SoFi’s new nine month interest-only refinancing option enables people with student loans to lower monthly minimum payments when it matters most.

SoFi Technologies, Inc. (NASDAQ: SOFI) is making student loan repayment more flexible with the launch of SmartStart, a new refinance option. With SmartStart, people can put money they’d otherwise use on student loan payments in the first nine months towards supporting life transitions like finding a new job, relocating to a new city, or searching for a new home.

A recent Gallup survey found that 71% of student loan borrowers delayed at least one major life event, like buying a car or moving out of their parents’ home, because of their student loans.1 With SmartStart, members can refinance their student loans and pay only the interest for their first nine months. This keeps minimum monthly payments low and eases financial stress as they start their next chapter. For example, a member refinancing $50,000 in loans over a 10-year term could reduce their monthly payments by more than $3,000 during their first nine months.2 After the first nine months, members will start paying the principal and interest for the remainder of the loan. SmartStart loans come with SoFi’s competitive fixed interest rates and flexible terms of up to 20 years, providing members with control over the amount they pay each month and more predictability over their budgets.

“For the millions of people who borrow money to fund their education, paying down debt is a critical, but an often difficult step on the path to getting their money right,” said Anthony Noto, CEO of SoFi. “With SmartStart, members get lower payments in the early part of their loans as they make important life transitions. There are endless ways SoFi will innovate to help our members spend less than they make and invest the rest, and that’s exactly what we’re doing with SmartStart.”

Through competitive interest rates, no hidden fees, and flexible repayment options, SoFi members have saved thousands of dollars over the life of their loans. SoFi makes it easier for borrowers to lower their monthly payments, reduce their total interest costs, and pay off their loans faster. SoFi members also get access to benefits like financial planning tools, and member events, ensuring that refinancing isn’t just about saving money—it’s about setting yourself up for long-term success.

As of December 2024, SoFi has helped over 534,374 members refinance more than $45.8 billion in student loans. Demand for SoFi’s student loan offerings continued through the end of 2024, with student loan originations reaching $1.3 billion in the fourth quarter, a 71% year-over-year increase.

To learn more about Smart Start visit https://www.sofi.com/smart-start/

To check out SoFi’s full suite of student lending options visit https://www.sofi.com/refinance-student-loan/

About SoFi

SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its over 10.1 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.

SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

©2025 SoFi Technologies, Inc. All rights reserved.

1 Gallup & Lumina Foundation. (2024). The State of Higher Education 2024 Report. Retrieved from https://news.gallup.com/poll/643328/student-loan-borrowers-delayed-major-life-events.aspx

2 Estimated monthly payments for the SmartStart loan are $269 per month and calculated using 6.47% APR (the average rate for all SoFi refinance loans from 2/28/24 to 2/28/25 plus 0.125%). Estimated monthly payments without SmartStart are $621 per month and based on a hypothetical loan with 8.55% APR (SoFi borrowers’ average incoming rate from 2/28/24 to 2/28/25) with a remaining term of at least 10 years. Calculations assume no origination fee option selected and no pre-payment amounts. Actual rates on a new SoFi loan will depend on various factors, including the term of your loan, your credit history, and your cosigner’s (if any) credit.

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But getting a pet is a real lifestyle commitment, both in terms of time and money. On average, a dog costs $34,550 over their lifetime, and a cat, $32,170, according to a new 2025 cost study by the pet sitting app Rover.

And along with everything else that’s gotten pricier, the study shows pet owners can expect to spend more on many aspects of pet care this year:

•   Veterinary fees: +11%

•   Treats and chews: +85%

•   Grooming supplies: +20%

•   Pet cleaning supplies: +183%

•   Cat scratching posts and trees: +68%

In fact, 31% of pet owners surveyed by Rover said the cost of pet items seems to be rising faster than other household or personal expenses. And just over half said they’re worried that tariffs will make their furry friends even more expensive.

The good news? Bringing a new pet home doesn’t have to cost more, even if the ongoing expenses do. The cost of adopting from a shelter is down 16% for cats and 19% for dogs, probably because of waning adoption rates, according to Rover.

So what? If you’re a pet owner or might become one, there’s a lot at stake as costs rise. After all, pets are part of your family and that’s usually non-negotiable. Here are some ways to adapt:

•   Revisit the rest of your budget: A third of pet owners surveyed said they have cut costs in other areas of their life. So it’s worth taking a fresh look at your overall monthly spending, especially as inflation ebbs and flows.

•   Sign up for subscription discounts: The biggest chunk of your ongoing pet budget may be food and treats. Consider buying those types of items from an online retailer that offers a discount for recurring orders.

•   Consider pet insurance: Pet insurance can help lower the cost of unplanned vet visits or other emergencies, but make sure you know how it works — and what it will and won’t cover — before you invest.

•   Adopt instead of shop: Shelter adoptions may be cheaper, but buying from a breeder most definitely is not. Depending on the breed and sex of the dog, a bred puppy can cost anywhere from $775 to $4,750 this year, representing an average increase of over 1,000% from 2024, according to Rover.

•   Access local resources: Many communities offer extra help for pet owners in need, like pet food banks, temporary foster services, and low-cost veterinary clinics.

Related Reading

•   Inflation-Induced Cutbacks? Not for Fido (The Currency by Empower)

•   Is Pet Insurance Worth It? (SoFi)

•   How to Budget for a Happy, Healthy Pet (Chewy)

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

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