SoFi Blog

Tips and news—
for your financial moves.

Aug
12
2025

SoFi Refi 0.250% rate discount | SoFi

By | 1_Web_AtWork | Comments Off on SoFi Refi 0.250% rate discount | SoFi

{/* SLR Rate Discount Special 50 */}
{/* https://www.sofi.com/sofi-at-work/slr-special-50/ */}


{/* Hero */}


STUDENT LOAN REFINANCING

Don’t miss this additional 0.250%
rate discount.


Refinancing your student loans could save you thousands. And for a limited time, apply through this page and you can enjoy an additional 0.250% student loan rate discount2 exclusively available to you through SoFi at Work. Offer good from 8/15/25 through 11/15/25.


View your rate

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

{/* Why choose sofi? */}

Why choose SoFi?

Since 2011, we’ve helped over 515,000 members refinance their student loan debt. Here’s just a bit of what they enjoy:

  • Serious savings.
    Zero fees required.

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

  • Easy online process

    Your time matters. View your
    rate in two minutes.

  • Member benefits

    Access SoFi Travel benefits3, our debt summary tool, rewards points to pay toward loans4, and more.

{/* Real stories from real grads */}

Real stories from real grads.

550,000+
SoFi members have refinanced their student loans

$47 billion+
In student loans refinanced

4.3/5 stars
On Trustpilot

4.3/5 star rating based on 9,668 reviews as of July 7, 2025. See trustpilot.com/review/sofi.com for more info.

{/* How refinancing student loan works at sofi */}

How refinancing student loans works at SoFi.

First, we’ll see if you qualify.

You can see some basic eligibility criteria for different loan types. Plus, we’ll consider other factors like your financial history, credit score, and monthly income versus expenses.

Then, you pick a loan with a competitive interest rate.

If you’re approved, you can select from flexible terms that could lower your interest or monthly payments. All with no fees required.

Don’t forget to get a discount.

For example, you could get a 0.25% interest rate discount by enrolling in autopay.1


View your rate



 Checking your rate will not affect your credit score.†

{/* FAQs */}

FAQs


Who should refinance their student loans?

Student loan refinancing is a great solution for working graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private student loans. Federal student loans do carry some special benefits, for example, public service loan forgiveness and economic hardship programs, that may not be accessible to you after you refinance. Check out this blog post that provides more information: When to Consolidate Federal and Private Loans by Refinancing. Or, call us at 855-456-SOFI (7634) for a free consultation about your particular situation.



Is it worth it to refinance student loan?

The answer to this question depends on your specific financial situation. However, student loan refinancing may be a good option if you can qualify for a lower interest rate and/or a shorter repayment period. By reducing your rate and getting a lower monthly payment term, you’ll owe less interest over the life of the loan and save money in the long run.



Can I refinance both federal and private student loans?

Yes, SoFi will consolidate all qualified education loans.



Am I a good candidate to refinance my student loans with SoFi?

SoFi aims to revolutionize financial services—ultimately improving the system for everyone. Today, we’re able to offer significant savings and flexibility to US citizens or permanent residents who have graduated from a selection of Title IV accredited university or graduate programs, are employed, have a sufficient income from other sources, or hold a job offer with a start date within 90 days, have a responsible financial history, and a strong monthly cash flow.



What is the difference between consolidating and refinancing student loans?

Student loan consolidation is when you combine multiple loans into one single loan. Student loan refinancing, on the other hand, is when you get a new loan at a new interest rate and/or a new term. You can refinance both federal and private loans. Learn more here.

What’s the difference between fixed and variable rate loans?

Fixed rate loans are loans that have an interest rate that does not change over the life of a loan, which means you pay the same amount each month. It also means you know with certainty the total interest that you’ll pay over the life of the loan. Fixed rate is a general term that can apply to different types of loans with a variety of uses, including student loans, mortgages, auto loans, and unsecured personal loans.

Variable rate loans are loans that have an interest rate that will fluctuate over time in line with prevailing interest rates. Sometimes they are also known as floating-rate loans.

Find more info on Fixed vs. Variable Rate Loans.




Where can I find more information about student loans in general?

Deciding how to best handle your student loan refinancing can be an intimidating process. That’s why we’ve put together our Student Loan Help Center to give you guidance on existing student loan payments, refinancing, budgeting, and common terminology so you can feel more confident in your journey to becoming debt free.



How will applying impact my credit score?

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull. Learn more here.



What are the differences in refinancing federal vs. private loans?

When you refinance your federal student loans, you’ll have a new private loan, and private loans are not eligible for federal programs and benefits, but it could be a good option if your goal is to lower your monthly payments or get a lower rate. Once federal loans are refinanced into private loans, they can’t be converted back, so it’s important you consider all your options. Learn more here.



What’s the difference between an APR and an interest rate?

Your interest rate includes the interest percentage you will be charged for taking a loan out, accrued on a daily basis, and does not include any other fees. An APR is the sum of the interest rate plus extra fees and expressed as a percentage.


See all FAQs

{/* Tips and resources for student loan refinancing */}

Tips and resources for
student loan refinancing.







{/* horizon */}

{/* Get help from a human */}

Get help from a human.

Ask questions and get help every step of the way from our live customer support team.

Operating hours:

Monday–Thursday 5am–7pm PT

Friday–Sunday 5am–5pm PT


Contact us


Contact us


Read more
Aug
12
2025

SoFi Refi 0.250% rate discount | SoFi

By | 1_Web_AtWork | Comments Off on SoFi Refi 0.250% rate discount | SoFi

{/* SLR Rate Discount Special 375 */}
{/* https://www.sofi.com/sofi-at-work/slr-special-375/ */}


{/* Hero */}


STUDENT LOAN REFINANCING

Don’t miss this additional 0.250%
rate discount.


Refinancing your student loans could save you thousands. And for a limited time, apply through this page and you can enjoy an additional 0.250% student loan rate discount2 exclusively available to you through SoFi at Work. Offer good from 8/15/25 through 11/15/25.


View your rate

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

{/* Why choose sofi? */}

Why choose SoFi?

Since 2011, we’ve helped over 515,000 members refinance their student loan debt. Here’s just a bit of what they enjoy:

  • Serious savings.
    Zero fees required.

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

  • Easy online process

    Your time matters. View your
    rate in two minutes.

  • Member benefits

    Access SoFi Travel benefits3, our debt summary tool, rewards points to pay toward loans4, and more.

{/* Real stories from real grads */}

Real stories from real grads.

550,000+
SoFi members have refinanced their student loans

$47 billion+
In student loans refinanced

4.3/5 stars
On Trustpilot

4.3/5 star rating based on 9,668 reviews as of July 7, 2025. See trustpilot.com/review/sofi.com for more info.

{/* How refinancing student loan works at sofi */}

How refinancing student loans works at SoFi.

First, we’ll see if you qualify.

You can see some basic eligibility criteria for different loan types. Plus, we’ll consider other factors like your financial history, credit score, and monthly income versus expenses.

Then, you pick a loan with a competitive interest rate.

If you’re approved, you can select from flexible terms that could lower your interest or monthly payments. All with no fees required.

Don’t forget to get a discount.

For example, you could get a 0.25% interest rate discount by enrolling in autopay.1


View your rate



 Checking your rate will not affect your credit score.†

{/* FAQs */}

FAQs


Who should refinance their student loans?

Student loan refinancing is a great solution for working graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private student loans. Federal student loans do carry some special benefits, for example, public service loan forgiveness and economic hardship programs, that may not be accessible to you after you refinance. Check out this blog post that provides more information: When to Consolidate Federal and Private Loans by Refinancing. Or, call us at 855-456-SOFI (7634) for a free consultation about your particular situation.



Is it worth it to refinance student loan?

The answer to this question depends on your specific financial situation. However, student loan refinancing may be a good option if you can qualify for a lower interest rate and/or a shorter repayment period. By reducing your rate and getting a lower monthly payment term, you’ll owe less interest over the life of the loan and save money in the long run.



Can I refinance both federal and private student loans?

Yes, SoFi will consolidate all qualified education loans.



Am I a good candidate to refinance my student loans with SoFi?

SoFi aims to revolutionize financial services—ultimately improving the system for everyone. Today, we’re able to offer significant savings and flexibility to US citizens or permanent residents who have graduated from a selection of Title IV accredited university or graduate programs, are employed, have a sufficient income from other sources, or hold a job offer with a start date within 90 days, have a responsible financial history, and a strong monthly cash flow.



What is the difference between consolidating and refinancing student loans?

Student loan consolidation is when you combine multiple loans into one single loan. Student loan refinancing, on the other hand, is when you get a new loan at a new interest rate and/or a new term. You can refinance both federal and private loans. Learn more here.

What’s the difference between fixed and variable rate loans?

Fixed rate loans are loans that have an interest rate that does not change over the life of a loan, which means you pay the same amount each month. It also means you know with certainty the total interest that you’ll pay over the life of the loan. Fixed rate is a general term that can apply to different types of loans with a variety of uses, including student loans, mortgages, auto loans, and unsecured personal loans.

Variable rate loans are loans that have an interest rate that will fluctuate over time in line with prevailing interest rates. Sometimes they are also known as floating-rate loans.

Find more info on Fixed vs. Variable Rate Loans.




Where can I find more information about student loans in general?

Deciding how to best handle your student loan refinancing can be an intimidating process. That’s why we’ve put together our Student Loan Help Center to give you guidance on existing student loan payments, refinancing, budgeting, and common terminology so you can feel more confident in your journey to becoming debt free.



How will applying impact my credit score?

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull. Learn more here.



What are the differences in refinancing federal vs. private loans?

When you refinance your federal student loans, you’ll have a new private loan, and private loans are not eligible for federal programs and benefits, but it could be a good option if your goal is to lower your monthly payments or get a lower rate. Once federal loans are refinanced into private loans, they can’t be converted back, so it’s important you consider all your options. Learn more here.



What’s the difference between an APR and an interest rate?

Your interest rate includes the interest percentage you will be charged for taking a loan out, accrued on a daily basis, and does not include any other fees. An APR is the sum of the interest rate plus extra fees and expressed as a percentage.


See all FAQs

{/* Tips and resources for student loan refinancing */}

Tips and resources for
student loan refinancing.







{/* horizon */}

{/* Get help from a human */}

Get help from a human.

Ask questions and get help every step of the way from our live customer support team.

Operating hours:

Monday–Thursday 5am–7pm PT

Friday–Sunday 5am–5pm PT


Contact us


Contact us


Read more
Aug
11
2025

Roundups

By | Uncategorized | Comments Off on Roundups

SoFi Roundups

Grow your savings effortlessly
with Roundups.

Get more savings with less effort through your SoFi Checking and Savings accounts. SoFi Roundups allows you to save automatically with every purchase.


Open an account

What are SoFi Roundups, and how do they work?

SoFi Roundups help you build your savings automatically, without changing your spending habits. When you make a purchase with your SoFi debit card, the transaction is rounded up to the nearest dollar. The difference moves into your Savings account.

For example, if you buy something for $3.50, SoFi rounds it up to $4 and transfers the extra $0.50 into savings. Over time, these small amounts can add up—making it easier to reach your financial goals, one purchase at a time.

How much could you save with Roundups?

Just 50 purchases a month with an average $0.50 roundup adds up to $25 in savings a month. That’s about $300 a year—automatically.
Want to estimate your own savings? Use our Savings Goal Calculator.

How to set up Roundups:



  • Open a SoFi Checking and Savings account.

    If you’re not already a member, open a bank account online to access Roundups and other banking features.



  • Create a SoFi Vault.

    Vaults let you separate your savings by goal. Set up a Vault for anything you’re working toward, whether it’s an emergency fund, vacation, or big purchase.



  • Enable Roundups and assign to a Vault.

    Turn on Roundups in the SoFi app and choose the Vault where you’d like your spare change to go. You can direct funds to a single goal or switch Vaults anytime.



Open an account


Why choose SoFi Vaults and Roundups?

Create multiple Vaults for different goals.

Set up separate Vaults for whatever you’re saving toward—like an emergency fund, vacation, or down payment. Note you can only apply Roundups to one Vault at a time.

Earn 3.60% APY with eligible direct deposit.1

Vaults earn the same annual percentage yield (APY) as your overall savings account, so your savings can grow faster while you focus on your goals.
Terms apply.

Track progress on the go.

Easily monitor Roundups and Vault balances in the SoFi app. Mobile banking makes it simple to stay on top of your savings from anywhere.


Spending and saving tools and resources.







FAQs


Which transactions are eligible for Roundups?

Roundups apply to eligible debit card purchases made with your SoFi Checking and Savings account. ATM withdrawals, ACH transfers, and peer-to-peer payments via platforms like Venmo or PayPal are not eligible.


What is a SoFi Vault, and do I need one for Roundups?

A Vault is a savings sub-account within SoFi Checking and Savings that lets you organize your money by goal. You’ll need at least one Vault to use Roundups, since that’s where your spare change will be saved.


Can I use Roundups with my SoFi Credit Card?

No. Roundups are only available with SoFi debit card purchases tied to your Checking and Savings account. They don’t apply to credit card transactions.


Can I automatically transfer funds to my SoFi Invest or Lending account?

No. Roundups can only be directed to Vaults within your SoFi Checking and Savings account.


Is there a fee for using SoFi Roundups?

No. Roundups is a free feature included with your SoFi Checking and Savings account.


Can I apply my Roundups to more than one Vault?

You can only assign Roundups to one Vault at a time, but you can switch the destination anytime in the SoFi app.


How can I use the funds saved through Roundups?

Your Roundup amounts are automatically saved into a designated SoFi Vault. To use these saved funds, you can easily transfer them from your Vault back to your SoFi Checking account.


What happens if I don’t have enough money in my checking account for a purchase and the Roundup?

If your available balance can’t cover both the purchase and the Roundup amount, the Roundup won’t process. The transaction itself will still go through as long as funds are available.


Why don’t I see a Roundup right after a purchase?

Roundups are typically processed after the transaction settles, which may take a day or two. You’ll see the Roundup transfer once it’s completed.


How do I see my Roundup history and total savings?

You can view your Roundup activity and Vault balance in the SoFi app. Just tap into your Vault to see recent transfers and track your total savings.


How do I deactivate Roundups?

You can turn off Roundups anytime through the SoFi app. Just navigate to your Vault settings and toggle off the Roundups feature.

{/* Closing CTA */}

Save more with SoFi Roundups.

Turn everyday spending into steady savings—automatically.
Open a SoFi Checking and Savings account to start rounding up and reaching your goals faster.


Open an account

Home > Banking > Savings Account > Roundups


Read more
Aug
11
2025

Utah Student Loan & Scholarship Information

By | student_loan | Comments Off on Utah Student Loan & Scholarship Information







See all state pages

Financial Aid 101

Utah Student Loan & Scholarship Information




Utah is full of rich history and natural resources. It’s no wonder so many students want to study in the Beehive State. Taking the time to learn about grants, scholarships, student loans, and student loan forgiveness options for Utah students can be an important way to help make sure you aren’t overwhelmed by college costs. Here’s what you need to know.

Average Student Loan Debt in Utah

As a prospective Utah college student, you’ll likely want to know the average student loan debt in Utah. According to a 2023 report, 39% of Utah college attendees have student loan debt, with an average balance of $18,344.


39%

of Utah college
attendees have student
loan debt.


SoFi offers simple student loans that work for you.



Utah Student Loans

Federal Student Loans

Federal student loans are provided by the U.S. Department of Education’s Direct Loan Program. If you take out a federal loan, the DOE is your lender. All federal student loans have fixed interest rates — which are generally lower than private loans’ — and carry fees between 1.057% and 4.228% that are deducted from the loan amount before disbursement.

To see which type of loans you may qualify for, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA®) to apply for financial aid for college or grad school. Be aware of your state’s deadline as well as the federal FAFSA deadline.

You should also review the deadlines for each college to which you are applying, as one college may define their deadline as the date you submit your FAFSA form, while another considers it to be the date on which your FAFSA is actually processed. FAFSA will then offer you a financial aid package, dependent on your college, that may include grants, work-study opportunities, and federal student loan options. It is important to note that not every student will qualify to receive federal aid.

Recommended: FAFSA Guide

Direct Subsidized Loans: These are for eligible undergraduate students who demonstrate financial need, and they help cover the costs of higher education at a college or career school. The federal government pays the interest on Direct Subsidized Loans while a student is in school at least half-time. Interest starts accruing on these loans after a six-month grace period once students graduate or if they drop below half-time enrollment.

Direct Unsubsidized Loans: Eligible undergraduate, graduate, and professional students may qualify for these loans. Eligibility is not based on financial need. The interest on these loans begins accruing immediately after funds are disbursed (meaning paid out).

Direct PLUS Loans: These loans are for parents of dependent undergraduate students who need help paying for education expenses not covered by other financial aid. Eligibility for this loan is not based on financial need, but it does require a credit check.

PLUS loans for graduate and professional students are being phased out. Only borrowers who already received these loans before June 30, 2026, can continue to borrow under their current terms through the 2028-29 academic year.

Recommended: Types of Federal Student Loans

Private Student Loans

Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-affiliated organizations. A key point to note: Private lenders follow a different set of regulations than federal loans, so their interest rates can vary widely. What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed.

Private lenders may require you to make payments on your loans while you are still in school. On the other hand, you don’t have to start paying back federal student loans until after you graduate, leave school, or change your enrollment status to less than half-time.

Unlike federal loans which can only be applied for within certain deadlines (once a year, and states have their own deadlines), private loans can be applied for on an as-needed basis. Even if you suspect you may need to take out a private loan, it’s still a smart move to submit your FAFSA before applying. That way, you can see what federal aid you may qualify for first.

If you’ve missed the FAFSA deadline and you’re struggling to pay for school throughout the year, private loans can potentially help you make your education payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.

Recommended:

Private Student Loans 101

Private Students Loans vs Federal Student Loans



Scholarships & Grants

Who doesn’t love a gift? You may sometimes hear grants and scholarships referred to as gift aid. That’s because while grants or scholarships may have certain academic or other requirements to keep them, you usually don’t have to pay them back as you would with a loan. Whether you call that a gift, a windfall, or free money, it’s a huge help when it comes time to pay for higher education.

There are a few instances where you may have to pay back grant money, but typically only if certain requirements aren’t met. Generally, grants are need-based (meaning they are distributed due to your financial need), while scholarships are awarded based on merit (such as academic, athletic, or artistic achievement).

There is no one-size-fits-all grant or scholarship amount or requirements, and both scholarships and grants can come from a variety of entities (including private organizations and federal or state governments).

Some scholarships or grants can be for a small amount that may help you pay for your books or research supplies, but others can cover the entire cost of your education. That means tuition, room and board, and the extras. Which is a very good thing. Who knew parking passes could be so expensive?

Utah Scholarships & Grants

Utah students can check out the scholarships and grants available in the state. This gift aid is essentially free money. Your parents and your bank account may thank you for exploring these options.

Utah Promise Scholarship

This needs-based scholarship program in Utah is available to eligible students at Utah’s public colleges, universities, and technical colleges. The award covers tuition and fees for up to two years.


Learn more

T.H. Bell Education Scholarship

Eligible students intent on entering the teaching profession in Utah public schools can utilize this renewable scholarship at all public or private institutions in Utah that offer an approved program. The award amount is based on available funding.


Learn more

Student Success Scholarship

Recipients of this award receive $7,000 during their freshman year and may be eligible for further funding in subsequent years. Students must be entering freshmen at the University of Utah and maintain a 3.3 GPA while attending full time, among other eligibility requirements.


Learn more

Utah Sterling Scholar Award

This scholarship awards recipients, who must be Utah residents entering their first year of college, for outstanding scholastic achievement. The award amount is $5,000 annually.


Learn more


Get low-rate in-school loans that work for you.



Utah Student Loan Repayment & Forgiveness Programs

If you’ve taken out student loans to attend a school in Utah, it is never too early to start thinking about your repayment plan. And guess what? You have a few repayment options at your disposal.

Under the 2025 domestic policy bill, the standard student loan repayment term is between 10 and 25 years, based on the loan amount. Federal student loan interest rates vary based on what year you receive the loan.

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.

For private loans, terms and conditions such as interest rates are set by the lender and vary due to many factors. Federal student loans typically offer the lowest interest rates and more flexible repayment options as compared to private student loans.

10-30

Years

New federal student loan repayment terms,
depending on the loan amount,
beginning July 2026.

Federal Student Loan Repayment Options

The U.S. domestic policy bill that was passed in July 2025 eliminates a number of federal repayment plans. Because current borrowers may remain in the plans, we are including them here. But for borrowers taking out their first loans on or after July 1, 2026, there will be only two repayment options: The Standard and an income-driven plan. You can learn more about your repayment options for federal student loans here.

Standard Repayment Plan

This plan will continue to be available in a modified form. Most borrowers were eligible for the original plan, which had a 10-year repayment period. Borrowers often paid less over time than with other plans because the loan term was shorter. (Typically, less interest accrues over shorter loan terms than longer ones if payments are made in full and on-time.) For loans taken out on or after July 1, 2026, the repayment term will range from 10 to 25 years based on the loan amount.


Learn more

Repayment Assistance Program

This new program is similar to previous income-driven plans, which tied payments to income levels and household size. Payments range from 1% to 10% of adjusted gross income over a term up to 30 years. At that point, any remaining debt will be forgiven. If your monthly payment doesn’t cover the interest owed, the interest will be cancelled.


Learn more

Graduated Repayment Plan

This plan will be closed to new loans made on or after July 1, 2026. Most borrowers were eligible for this plan, which allowed them to pay their loans off over 10 years. Payments started relatively low, then increased over time (usually every two years). Current borrowers in this plan will continue to make payments according to the plan’s graduated structure.


Learn more

Extended Repayment Plan

This plan will be closed to new loans made on or after July 1, 2026. To qualify for this plan, you must have had more than $30,000 in outstanding Direct or FFEL loans. Monthly payments on the Extended Repayment Plan were typically lower than under the 10-year Standard Plan or the Graduated Repayment Plan, because borrowers had a longer period to pay them off (and therefore made more interest payments). Current borrowers in this plan will continue to make payments according to the plan’s extended term.


Learn more

Saving on a Valuable Education (SAVE)

This plan is scheduled to be eliminated by June 30, 2028. Most student borrowers were eligible for this plan. The SAVE Plan lowered payments for almost all borrowers compared to other income-driven plans because payments were based on a smaller portion of your adjusted gross income (AGI). In addition, any remaining balance would be forgiven after 20 years. Current borrowers in this plan may transition into the new Standard Repayment Plan or Repayment Assistance Program (RAP) beginning July 1, 2026.


Learn more

Income-Based Repayment (IBR)

IBR is available to anyone currently in an income-driven plan that’s scheduled to close. It was designed for borrowers who have a high debt relative to their income. Monthly payments were never higher than the 10-year Standard Plan amount. Generally, however, borrowers paid more over time than under the Standard Plan.


Learn more

Still not sure which payment plan is right for you?

For more information on repayment plans, check out our Student Loan Repayment Options article to help add some clarity.

Granted, it’s not always easy to pay loans back on time. When it comes to student loan default, 10% to 20% of student loans are typically in default. To help you avoid being among those who default on your student loans, let’s take a look at refinancing options.


Student Loan Refinancing

One option to potentially help accelerate student loan repayment is to refinance your student loans with a private lender. Some private lenders, like SoFi, will let you consolidate and refinance both your federal and private student loans into one loan and a single interest rate. It’s a great way to streamline your bill paying and financial life in general.

Consolidating your loans (aka combining them) under one lender gives you the opportunity to refinance your loan and get a new term and interest rate. If you have an improved financial profile compared to when you took out your original loan, you may be able to lower your interest rate when you refinance, or shorten your term to pay off your loan more quickly.

But it is important to remember that if you refinance federal student loans with a private lender, you will lose access to federal programs such as the income-driven repayment plans mentioned above, as well as student loan forgiveness and forbearance options.


Student Loan Forgiveness

At first glance, student loan forgiveness looks appealing, but it is not easily attainable. That being said, there are state-specific and federal Public Service Loan Forgiveness programs that certain student loan borrowers may be eligible for.

Before you review your options, it’s important to know that the terms forgiveness, cancellation, and discharge essentially mean the same thing when it comes to federal student loans, but are applied in different scenarios. For example, if you are no longer required to make loan payments due to your job, that could fall under forgiveness or cancellation.

Or, if the school you received your loans at closed before you graduated, this situation would generally be called a discharge.

Even if you don’t complete your education, can’t find a job, or are unhappy with the quality of your education, you must repay your loans. But there are circumstances that may lead to federal student loans being forgiven, canceled, or discharged. Here are some of those options:

Public Service Loan Forgiveness (PSLF)

The PSLF Program may forgive the remaining balance on eligible Direct Loans, after 120 qualified monthly payments are made under a repayment plan (and working with a qualifying employer).


Learn more

Teacher Loan Forgiveness

Those who teach full-time for five complete and consecutive academic years in a low-income school or educational service agency may be eligible for forgiveness of up to $17,500 on select federal loans.


Learn more

Perkins Loan Cancellation

Cancellation for this specific loan is based on eligible employment or volunteer service and length of service, among other factors.


Learn more

Total and Permanent Disability Discharge

Qualification may relieve eligible borrowers from repaying a qualifying Direct Loan, a Federal Family Education Loan (FFEL) Program loan, and/or a Federal Perkins Loan or a TEACH Grant service obligation.


Learn more

Death Discharge

Due to the death of the borrower or of the student on whose behalf a PLUS loan was taken out, federal student loans may be discharged.


Learn more

Bankruptcy Discharge

Certain eligible borrowers may have federal student loans discharged if they file a separate action during bankruptcy, known as an “adversary proceeding.”


Learn more

Closed School Discharge

Borrowers who were unable to complete an academic program because their school closed might be eligible for a discharge of Direct Loans, Federal Family Education Loan (FFEL) Program loans, or Federal Perkins Loans.


Learn more

Utah Specific Student Loan Forgiveness Programs

Federal loan forgiveness programs are a logical place to start, but it can be smart to also consider other student loan forgiveness programs. There are forgiveness programs tailored to loan borrowers who live in certain locations, or have an in-demand and service-based vocation.

Rural Physician Loan Repayment Program

This loan forgiveness program is for qualified physicians who commit to working in an approved rural hospital in Utah for a minimum of two years. The award amount is up to $40,000 plus a required 100% match from your employer. The total award for two years of full-time service is $80,000.


Learn more



SoFi Private Student Loans

In the spirit of transparency, we want you to know that you should exhaust all of your federal grant and loan options before you consider a SoFi private student loan.

We believe that it is in each student’s best interest to look at federal financing options first in order to find the right financial aid package for them.

If you do decide a private student loan is the right fit for your educational needs, we’re happy to help! SoFi’s private student loan application process is easy and fast. We offer flexible payment options and terms, and there are no origination or late fees.



Read more
Aug
10
2025

Idaho Student Loan & Scholarship Information

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Financial Aid 101

Idaho Student Loan & Scholarship Information




There are some amazing academic opportunities to be found in the state of Idaho. And you’ll be surrounded by some of the most incredible landscapes our country has to offer. If you’re thinking of pursuing a degree in the Gem State, you may need some help to afford it. Read on to learn about Idaho scholarships, grants and student loans, plus loan forgiveness and repayment programs that could make your education dreams come true.

Average Student Loan Debt
in Idaho

Prospective Idaho students may be curious about the state’s average student loan debt. According to a 2023 report, 58% of Idaho college attendees have student loan debt, with an average balance of $24,983.


58%

of Idaho college
attendees have student
loan debt.


SoFi offers simple student loans that work for you.



Idaho Student Loans

Federal Student Loans

Federal student loans are provided by the U.S. Department of Education’s Direct Loan Program. If you take out a federal loan, the DOE is your lender. All federal student loans have fixed interest rates — which are generally lower than private loans’ — and carry fees between 1.057% and 4.228% that are deducted from the loan amount before disbursement.

To see which type of loans you may qualify for, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA®) to apply for financial aid for college or grad school. Be aware of your state’s deadline as well as the federal FAFSA deadline.

You should also review the deadlines for each college to which you are applying, as one college may define their deadline as the date you submit your FAFSA form, while another considers it to be the date on which your FAFSA is actually processed. FAFSA will then offer you a financial aid package, dependent on your college, that may include grants, work-study opportunities, and federal student loan options. It is important to note that not every student will qualify to receive federal aid.

Recommended: FAFSA Guide

Direct Subsidized Loans: These are for eligible undergraduate students who demonstrate financial need, and they help cover the costs of higher education at a college or career school. The federal government pays the interest on Direct Subsidized Loans while a student is in school at least half-time. Interest starts accruing on these loans after a six-month grace period once students graduate or if they drop below half-time enrollment.

Direct Unsubsidized Loans: Eligible undergraduate, graduate, and professional students may qualify for these loans. Eligibility is not based on financial need. The interest on these loans begins accruing immediately after funds are disbursed (meaning paid out).

Direct PLUS Loans: These loans are for parents of dependent undergraduate students who need help paying for education expenses not covered by other financial aid. Eligibility for this loan is not based on financial need, but it does require a credit check.

PLUS loans for graduate and professional students are being phased out. Only borrowers who already received these loans before June 30, 2026, can continue to borrow under their current terms through the 2028-29 academic year.

Recommended: Types of Federal Student Loans

Private Student Loans

Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-affiliated organizations. A key point to note: Private lenders follow a different set of regulations than federal loans, so their interest rates can vary widely. What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed.

Private lenders may require you to make payments on your loans while you are still in school. On the other hand, you don’t have to start paying back federal student loans until after you graduate, leave school, or change your enrollment status to less than half-time.

Unlike federal loans which can only be applied for within certain deadlines (once a year, and states have their own deadlines), private loans can be applied for on an as-needed basis. Even if you suspect you may need to take out a private loan, it’s still a smart move to submit your FAFSA before applying. That way, you can see what federal aid you may qualify for first.

If you’ve missed the FAFSA deadline and you’re struggling to pay for school throughout the year, private loans can potentially help you make your education payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.

Recommended:

Private Student Loans 101

Private Students Loans vs Federal Student Loans



Scholarships & Grants

Who doesn’t love a gift? You may sometimes hear grants and scholarships referred to as gift aid. That’s because while grants or scholarships may have certain academic or other requirements to keep them, you usually don’t have to pay them back as you would with a loan. Whether you call that a gift, a windfall, or free money, it’s a huge help when it comes time to pay for higher education.

There are a few instances where you may have to pay back grant money, but typically only if certain requirements aren’t met. Generally, grants are need-based (meaning they are distributed due to your financial need), while scholarships are awarded based on merit (such as academic, athletic, or artistic achievement).

There is no one-size-fits-all grant or scholarship amount or requirements, and both scholarships and grants can come from a variety of entities (including private organizations and federal or state governments).

Some scholarships or grants can be for a small amount that may help you pay for your books or research supplies, but others can cover the entire cost of your education. That means tuition, room and board, and the extras. Which is a very good thing. Who knew parking passes could be so expensive?

Idaho Scholarships & Grants

If you’re struggling to afford expensive tuition, fees, and books, consider applying for some Idaho scholarships that can help lessen the cost of college. And don’t forget about Idaho college grants that might lighten your financial load. These options are gift aid; you don’t need to repay the funds!

Idaho Opportunity Scholarship

This scholarship aims to remove financial barriers to higher education and help students prepare for college and enter the workforce successfully. This scholarship awards eligible applicants up to $3,500 a year and is renewable for up to four years.


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Idaho Governor’s Cup Scholarship

Approximately 25 Idaho high school or home school seniors who are planning to attend an Idaho college or university to pursue an academic or career technical education receive this award each year. A $5,000 award for eligible academic recipients is renewable for up to four years, and a $3,000 award for eligible career-technical recipients is renewable for up to three years.


Learn more

GEAR UP Idaho Scholarship 3

Graduating Idaho high school seniors can apply for this scholarship if they have participated in an Idaho GEAR UP program at a qualified school district and are planning to attend college in Idaho. Award amounts vary based on the number of applicants and funds available each year.


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Tschudy Family Scholarship

This scholarship is for eligible graduates of Emmett High School who choose to pursue a degree from an Idaho public four-year higher education institution. Awards are $2,500 per year, are renewable, and are awarded based on academic merit, integrity, and financial need.


Learn more

Idaho Opportunity Scholarship for Adult Learners

The Opportunity Scholarship awards eligible applicants up to $3,500 per year. The award is renewable for up to four years and is designed to assist students to attend college and prepare to enter the workforce.


Learn more

Recommended: SoFi Scholarship Search Tool


Get low-rate in-school loans that work for you.



Idaho Student Loan Repayment & Forgiveness Programs

If you’ve taken out student loans to attend a school in Idaho, it is never too early to start thinking about your repayment plan. And guess what? You have a few repayment options at your disposal.

Under the 2025 domestic policy bill, the standard student loan repayment term is between 10 and 25 years, based on the loan amount. Federal student loan interest rates vary based on what year you receive the loan.

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.

For private loans, terms and conditions such as interest rates are set by the lender and vary due to many factors. Federal student loans typically offer the lowest interest rates and more flexible repayment options as compared to private student loans.

10-30

Years

New federal student loan repayment terms,
depending on the loan amount,
beginning July 2026.

Federal Student Loan Repayment Options

The U.S. domestic policy bill that was passed in July 2025 eliminates a number of federal repayment plans. Because current borrowers may remain in the plans, we are including them here. But for borrowers taking out their first loans on or after July 1, 2026, there will be only two repayment options: The Standard and an income-driven plan. You can learn more about your repayment options for federal student loans here.

Standard Repayment Plan

This plan will continue to be available in a modified form. Most borrowers were eligible for the original plan, which had a 10-year repayment period. Borrowers often paid less over time than with other plans because the loan term was shorter. (Typically, less interest accrues over shorter loan terms than longer ones if payments are made in full and on-time.) For loans taken out on or after July 1, 2026, the repayment term will range from 10 to 25 years based on the loan amount.


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Repayment Assistance Program

This new program is similar to previous income-driven plans, which tied payments to income levels and household size. Payments range from 1% to 10% of adjusted gross income over a term up to 30 years. At that point, any remaining debt will be forgiven. If your monthly payment doesn’t cover the interest owed, the interest will be cancelled.


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Graduated Repayment Plan

This plan will be closed to new loans made on or after July 1, 2026. Most borrowers were eligible for this plan, which allowed them to pay their loans off over 10 years. Payments started relatively low, then increased over time (usually every two years). Current borrowers in this plan will continue to make payments according to the plan’s graduated structure.


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Extended Repayment Plan

This plan will be closed to new loans made on or after July 1, 2026. To qualify for this plan, you must have had more than $30,000 in outstanding Direct or FFEL loans. Monthly payments on the Extended Repayment Plan were typically lower than under the 10-year Standard Plan or the Graduated Repayment Plan, because borrowers had a longer period to pay them off (and therefore made more interest payments). Current borrowers in this plan will continue to make payments according to the plan’s extended term.


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Saving on a Valuable Education (SAVE)

This plan is scheduled to be eliminated by June 30, 2028. Most student borrowers were eligible for this plan. The SAVE Plan lowered payments for almost all borrowers compared to other income-driven plans because payments were based on a smaller portion of your adjusted gross income (AGI). In addition, any remaining balance would be forgiven after 20 years. Current borrowers in this plan may transition into the new Standard Repayment Plan or Repayment Assistance Program (RAP) beginning July 1, 2026.


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Income-Based Repayment (IBR)

IBR is available to anyone currently in an income-driven plan that’s scheduled to close. It was designed for borrowers who have a high debt relative to their income. Monthly payments were never higher than the 10-year Standard Plan amount. Generally, however, borrowers paid more over time than under the Standard Plan.


Learn more

Still not sure which payment plan is right for you?

For more information on repayment plans, check out our Student Loan Repayment Options article to help add some clarity.

Granted, it’s not always easy to pay loans back on time. When it comes to student loan default, 10% to 20% of student loans are typically in default. To help you avoid being among those who default on your student loans, let’s take a look at refinancing options.


Student Loan Refinancing

One option to potentially help accelerate student loan repayment is to refinance your student loans with a private lender. Some private lenders, like SoFi, will let you consolidate and refinance both your federal and private student loans into one loan and a single interest rate. It’s a great way to streamline your bill paying and financial life in general.

Consolidating your loans (aka combining them) under one lender gives you the opportunity to refinance your loan and get a new term and interest rate. If you have an improved financial profile compared to when you took out your original loan, you may be able to lower your interest rate when you refinance, or shorten your term to pay off your loan more quickly.

But it is important to remember that if you refinance federal student loans with a private lender, you will lose access to federal programs such as the income-driven repayment plans mentioned above, as well as student loan forgiveness and forbearance options.


Student Loan Forgiveness

At first glance, student loan forgiveness looks appealing, but it is not easily attainable. That being said, there are state-specific and federal Public Service Loan Forgiveness programs that certain student loan borrowers may be eligible for.

Before you review your options, it’s important to know that the terms forgiveness, cancellation, and discharge essentially mean the same thing when it comes to federal student loans, but are applied in different scenarios. For example, if you are no longer required to make loan payments due to your job, that could fall under forgiveness or cancellation.

Or, if the school you received your loans at closed before you graduated, this situation would generally be called a discharge.

Even if you don’t complete your education, can’t find a job, or are unhappy with the quality of your education, you must repay your loans. But there are circumstances that may lead to federal student loans being forgiven, canceled, or discharged. Here are some of those options:

Public Service Loan Forgiveness (PSLF)

The PSLF Program may forgive the remaining balance on eligible Direct Loans, after 120 qualified monthly payments are made under a repayment plan (and working with a qualifying employer).


Learn more

Teacher Loan Forgiveness

Those who teach full-time for five complete and consecutive academic years in a low-income school or educational service agency may be eligible for forgiveness of up to $17,500 on select federal loans.


Learn more

Perkins Loan Cancellation

Cancellation for this specific loan is based on eligible employment or volunteer service and length of service, among other factors.


Learn more

Total and Permanent Disability Discharge

Qualification may relieve eligible borrowers from repaying a qualifying Direct Loan, a Federal Family Education Loan (FFEL) Program loan, and/or a Federal Perkins Loan or a TEACH Grant service obligation.


Learn more

Death Discharge

Due to the death of the borrower or of the student on whose behalf a PLUS loan was taken out, federal student loans may be discharged.


Learn more

Bankruptcy Discharge

Certain eligible borrowers may have federal student loans discharged if they file a separate action during bankruptcy, known as an “adversary proceeding.”


Learn more

Closed School Discharge

Borrowers who were unable to complete an academic program because their school closed might be eligible for a discharge of Direct Loans, Federal Family Education Loan (FFEL) Program loans, or Federal Perkins Loans.


Learn more

Idaho Specific Student Loan Forgiveness Programs

Federal loan forgiveness programs are a logical place to start, but it can be smart to also consider other student loan forgiveness programs. There are forgiveness programs tailored to loan borrowers who live in certain locations, or have an in-demand and service-based vocation.

The Rural Physician Incentive Program (RPIP)

Physicians who practice primary care medicine, family medicine, internal medicine, and pediatrics in an Idaho health professional shortage area may apply for this incentive program. Award amounts vary, but the maximum amount possible is $100,000, payable over a four-year period.


Learn more

Rural Nursing Loan Repayment Program (RNLR)

Registered nurses and licensed practical nurses practicing in rural and underserved areas of Idaho may be eligible for this program. Recipients can receive up to $25,000 over three years.


Learn more



SoFi Private Student Loans

In the spirit of transparency, we want you to know that you should exhaust all of your federal grant and loan options before you consider a SoFi private student loan.

We believe that it is in each student’s best interest to look at federal financing options first in order to find the right financial aid package for them.

If you do decide a private student loan is the right fit for your educational needs, we’re happy to help! SoFi’s private student loan application process is easy and fast. We offer flexible payment options and terms, and there are no origination or late fees.



Read more
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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 696891. (www.nmlsconsumeraccess.org)

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