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⁵ 30-YEAR Payment Example: The payment for a 30-year term, loan amount $362000.00, Rate 5.875%, LTV 80% is $2141.00 for full Principal and Interest Payments with $6030.92 due at closing. The Annual Percentage Rate is 6.117%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
⁶ 20-YEAR Payment Example: The payment for a 20-year term, loan amount $362000.00, Rate 5.750%, LTV 80% is $2542.00 for full Principal and Interest Payments with $6041.78 due at closing. The Annual Percentage Rate is 6.072%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
⁷ 15-YEAR Payment Example: The payment for a 15-year term, loan amount $362000.00, Rate 5.125%, LTV 80% is $2886.00 for full Principal and Interest Payments with $4901.48 due at closing. The Annual Percentage Rate is 5.474%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
⁸ 10-YEAR Payment Example: The payment for a 10-year term, loan amount $362000.00, Rate 5.250%, LTV 80% is $3884.00 for full Principal and Interest Payments with $5194.70 due at closing. The Annual Percentage Rate is 5.767%. No prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater. Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change without notice.
Millions of borrowers like you are trying to stay ahead of federal student loan changes. And that’s where SoFi comes in. We’ll update you with the latest on loans, so you can make the best call for your future.
Today, borrowers can choose between fixed payment plans (such as a standard 10-year plan), or a handful of existing income-driven repayment plans. And starting in July 2026, borrowers will have access to two new plans created by the One Big Beautiful Bill Act: a new standard plan offering a fixed monthly payment for terms ranging from 10 to 25 years (depending on your total loan amount) and a new income-driven plan (the Repayment Assistance Plan) where your monthly payment is based on a percentage (1 to 10%) of your adjusted gross income.
And a reminder: if you’re an existing SAVE loan borrower, interest has been accruing on your loan since August 2025.
If you’re enrolled in SAVE, start exploring your options now. Use the DOE’sLoan Simulator tool to estimate payments and compare available repayment plans.
Check out StudentAid.gov/courtactions for the latest announcements and follow SoFi for more context on student loan news and developments.
July 4, 2025 – The President signed the One Big Beautiful Bill Act into law. Here’s what it means for student loans.
• Ending Grad PLUS loans and capping Parent Plus loans beginning next year. This puts a limit on how much graduate students and parents are able to borrow, rather than allowing them to borrow up to the full cost of attendance.
• Phasing out a number of current income-driven repayment plans over the next three years, including the newest SAVE plan, in favor of a new Repayment Assistance Plan aimed at simplifying the choices. RAP will require even the lowest-income borrowers to pay at least $10 a month and requires 30 years of payments — rather than 20 or 25 — before any remaining balance can be forgiven. Parent borrowers won’t be eligible.
• Making it harder to get loan payments waived or deferred. For people who get loans on July 1, 2027 or after, there will be no forbearance or deferment based on economic hardship or unemployment.
More than ever, it’s important to stay informed about your options, especially as delinquency
rates rise.
April 21, 2025 – The Department of Education to start collection efforts on defaulted student loans for the first time in five years.
The Department of Education’s Office of Federal Student Aid (FSA) will resume collections on defaulted student loans on May 5, according to a department press release. This means that for the first time since March 2020, borrowers who are in default (typically those who are at least nine months behind on their payments) could have their wages garnished or face other legal and financial consequences.
If you’re in default on your loan(s), contact the Default Resolution Group to make a monthly payment, enroll in an income-driven repayment plan, or sign up for loan rehabilitation.
For regular updates and more information on the world of student loans, subscribe to SoFi’s On the Money and check out SoFi Learn.
Student loan info you need to know.
Step one: Let’s go over some common terms to avoid confusion.
Expand each section for more.
APR versus interest rate
APR versus interest rate
• What’s the difference?
APR, which stands for annual percentage rate, is the interest rate plus any fees your lender may add to the principal loan amount. The interest rate alone is what you’re being charged to borrow money from your lender, expressed as a percentage of the principal loan amount.
• Which fees are typically included in an APR?
The most common fee included in an APR is the student loan origination fee. This fee is typically based on a percentage of the total loan amount and gets deducted from the funds you receive before the loan is disbursed. Some lenders—like SoFi—don’t charge any fees.
• How do interest rates work?
The interest rate represents the amount your lender is charging you to borrow money. It’s expressed as a percentage of your loan amount (or principal) and doesn’t reflect any fees or other charges that might be connected to your loan.
Fixed versus variable rate
Fixed versus variable rate
• What’s the difference?
True to its name, a fixed interest rate does not change—it remains the same throughout the life of a loan, whereas a variable rate fluctuates with changes in the market.
• When might a fixed rate make sense?
If you like the security of knowing exactly what your monthly payment will be over the life of your loan, a fixed-rate loan is a good option. This consistency makes budgeting easier and offers peace of mind in times of economic uncertainty.
• When might a variable rate make sense?
A variable-rate loan can benefit borrowers in a declining interest-rate market because their monthly payment will decrease as well. However, when interest rates rise, borrowers who hold a variable-rate loan will find that their monthly payment also increases.
Federal versus private loan
Federal versus private loan
• What’s the difference? Federal student loans are funded by the government—they can be subsidized or unsubsidized. Private student loans are not associated with the government, so their repayment terms vary from lender to lender. Unlike federal loans, interest rates can be either fixed or variable.
• How do I know whether my loan is federal or private?
To figure out whether your student loan is federal or private, visit the National Student Loan Data System (NSLDS). The database is a collection of information on student loans that aggregates data from universities, federal loan programs, and more.
• What are the benefits of a federal student loan? Federal student loans include benefits not typically offered by private lenders, including income-based repayment, public service loan forgiveness, and deferment options.
Step two: Let’s get a clearer idea of how the federal government could impact your loans.
Expand each section for more.
Department of Education
Department of Education
• Historical role
While the responsibility for education in the U.S. largely falls to states and local municipalities, the Department of Education has historically provided funds to help schools and districts reach their goals. Further, the Department of Education has managed the federal student loan program.
• Potential closure
A March 2025 executive order required the Department of Education to close “to the maximum extent appropriate and permitted by law.” Fully closing it would require Congress to act. But the order could lower the workforce and significantly reduce services. The Small Business Administration has been ordered to take over the federal student loan portfolio, but details and timing are not yet clear.
Forgiveness programs
Forgiveness programs
• What is available?
The last few years have seen a lot of change to student loan forgiveness. The One Big Beautiful Act was signed into law on July 4th, 2025, meaning most income-driven repayment (IDR) plans will be phased out by July 2026, including the Saving on a Valuable Education (SAVE) Plan, Income-Contingent Repayment (ICR), and Pay As You Earn (PAYE). Borrowers that are currently on those plans will have to switch between July 2026 and the end of June 2028.
Public Service Loan Forgiveness (PSLF) remains untouched for now – this plan could forgive the remaining balance on a federal Direct loan for borrowers in public service careers after enough qualifying payments.
Executive orders
Executive orders
• What do they cover?
Published in the Federal Register, executive orders are directives from the President of the United States to manage operations of the executive branch of the federal government. Although executive orders have historically related to administrative matters and internal operations of federal agencies, recent presidents have used executive orders more broadly to carry out policies and programs. They may be revoked by the President at any time. See 2025 executive orders.
• How do recent orders affect student debt?
Issued March 7, 2025, the executive order Restoring Public Service Loan Forgiveness directs the Public Service Loan Forgiveness (PSLF) program to now exclude organizations that engage in activities that have a “substantial illegal purpose” such as illegal immigration, terrorism, child abuse, discrimination, and public disruptions. It aims to ensure “only legitimate public servants benefit.”
More info to help you stay caught up.
The state of student loans is shifting quickly and often. Learn more about the latest changes and what options are available to you.
Here are some strategies to consider as you explore ways to repay your student loans.
Pay down the principal.
One of the most effective ways to get ahead of student debt is to pay more than the monthly minimum. Even an extra $50 each month could make a big difference. Paying down your principal balance could reduce the total interest you’d pay over the life of the loan and shorten your repayment period.
Applications have reopened for federal income-based repayment plans like Income-Based-Repayment (IBR). You may even be eligible to have your federal loans forgiven after 10 years if you work in public service full-time under the Public Service Loan Forgiveness Program (PSLF).
Refinancing your student loans through a private lender could help you get a lower interest rate or reduce your monthly payments. You could also consolidate multiple student loans into a single payment for easier management. Keep in mind that refinancing federal loans means benefits like income-based repayment plans and deferment options would no longer be available to you.
We get it. You want to think about your loans as little as possible. Here’s a quick, hot take on student loan repayment. Give us two minutes to break it down.
What Is Student Loan Refinancing?
How To Budget for Student Loan Payments
Run the numbers on your student loans.
Calculate your monthly payment with a new interest rate, see your payoff date, and determine whether refinancing could save you money.
Monthly payment calculator
Punch in your loan amount and a new interest rate, and we’ll estimate your monthly payment.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Free tools to set you up for life beyond debt.
Student Loan Tracking
Our free credit score monitoring tool allows you to track your student debt for a quick overview of your monthly payments, loan status, and payoff date—at no extra cost.
Our free credit score monitoring tool allows you to track your student debt for a quick overview of your monthly payments, loan status, and payoff date—at no extra cost.
Whether your goal is to pay off your student loans as quickly as possible, increase your savings, or invest for the future, our budgeting tools may help—and they’re free.
Whether your goal is to pay off your student loans as quickly as possible, increase your savings, or invest for the future, our budgeting tools may help—and they’re free.
In today’s landscape, student loan borrowers are navigating payoff journeys that are shaped by ever-changing factors like cost and cultural expectations. To better understand how they’re approaching these decisions, and thinking of their debt in 2025, SoFi surveyed 3,500 prospective and current students, graduates, and parents. After analyzing the findings and holding in-depth conversations with leading industry voices, we uncovered a revealing look at the emotional, financial, and practical realities shaping how families think of college as an investment today—and the kinds of support they’re actively seeking in their personal finance journeys. Check out our findings here.
Still have questions? Get help from a human.
Live customer support
Need help applying for SoFi Student Loan Refinancing? Our live support team could help you understand the complexities of student loans and suggest refinancing options based on your individual needs.
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Hone your strategy in unlimited sessions with SoFi Wealth Financial Planners who’ve seen it all. Unlock SoFi Plus for just $10 a month2 or at no additional cost with eligible direct deposit.
Unlike high school (or at least the last semester of it!) college takes a bit more than just showing up. You’ve probably noticed this in class — and out.
Take living on your own (and on your own dime), for example. It’s a rite of passage, but knowing how to afford the experience you’re dreaming of isn’t so obvious. Spending and saving while you’re a student can wind up adding another layer of stress.
That’s where SoFi and this guide step in, offering you the info and tools you need to stress less and succeed. As a one-stop shop for your finances, SoFi is here to help you bank, borrow, budget, and invest — with our innovative products and features. Our aim: to empower you to take control of your financial journey – and even enjoy the ride.
Check us out! We’ll help you ace your financial life.
Get Your Money Right®
Getting your money right means different things to different people, especially as you move through your college years. Maybe you’re all about getting tuition paid or creating (and sticking to) a budget. Or maybe you landed an amazing summer job (nice!) and want to learn how to invest. No matter what it means to you, we’re here to help you make the most of your money, today and tomorrow.
Bank smarter with SoFi
You’re used to swiping and tapping your way to cool clothes, midnight snacks, and the funniest TikToks. So it makes sense to use your phone to bank. With SoFi, you can open an all-in-one checking and saving account that earns amazing interest — straight from your smartphone. With no account fees, SoFi Checking and Savings puts your funds at your fingertips. Plus, college students can earn up to $10 just for signing up and using their debit card.
Living Your Best College Life
You want to have as fun and carefree a college experience as you can (in between studying and exams, that is). But it’s hard to relax if you keep running out of money for weekend plans and pick-me-up lattes. Read on for smart, painless money strategies that make college life (and what comes next) a lot easier to afford.
The simplest way to save on school.
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Affording College: Help for Finding Funding
Summer jobs fall through. Savings run dry. Scholarships aren’t always a guarantee. If your college tuition plans didn’t quite work out, these resources can help you find ways to cover the shortfall.
What you need to know about student loans, grants, and scholarships
You may have different options for funding your education depending on where your school is in the country. Here are some resources to help you cut through the noise.
Select your state to get started:
Borrow from SoFi
Sweating that tuition bill? We hear you. If you’ve exhausted your financial aid and federal loan options, SoFi may be able to help you get the money you need for school. With competitive low rates and no fees, our private student loans top many “best” lists. (Sorry not sorry to brag.) Apply online and cut the waiting-to-know time.
(Pay)Checks and Balances
Whether you’re starting a work-study job, summer gig, or post-grad position (congrats!), you may be wondering: Why is my paycheck less than what I earned? How long does a deposit take to be available? Can I speed things up? When it comes to your money, there are no stupid questions. Get answers — and learn the ins and outs of paychecks and bank accounts, literally.
Keep track of your money with SoFi
It’s 10 pm. Do you know where your money is? SoFi Insights helps you keep tabs on your income and expenses in real-time and at no cost. And with an up-to-date view of your finances, you’ll know what you can afford — and what you can’t.
Beyond College: Starting Out and Getting Ahead
Soon enough, you’ll be navigating the real world. Now’s a great time to begin honing some financial skills that’ll see you through this big life transition. Learn about starter salaries, rents, and more.
We’re here to slay myths about paying for college.
The truth is a mighty weapon. And we’ll help you use it to strike down the myths that block your ultimate quest: paying for college.
Knowing the (Credit) Score
In a world that revolves around credit, having a low credit score, or no credit history at all, can be seriously limiting. Take a look at how to build and use credit responsibly – which in turn can help open more doors for you.
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You’ve probably heard stories about people investing in their 20s, becoming financially independent, and retiring early. If you want to declare your independence some day, the first step is exploring how to grow your hard-earned cash in both established and emerging ways.
Invest with SoFi
You don’t actually have to be a financial whiz to trade stocks. Our beginner’s investing guide can give you a crash course. Once you’re ready, you can test the waters with as little as $5 on SoFi’s investing platform.
Tools of the Trade
Finally, calculators that tell you more useful stuff than square roots! We’ve got what you need to figure out numbers you need, like when you’ll be totally free of your student loans (and maybe even how to speed up that timetable), how much you can save with a SoFi personal loan, or just how rich your retirement can be if you start contributing funds now. Test-drive our calculators below.
Ready for some straight talk from a financial adviser? SoFi’s Brian Walsh answers your spending, saving, and loan questions on everything from “Is College Worth It?” to “When Should I Use My Credit Card?”
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