What is SoFi’s Unemployment Protection Program?

If you lose your job through no fault of your own, you may apply for the Unemployment Protection Program. Your loan(s) must be in good standing at the time you request enrollment in the Unemployment Protection program. If approved for the program, SoFi will put your Personal Loan into forbearance, and help to modify your monthly SoFi loan payments. Unemployment Protection is offered in three month increments, and is capped at 12 months, in aggregate, over the life of the loan. If you have a SoFi Student Loan Refinance product, serviced by MOHELA, you will need to apply for the Unemployment Protection program with them directly by calling 877-292-7470.

During each three-month forbearance period, unpaid interest will continue to accrue and will be capitalized (added) onto your principal balance. You do have the option to make interest-only payments during this period in order to prevent the interest from increasing your principal balance.