meets modern banking.


Join the waitlist

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Own crypto—and bank, borrow, invest—
all in one app.

No new apps to download or new passwords to juggle. You can keep all your money in one place where it’s simple
to manage.


Join the waitlist

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Make trades instantly.

There’s no waiting around when you’re transferring funds through SoFi Checking and Savings—make trades the
moment you’re ready.


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Learn the basics with in-app guidance.

We’ll help you learn the ins and outs of how to buy, sell, and hold crypto

with SoFi.


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A wide selection of coins.

Get access to Bitcoin, Ethereum, and Solana, plus 25+ cryptocurrencies.


Join the waitlist

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Where crypto meets
modern banking.
Watch
to learn more.


Learn about crypto.

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What Is Cryptocurrency?

What Is Cryptocurrency?

Cryptocurrency is a digital form of money that exists entirely online and generally operates independently of a central bank or government. Crypto is designed to be decentralized, allowing peer-to-peer transactions without relying on banks or payment processors. Transaction speed depends on the network – some are near-instant, while others take more time.

Unlike traditional currencies like the U.S. dollar, crypto transactions are secured through cryptography and recorded on the blockchain. This verification ensures security and integrity without relying on a single authority. Think of it like a shared digital record book that records and verifies crypto transactions on a distributed network of computers worldwide. Its shared nature makes the system transparent and difficult to tamper with.

Since the launch of Bitcoin in 2009, thousands of cryptocurrencies have emerged – some, such as Ethereum or Solana, have specific use cases (like payments, gaming, or decentralized finance), while many remain experimental or speculative. Crypto offers a new way to think about money and value transfers based on code rather than institutions.

Although crypto began as an alternative to traditional finance, it’s increasingly moving towards the mainstream. Some banks and licensed custodians now offer crypto services under evolving regulatory frameworks.

Cryptocurrency and digital assets are not insured by the Federal Deposit Insurance Corporation (FDIC), not bank-guaranteed, and may lose value.



How Blockchain Works

How Blockchain Works

Blockchain enables cryptocurrency to operate by verifying transactions collectively across a network rather than relying on a single intermediary. Think of the blockchain as a shared digital record book that anyone on the network can view but no single participant can unilaterally change. By automatically recording and verifying transactions, it removes the need for financial institutions or payment processors though many users still interact through exchanges or custodial services.

Every time someone sends or receives crypto, for example, the details are added to this record book and shared across thousands of computers around the world. These computers work together to confirm that the information is accurate, such as verifying that the sender actually has the funds. Once verified, the transaction is grouped with others into a new block. When the block is complete, it is locked and connected to the one before it, creating a continuous chain of verified records. That’s how the blockchain got its name.

The shared nature of this record book makes altering it extremely difficult, because it would require changing a majority of copies across the network. This design makes the system secure, transparent, and able to run automatically without a central authority.



Why People Use Cryptocurrency

Why People Use Cryptocurrency

People use crypto for a variety of reasons, but a major one is control – having more direct ownership over how their money moves. And there are a number of other potential benefits, too:

  • Fast and low-cost transfers: Many cryptocurrencies make it possible to send money quickly and cheaply – especially across borders – though timing and fees can vary by network and exchange rate.
  • Accessibility: Anyone with an internet connection can use crypto, even without a traditional bank account. This makes it especially useful where banking options are limited. When you hold crypto, your balance is publicly visible on the blockchain but accessible only with your private keys. (If you use a custodial wallet, a platform manages those keys for you.)
  • Independence and control: Crypto networks don’t rely on banks or governments to operate, though access and regulation may involve them.
  • Diversification: Digital assets may represent a new, distinct category within a financial portfolio alongside bank and investment accounts, retirement savings, and tangible assets like a home or car.



How To Evaluate Different Coins

How To Evaluate Different Coins

There are thousands of cryptocurrencies, so how do you decide which one to buy? Building a framework of how to think about a crypto’s value proposition can help you make this decision.

Here three key things to keep in mind:

  1. Purpose: Do your research on what a coin was designed to do. Some focus on speed or efficiency, while others are built for specific use cases, such as gaming or digital collectibles. Bitcoin was originally designed for digital payments, for example. Knowing a coin’s purpose can help you assess whether its market performance is driven by momentary hype or longer-term demand.
  2. Credibility and supply: Anyone can create a cryptocurrency, so not all have staying power. An experienced and transparent team behind a crypto project can be an important indicator. The supply of a coin is another part of this equation: Some supplies are limited, which can affect the coin’s value in the long-term.
  3. Market behavior: Crypto prices are driven by a mix of supply, demand, and confidence, which means that the market can be volatile and move quickly in response to headlines. Hype about a specific coin can move the market significantly, making it more important to know what you’re buying and why.



Protecting Your Crypto

Protecting Your Crypto

To own digital assets, which live online in blockchain, you need a crypto wallet. But unlike the wallet in your pocket, it doesn’t actually hold coins. Instead, it’s a tool to store the keys to your crypto, unique codes that prove ownership and let you send or receive funds.

Unlike your checking and savings accounts, your crypto wallet isn’t insured by the Federal Deposit Insurance Corporation. That’s why understanding how to keep it safe is key. Some custodial platforms may offer private insurance but not FDIC protection.

There are two main types of wallets:

  • Custodial wallets: Your private keys are managed and protected by a licensed custodian like SoFi. You still own your crypto, but storage and security are handled for you in a regulated environment.
  • Self-custody wallets: You manage your private keys directly. This offers full control but also full responsibility to protect your digital assets. If your keys or recovery phrases are lost, your crypto can’t be recovered.

Good digital habits are your best defense: Use strong, unique passwords, enable two-factor authentication, and keep your devices and apps up to date. So stay alert, stay informed, and stay safe.



{/* tablet content mod */}


What Is Crypto?

What Is Cryptocurrency?

Cryptocurrency is a digital form of money that exists entirely online and generally operates independently of a central bank or government. Crypto is designed to be decentralized, allowing peer-to-peer transactions without relying on banks or payment processors. Transaction speed depends on the network – some are near-instant, while others take more time.

Unlike traditional currencies like the U.S. dollar, crypto transactions are secured through cryptography and recorded on the blockchain. This verification ensures security and integrity without relying on a single authority. Think of it like a shared digital record book that records and verifies crypto transactions on a distributed network of computers worldwide. Its shared nature makes the system transparent and difficult to tamper with.

Since the launch of Bitcoin in 2009, thousands of cryptocurrencies have emerged – some, such as Ethereum or Solana, have specific use cases (like payments, gaming, or decentralized finance), while many remain experimental or speculative. Crypto offers a new way to think about money and value transfers based on code rather than institutions.

Although crypto began as an alternative to traditional finance, it’s increasingly moving towards the mainstream. Some banks and licensed custodians now offer crypto services under evolving regulatory frameworks.

Cryptocurrency and digital assets are not insured by the Federal Deposit Insurance Corporation (FDIC), not bank-guaranteed, and may lose value.



How Blockchain Works

How Blockchain Works

Blockchain enables cryptocurrency to operate by verifying transactions collectively across a network rather than relying on a single intermediary. Think of the blockchain as a shared digital record book that anyone on the network can view but no single participant can unilaterally change. By automatically recording and verifying transactions, it removes the need for financial institutions or payment processors though many users still interact through exchanges or custodial services.

Every time someone sends or receives crypto, for example, the details are added to this record book and shared across thousands of computers around the world. These computers work together to confirm that the information is accurate, such as verifying that the sender actually has the funds. Once verified, the transaction is grouped with others into a new block. When the block is complete, it is locked and connected to the one before it, creating a continuous chain of verified records. That’s how the blockchain got its name.

The shared nature of this record book makes altering it extremely difficult, because it would require changing a majority of copies across the network. This design makes the system secure, transparent, and able to run automatically without a central authority.



Why People Use Cryptocurrency

Why People Use Cryptocurrency

People use crypto for a variety of reasons, but a major one is control – having more direct ownership over how their money moves. And there are a number of other potential benefits, too:

  • Fast and low-cost transfers: Many cryptocurrencies make it possible to send money quickly and cheaply – especially across borders – though timing and fees can vary by network and exchange rate.
  • Accessibility: Anyone with an internet connection can use crypto, even without a traditional bank account. This makes it especially useful where banking options are limited. When you hold crypto, your balance is publicly visible on the blockchain but accessible only with your private keys. (If you use a custodial wallet, a platform manages those keys for you.)
  • Independence and control: Crypto networks don’t rely on banks or governments to operate, though access and regulation may involve them.
  • Diversification: Digital assets may represent a new, distinct category within a financial portfolio alongside bank and investment accounts, retirement savings, and tangible assets like a home or car.



How To Evaluate Different Coins

How To Evaluate Different Coins

There are thousands of cryptocurrencies, so how do you decide which one to buy? Building a framework of how to think about a crypto’s value proposition can help you make this decision.

Here three key things to keep in mind:

  1. Purpose: Do your research on what a coin was designed to do. Some focus on speed or efficiency, while others are built for specific use cases, such as gaming or digital collectibles. Bitcoin was originally designed for digital payments, for example. Knowing a coin’s purpose can help you assess whether its market performance is driven by momentary hype or longer-term demand.
  2. Credibility and supply: Anyone can create a cryptocurrency, so not all have staying power. An experienced and transparent team behind a crypto project can be an important indicator. The supply of a coin is another part of this equation: Some supplies are limited, which can affect the coin’s value in the long-term.
  3. Market behavior: Crypto prices are driven by a mix of supply, demand, and confidence, which means that the market can be volatile and move quickly in response to headlines. Hype about a specific coin can move the market significantly, making it more important to know what you’re buying and why.



Protecting Your Crypto

Protecting Your Crypto

To own digital assets, which live online in blockchain, you need a crypto wallet. But unlike the wallet in your pocket, it doesn’t actually hold coins. Instead, it’s a tool to store the keys to your crypto, unique codes that prove ownership and let you send or receive funds.

Unlike your checking and savings accounts, your crypto wallet isn’t insured by the Federal Deposit Insurance Corporation. That’s why understanding how to keep it safe is key. Some custodial platforms may offer private insurance but not FDIC protection.

There are two main types of wallets:

  • Custodial wallets: Your private keys are managed and protected by a licensed custodian like SoFi. You still own your crypto, but storage and security are handled for you in a regulated environment.
  • Self-custody wallets: You manage your private keys directly. This offers full control but also full responsibility to protect your digital assets. If your keys or recovery phrases are lost, your crypto can’t be recovered.

Good digital habits are your best defense: Use strong, unique passwords, enable two-factor authentication, and keep your devices and apps up to date. So stay alert, stay informed, and stay safe.



{/* mobile content mod */}


What Is Cryptocurrency?

What Is Cryptocurrency?

Cryptocurrency is a digital form of money that exists entirely online and generally operates independently of a central bank or government. Crypto is designed to be decentralized, allowing peer-to-peer transactions without relying on banks or payment processors. Transaction speed depends on the network – some are near-instant, while others take more time.

Unlike traditional currencies like the U.S. dollar, crypto transactions are secured through cryptography and recorded on the blockchain. This verification ensures security and integrity without relying on a single authority. Think of it like a shared digital record book that records and verifies crypto transactions on a distributed network of computers worldwide. Its shared nature makes the system transparent and difficult to tamper with.

Since the launch of Bitcoin in 2009, thousands of cryptocurrencies have emerged – some, such as Ethereum or Solana, have specific use cases (like payments, gaming, or decentralized finance), while many remain experimental or speculative. Crypto offers a new way to think about money and value transfers based on code rather than institutions.

Although crypto began as an alternative to traditional finance, it’s increasingly moving towards the mainstream. Some banks and licensed custodians now offer crypto services under evolving regulatory frameworks.

Cryptocurrency and digital assets are not insured by the Federal Deposit Insurance Corporation (FDIC), not bank-guaranteed, and may lose value.



How Blockchain Works

How Blockchain Works

Blockchain enables cryptocurrency to operate by verifying transactions collectively across a network rather than relying on a single intermediary. Think of the blockchain as a shared digital record book that anyone on the network can view but no single participant can unilaterally change. By automatically recording and verifying transactions, it removes the need for financial institutions or payment processors though many users still interact through exchanges or custodial services.

Every time someone sends or receives crypto, for example, the details are added to this record book and shared across thousands of computers around the world. These computers work together to confirm that the information is accurate, such as verifying that the sender actually has the funds. Once verified, the transaction is grouped with others into a new block. When the block is complete, it is locked and connected to the one before it, creating a continuous chain of verified records. That’s how the blockchain got its name.

The shared nature of this record book makes altering it extremely difficult, because it would require changing a majority of copies across the network. This design makes the system secure, transparent, and able to run automatically without a central authority.



Why People Use Cryptocurrency

Why People Use Cryptocurrency

People use crypto for a variety of reasons, but a major one is control – having more direct ownership over how their money moves. And there are a number of other potential benefits, too:

  • Fast and low-cost transfers: Many cryptocurrencies make it possible to send money quickly and cheaply – especially across borders – though timing and fees can vary by network and exchange rate.
  • Accessibility: Anyone with an internet connection can use crypto, even without a traditional bank account. This makes it especially useful where banking options are limited. When you hold crypto, your balance is publicly visible on the blockchain but accessible only with your private keys. (If you use a custodial wallet, a platform manages those keys for you.)
  • Independence and control: Crypto networks don’t rely on banks or governments to operate, though access and regulation may involve them.
  • Diversification: Digital assets may represent a new, distinct category within a financial portfolio alongside bank and investment accounts, retirement savings, and tangible assets like a home or car.



How To Evaluate Different Coins

How To Evaluate Different Coins

There are thousands of cryptocurrencies, so how do you decide which one to buy? Building a framework of how to think about a crypto’s value proposition can help you make this decision.

Here three key things to keep in mind:

  1. Purpose: Do your research on what a coin was designed to do. Some focus on speed or efficiency, while others are built for specific use cases, such as gaming or digital collectibles. Bitcoin was originally designed for digital payments, for example. Knowing a coin’s purpose can help you assess whether its market performance is driven by momentary hype or longer-term demand.
  2. Credibility and supply: Anyone can create a cryptocurrency, so not all have staying power. An experienced and transparent team behind a crypto project can be an important indicator. The supply of a coin is another part of this equation: Some supplies are limited, which can affect the coin’s value in the long-term.
  3. Market behavior: Crypto prices are driven by a mix of supply, demand, and confidence, which means that the market can be volatile and move quickly in response to headlines. Hype about a specific coin can move the market significantly, making it more important to know what you’re buying and why.



Protecting Your Crypto

Protecting Your Crypto

To own digital assets, which live online in blockchain, you need a crypto wallet. But unlike the wallet in your pocket, it doesn’t actually hold coins. Instead, it’s a tool to store the keys to your crypto, unique codes that prove ownership and let you send or receive funds.

Unlike your checking and savings accounts, your crypto wallet isn’t insured by the Federal Deposit Insurance Corporation. That’s why understanding how to keep it safe is key. Some custodial platforms may offer private insurance but not FDIC protection.

There are two main types of wallets:

  • Custodial wallets: Your private keys are managed and protected by a licensed custodian like SoFi. You still own your crypto, but storage and security are handled for you in a regulated environment.
  • Self-custody wallets: You manage your private keys directly. This offers full control but also full responsibility to protect your digital assets. If your keys or recovery phrases are lost, your crypto can’t be recovered.

Good digital habits are your best defense: Use strong, unique passwords, enable two-factor authentication, and keep your devices and apps up to date. So stay alert, stay informed, and stay safe.



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Combine your debt into one payment and you could reduce your monthly payments. Learn more.

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Pay for home repairs or renovations without using your home as collateral. Learn more.

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Cover pregnancy, adoption, IVF or surrogacy costs with manageable monthly payments. Learn more.

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With low fixed rates, steady monthly payments, and no fees, our personal loan travels well. Learn more.

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From engagement ring to honeymoon—you could save money compared to a high-rate credit card. Learn more.

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{/* FAQs Desktop / Tablet */}

FAQs



What is a SoFi Crypto Account?


A SoFi Crypto Account enables you to use the Digital Asset Services, which include purchasing, selling, and holding Supported Digital Assets offered by SoFi Bank.



How easy is it to open a SoFi Crypto Account?

Opening a SoFi Crypto account is quick and easy. There are no fees to open a SoFi Crypto Account and there are no monthly maintenance fees. All we need are a few pieces of information such as name, home address, and Social Security number. In some cases, we may need additional documentation like a copy of your driver’s license, and/or a current photo ID to verify your identity.


Are my crypto assets insured ?


Your SoFi Crypto Account is not a deposit account or a bank account. Cryptocurrency and other digital assets are not deposits, not insured by the Federal Deposit Insurance Corporation (FDIC), or Securities Investor Protection Corporation (SIPC), not bank-guaranteed, and may lose value.


How do I purchase/trade Crypto?


To start trading, you must fund your account by transferring cash from a Connected SoFi Account (SoFi Checking and Savings). We then convert this cash into a stablecoin (such as USDC) to execute the trade.
Please be aware that stablecoins are not issued or guaranteed by SoFi Bank or the FDIC and may lose value. Due to this structure, funding and withdrawals are restricted to your Connected SoFi Account.



Why do I need a SoFi Connected Account?


You need a SoFi Connected Account to unlock the full SoFi Crypto experience. Your Connected Account acts as your primary funding source to enable trading on the SoFi Crypto platform.


When will my funds from my SoFi Checking and Savings Accounts be available?


Transfers made from your SoFi Bank Checking and Savings Account are available instantly to begin trading!



When can I trade? What time is the market closed?


With SoFi Crypto, you can trade 24/7, 365. There are no market hours for the crypto market.


What are SoFi Crypto Trading Fees?


Trading crypto with SoFi is straightforward. We charge a flat 1% fee on all buy and sell transactions. You may notice the price you receive includes a “spread.” This is simply the difference between the live market rate and the rate at which your order is executed. This spread protects you by locking in your price at the moment you order, ensuring valid transaction settlement.



When will my crypto transfer to my SoFi Crypto account be available?


Crypto transfer times from external wallets vary by cryptocurrency. Many are near-instant, while others may take a few hours. Factors that can impact this: the specific blockchain network utilized, network congestion, transaction fees, and more.



{/* FAQs Mobile */}

FAQs



What is a SoFi Crypto Account?


A SoFi Crypto Account enables you to use the Digital Asset Services, which include purchasing, selling, and holding Supported Digital Assets offered by SoFi Bank.



How easy is it to open a SoFi Crypto Account?

Opening a SoFi Crypto account is quick and easy. There are no fees to open a SoFi Crypto Account and there are no monthly maintenance fees. All we need are a few pieces of information such as name, home address, and Social Security number. In some cases, we may need additional documentation like a copy of your driver’s license, and/or a current photo ID to verify your identity.


Are my crypto assets insured ?


Your SoFi Crypto Account is not a deposit account or a bank account. Cryptocurrency and other digital assets are not deposits, not insured by the Federal Deposit Insurance Corporation (FDIC), or Securities Investor Protection Corporation (SIPC), not bank-guaranteed, and may lose value.


How do I purchase/trade Crypto?


To start trading, you must fund your account by transferring cash from a Connected SoFi Account (SoFi Checking and Savings). We then convert this cash into a stablecoin (such as USDC) to execute the trade.
Please be aware that stablecoins are not issued or guaranteed by SoFi Bank or the FDIC and may lose value. Due to this structure, funding and withdrawals are restricted to your Connected SoFi Account.



Why do I need a SoFi Connected Account?


You need a SoFi Connected Account to unlock the full SoFi Crypto experience. Your Connected Account acts as your primary funding source to enable trading on the SoFi Crypto platform.


When will my funds from my SoFi Checking and Savings Accounts be available?


Transfers made from your SoFi Bank Checking and Savings Account are available instantly to begin trading!



When can I trade? What time is the market closed?


With SoFi Crypto, you can trade 24/7, 365. There are no market hours for the crypto market.


What are SoFi Crypto Trading Fees?


Trading crypto with SoFi is straightforward. We charge a flat 1% fee on all buy and sell transactions. You may notice the price you receive includes a “spread.” This is simply the difference between the live market rate and the rate at which your order is executed. This spread protects you by locking in your price at the moment you order, ensuring valid transaction settlement.



When will my crypto transfer to my SoFi Crypto account be available?


Crypto transfer times from external wallets vary by cryptocurrency. Many are near-instant, while others may take a few hours. Factors that can impact this: the specific blockchain network utilized, network congestion, transaction fees, and more.



{/* Jump start your crypto journey */}


Jump-start your crypto journey.

You’ve got a platform with the safeguards of a bank when you access crypto on SoFi.


Open an account



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Dec
18
2025

Student Loan Forgiveness: Programs for Relief and Forgiveness

By | student_loan | Comments Off on Student Loan Forgiveness: Programs for Relief and Forgiveness

Student Loan Forgiveness: Programs for Relief and Forgiveness

A still life features a number of college-themed items, including a diploma, a pile of cash, books, and a piggy bank wearing glasses and a graduation cap, altogether symbolizing student loan forgiveness programs.

By Nancy Bilyeau

Key Points

•   Public Service Loan Forgiveness and three income-driven repayment plans are currently accepting new applications. But be aware that these federal programs will undergo modifications beginning in July 2026.

•   A new Repayment Assistance Plan is scheduled to launch on July 1, 2026, which is intended to replace most existing income-driven repayment plans for new borrowers.

•   The Saving on a Valuable Education plan will be eliminated for all borrowers by July 1, 2028, and no new applications are currently being accepted.

•   Loan forgiveness under income-driven repayment plans could become subject to federal taxation again starting in 2026 unless Congress takes further action.

•   Several federal and state forgiveness and repayment assistance options are available for workers in public service, education, healthcare, and the military.

If you are one of the 43 million Americans repaying a federal student loan, you may be all too aware of the changes made to forgiveness programs in recent years. The bottom line: Public Service Loan Forgiveness and three income-driven government loan repayment programs are still functioning and accepting new applications. However, the SAVE program isn’t coming back, and a new income-driven repayment program intended to replace most of the others will open in July 2026.
Read on to learn where things stand with programs for relief and forgiveness of federal student loans.

Public Service Loan Forgiveness

For nearly 20 years, a primary path to getting your federal students forgiven has been Public Service Loan Forgiveness (PSLF). The program allows qualifying federal student loans to be forgiven after 120 qualifying payments (10 years), if you work for an eligible public service employer. The average discharge amount for an approved PSLF applicant is $96,343.

In October 2025, however, the Education Department (ED) announced that it intended to modify PSLF by scrutinizing the participating organizations more closely. As a result, some current eligible employers may no longer qualify, effective July 2026. Weeks later, two lawsuits were filed challenging the ED’s power to remove a public or nonprofit employer from PSLF eligibility. As of November 2025, it is not known when these lawsuits will be heard, or whether these developments will change the planned July 2026 date for PSLF to be modified.

Meanwhile, rest assured that PSLF is not going away. People with federal student loans can continue to apply for PSLF and keep making payments toward their 10-year forgiveness goal.

Income-Driven Repayment Plans

If your federal student loan payments are unaffordable, you may qualify for Income-Driven Repayment (IDR). These loan relief plans base your monthly payment amount on your income and family size, and may eventually lead to forgiveness after 20 or 25 years:

•   Pay As You Earn (PAYE): Available for Direct Loan borrowers, with forgiveness after 20 years of payments.

•   Income-Based Repayment (IBR): Available for both Direct and FFEL Program loans, with forgiveness after 20 or 25 years of payments.

•   Income-Contingent Repayment (ICR): Available for Direct Loan borrowers, with forgiveness after 25 years of payments.

Like PSLF, these plans will see changes beginning in July 2026, and are scheduled to be phased out completely by 2028. Until then, the plans continue to operate for participants, and applications are open for new borrowers.

The New Income-Driven Plan: RAP

The Repayment Assistance Plan (RAP) is the future of income-driven repayment. The brand new student loan payment program is scheduled to launch July 1, 2026, replacing existing income-driven repayment plans for new borrowers.

With RAP, borrowers will pay 1% to 10% of their annual adjusted gross income every month, with the percentage based on earning level. Once enrolled in RAP, forgiveness on a federal student loan can occur after 30 years of payment (or 10 years for those in PSLF).

For loans first disbursed on or after July 1, 2026, borrowers must opt in to RAP or be automatically placed in the new Standard Repayment Plan (10- to 25-year fixed term).

What Happened to the SAVE Plan?

The Saving on a Valuable Education (SAVE) plan, initiated by President Joe Biden, drew more than 7 million applicants after being created in 2023. The SAVE plan offered to reduce payments to as low as 5% of monthly discretionary income, and cut some lower-income borrowers’ obligations to zero.

As a result of the “Big Bill” that was signed in July 2025, the SAVE plan will be eliminated for all borrowers by July 1, 2028 at the latest. You can no longer apply for SAVE, and any borrowers still enrolled in SAVE when it closes will be automatically switched to a different plan.

Tax Implications of Student Loan Forgiveness

Taxation on forgiven student loans is an evolving area. According to the FSA website, forgiveness obtained through PSLF is not taxable by the federal government. The American Rescue Plan Act of 2021 made other student loan forgiveness tax-free at the federal level only through the end of 2025. President Trump’s “big beautiful bill” did not extend that broader provision.

Without action from Congress, student loan borrowers who get their debt forgiven under an IDR plan could face a federal tax bill again starting in 2026. Borrowers who qualify for student loan forgiveness in either 2025 or 2026 should talk to a tax professional about the potential tax implications, including at the state level.

Student Loan Forgiveness for Government & Nonprofit Workers

In certain situations, you can have your federal student loans forgiven, canceled, or discharged. That means you won’t have to pay back some or all of your loan(s). The most common course of action is through Public Service Loan Forgiveness. There are also programs for teachers, medical workers, members of the military, and other circumstances, and relief is available for people with permanent disability or whose colleges have closed.

Public Service Loan Forgiveness (PSLF)

If you are enrolled in PSLF and have worked full time in public service (federal, state, local, tribal government or a nonprofit organization) for 10 years or more, you may be eligible to have all your student debt canceled.

As things stand now, any U.S. federal, state, local, or tribal government agency is considered a government employer for the PSLF Program. This includes employers such as the U.S. military, public elementary and secondary schools, public colleges and universities, public child and family service agencies, and special governmental districts (including entities such as public transportation, water, bridge district, or housing authorities).

You can find out if you are eligible by using the PSLF Help Tool on the government website. It will help you learn what the next steps are if you qualify.

Federal Perkins Loan Cancellation

A Federal Perkins Loan delivered need-based aid to college students as part of the Federal Direct Student Loan Program. It ended in 2017, but Perkins loan forgiveness programs are available.

Perkins loan holders who work in a public service position, such as teacher, nurse, or firefighter, can have their student debt partially or fully erased after working in these approved public service jobs for five years and making qualifying payments.

For additional eligibility and application information, see How to Get Perkins Loan Forgiveness in 2026.

Student Loan Forgiveness for Teachers

While the PSLF offers forgiveness for teachers, there is another program, Teacher Loan Forgiveness, that helps people repay their federal loans. Note: Borrowers usually can’t receive credit toward Teacher Loan Forgiveness and PSLF for the same period.

Teacher Loan Forgiveness

Highly qualified teachers may be able to get forgiveness of up to $17,500 on their Direct Subsidized and Unsubsidized Loans and their Federal Stafford Loan. Under this program, if you teach full-time for five complete and consecutive academic years in a low-income school or educational service agency and meet other qualifications, you may be eligible for forgiveness.

For details on requirements and applications, see Explaining Student Loan Forgiveness for Teachers.

Student Loan Repayment Assistance Programs for Teachers

Some states also offer repayment programs for teachers. The American Federation of Teachers’ database will let you see if your state or local government offers separate forgiveness options.

Student Loan Forgiveness for Nurses

Nurses can pursue different programs for forgiveness of their student loans.

NURSE Corps Loan Repayment Program

Loan repayment is available to registered nurses (RN), nurse faculty (NF), and advanced practice registered nurses (APRN) through the Nurse Corps Loan Repayment Program. The program gives funding preference to those who need the most help financially.

Eligibility

To be eligible, you must have received your nursing education from an accredited school of nursing located in a U.S. state or territory. And you must work full time in an eligible Critical Shortage Facility (CSF) in a high-need area.

Requirements

If your application is accepted, you will receive 60% of your total outstanding, qualifying, nursing education loans over the course of two years. After your two-year service contract, you may be eligible for a third year and an additional 25% of your loans.

These funds are not exempt from federal income and employment taxes.

Application Process

Applications for the program can be found on the Nurse Corps website.

Student Loan Repayment Assistance for Nurses

In addition to the Nurse Corps Loan Repayment Program, loan holders can investigate the National Health Service Corps Loan Repayment Program (NHSC LRP), another student loan forgiveness option offered through the Health Resources and Services Administration.

Full-time nurse practitioners, psychiatric nurse specialists, and nurse-midwives may be able to cancel up to $50,000 of both federal and private student loan debt through the program. Part-time nurse practitioners and nurse-midwives may receive up to $25,000 in loan forgiveness.

In exchange for loan forgiveness, you must commit to at least two years of service at an NHSC-approved facility.

Student Loan Forgiveness for Doctors & Health Care Professionals

Medical professionals and healthcare workers have access to some respected student loan forgiveness programs. Their role during the pandemic as frontline workers made helping them with their loans a priority. Some of these programs forgive loans, while others provide money to student loan borrowers in the form of a loan repayment program.

Among the programs that help health care workers with their loans are Public Service Loan Forgiveness (PSLF), the Perkins Loan Cancellation, and the NIH loan repayment programs (LRPs). For more on student loan forgiveness for doctors, read 8 Medical School Loan Forgiveness Programs for Doctors.

National Health Service Corps (NHSC) Loan Repayment Assistance

Nurses are one category of worker getting student loan forgiveness from NHSC. Licensed primary-care clinicians in eligible disciplines can also receive loan repayment assistance through the NHSC Loan Repayment Program (NHSC LRP). In exchange for loan repayment, you must serve at least two years of service at an NHSC-approved site in a Health Professional Shortage Area (HPSA).

Student Loan Forgiveness for Lawyers

With the hefty tuition bills they shoulder, lawyers would be understandably delighted to discover they qualify for student loan forgiveness. One path to just that is Public Service Loan Forgiveness (PSLF), which provides tax-free forgiveness on federal direct loans to borrowers who work for public-service employers. As a lawyer, that means working full time for a government entity or a 501(c)(3) nonprofit. Perkins loan forgiveness is another path for full-time public or community defenders who can have 100% of these loans forgiven over five years of service. Many states also provide assistance to lawyers focused on public service.

Military Student Loan Forgiveness and Assistance

Members of the Armed Forces may qualify for forgiveness of the remaining balance of their Federal Direct Loans through Public Service Loan Forgiveness (PSLF). The HEROES Act Waiver allows a service member or someone on their behalf, such as their school, spouse, or other family member, to request an extension of the reduced payment amount on their income-driven repayment (IDR) plan.

For more, check out our Guide to Military Student Loan Forgiveness.

Student Loan Forgiveness for Volunteers

If you are a Peace Corps or AmeriCorps volunteer, you may qualify for loan forgiveness. AmeriCorps Volunteers in Service to America focuses on alleviating poverty through partnerships with government agencies and nonprofit organizations. Participants in AmeriCorps VISTA, who perform tasks such as fundraising and grant writing, must commit to a one-year term of full-time service and may serve for up to five years in total.

After completing their service requirement, volunteers are eligible for the Segal Education Award or a cash stipend of $1,800, in which case the volunteer also may be eligible for up to 15% cancellation of certain kinds of student loans.

Student Loan Repayment Assistance from your Employer

Many employers subsidize their workers’ repayment of student loans as a benefit. The Internal Revenue Service says that in most cases, educational benefits are excluded from federal income tax withholding, Social Security tax, Medicare tax, and federal employment (FUTA) tax.

Tax-free benefits under an employer’s education assistance program are capped at $5,250 per employee per year. This limit applies to the total of all qualified assistance, which can include tuition, fees, books, supplies, and through December 31, 2025, student loan principal and interest payments. Any amount received over the $5,250 limit is generally considered taxable income and is subject to federal, state, and local taxes.

Ask your manager if they have a student loan repayment benefit.



💡 Quick Tip: Refinancing could be a great choice for working graduates who have higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans.

Student Loan Discharge for Special Circumstances

Federal student loans can be discharged for various other reasons. To learn about the details of the circumstances, go to the FSA website. The common reasons are:

•   Total and permanent disability (TPD)

•   Death of the borrower

•   School closure while the borrower was enrolled or shortly after withdrawal

•   False certification by the school of the borrower’s eligibility or identity theft

•   Approved borrower defense to repayment claims where the school engaged in misconduct or defrauded the student

State-Based Student Loan Repayment Assistance Programs (LRAPs)

Along with the student loan forgiveness options provided by the federal government — which are available to anyone anywhere in the U.S. — individual states have their own debt cancellation programs. All 50 states and the District of Columbia reportedly offer at least one student loan forgiveness program.

For more information on programs in California, Kansas, Maine, Maryland, Massachusetts, Michigan, Ohio, and Texas, read 8 States That Will Help Pay Off Student Loans.

For other states, search your state name and “student loan repayment assistance.”

Student Loan Forgiveness for Private Education Debt

Most lenders of private student loans do not offer forgiveness for debt owed. The exceptions are permanent disability and death. However, in some cases, the debt may be inherited by the surviving spouse or by a cosigner. It’s important to check your policy.

Some lenders do make individual arrangements if you contact them and make a case for severe reduction of income. Reach out to your lender to find out if any accommodation can be made or if student loan refinancing would help.

Student Loan Forgiveness Scams

Unfortunately, student loan forgiveness scams exist. Some clues include promises of immediate forgiveness, claims that programs are “first come, first served,” asking for a fee to process your payment, or for your bank or personal information upfront.

The Takeaway

Federal student loan forgiveness or loan reduction is available based on the borrower’s employment in public service or insufficient income to make payments. The types of programs have changed quite a bit over the last five years, and in July 2026, the Education Department will introduce a totally new income-driven repayment plan.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.


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FAQ

Is there a legitimate student loan forgiveness program?

The U.S. Education Department offers several legitimate programs that can reduce or eliminate federal student loan debt.

What qualifies you for student loan forgiveness?

For the student loan forgiveness programs that have existed for several years, like Public Service Loan Forgiveness, eligibility is based on the type of federal student loan you received, your income, and your chosen career. Only federal student loans are eligible for forgiveness.

How do I apply for student loan forgiveness?

Most forgiveness for student loans can be pursued through the federal Education Department. Other forgiveness programs are available through your state. Some employers also subsidize their workers’ student loans.

Is the SAVE plan for federal student loans still active?

No, the SAVE repayment plan has been canceled. People enrolled in SAVE are in forbearance. As of August 1, 2025, interest began to accrue again on the amount they owe, and borrowers are being encouraged to switch to an alternative income-driven repayment plan.

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.

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2025

SoFi Banking Awards

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Forbes World’s Best Banks 2025

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Money’s Best Banks in America 2026

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DM – Jumbo Loans

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