SoFi Blog

When the government lowered federal loan rates last year, we stopped lending to college students and refocused our business on refinancing graduates.  The combination of lower loan rates and guaranteed government protections made it hard for us to justify choosing a SoFi loan while in school.  Our advice was to graduate, get a job and then consider SoFi.  Over 8,500 of you have done that, refinancing over $700 million in loans with us, saving money and gaining benefits like our unemployment protection and entrepreneur program.

Summer is officially upon us, and with it the promise of warm sunshine, longer days and happy memories.  But if you’re one of the 37 million Americans with student loans, that debt can feel like a constant storm cloud over your head – no matter what the weather outside may be.

Rather than let another lazy summer pass you by, why not use the next few months to make a dent in your education debt?  Research shows that you’re more likely to achieve your objectives when they’re specific, measurable and time-bound, making summer the perfect time to set goals and see some progress by the time fall rolls around.   And it doesn’t take much – when it comes to reducing your loan balance, a few small changes can have a big impact.

When President Obama delivered new rules on income based repayment (IBR) for a limited group of borrowers back in 2013, we wrote about the shortcomings of that program. This week, the President extended the new IBR program to cover all borrowers, effective in 2015. It’s the same program as before, and while it can provide payment relief to some borrowers, it has some serious drawbacks. Notably:

When you took out student loans to pay for college or graduate school, you probably didn’t think too long and hard about your interest rate.  But now that you are repaying those loans, it’s a different story.  Over time, the amount you’re spending on interest is adding up and the amount you owe is increasing with it.

There is not much you can do about paying off some interest, but there are a few easy ways to decrease the total amount you’re paying.  We shared five of our top student loan hacks over on Credit.com – check out the full post here.

SoFi has been out on the road these past few weeks, visiting universities around the country and spending time with student loan borrowers.  We wanted to learn more about these soon-to-be graduates and their challenges with education debt, so that we can better serve them with our products.

One thing we discovered is that they wanted to learn a lot more about us, too.  Here were some of the most frequently asked questions – and answers – from our spring tour.