SoFi

College financial aid includes grants, scholarships, work-study and federal student loans. Scholarships and grants are forms of aid that generally don’t need to be repaid. Students who qualify for work-study are able to find part-time employment that can help them pay for college costs. Federal student loans are also considered financial aid, but unlike scholarships or grants, generally need to be repaid, typically with interest. Because you’ll be responsible for repaying student loans, it’s essential that you fully understand the terms of borrowing.

After applying for federal aid by filling out the Free Application for Federal Student Aid (FAFSA®), students can expect to receive a financial aid award that details the type and amount of aid for which they qualify. Financial aid can be incredibly helpful when trying to finance your college education, but it’s possible that you may not receive enough to fully foot your tuition bill. If that’s the case, there are other options available to help you pay for your education. Continue reading for more information on understanding your financial aid package and the options to consider should you find yourself in need of additional funding.

The Steps to Getting a Financial Aid Package

In order to get any financial aid package for college, the first step is generally to fill out a Free Application for Federal Student Aid , commonly known as FAFSA^®.

The FAFSA for the 2023-24 school year became available Oct. 1, 2022, and the application cycle ends on June 30, 2024. Some states and colleges have separate deadlines for the FAFSA to determine aid. Consider contacting your school’s financial aid office for questions on the deadline required by your state or school.

Filling out the FAFSA requires some basic financial and income information. If you’re a dependent student, then you’ll need your parents’ financial info as well. For higher income families or those in unique financial situations, this can be a little tricky.

All federal loans, both subsidized and unsubsidized, require a FAFSA in order to determine eligibility. Colleges may also use the FAFSA to determine their own financial aid awards and packages, based on things like expected family contribution and financial need.

After you fill out the FAFSA, the Office of Federal Student Aid at the U.S. Department of Education will process your FAFSA and send you a Student Aid Report (SAR), which is essentially a summary of your information. It’s usually worth reviewing this information in detail to confirm that all of the information is accurate. If you find a mistake after reviewing your SAR, you’ll likely need to update or correct your FAFSA .

The SAR will include the calculated Expected Family Contribution (EFC), which is how much you and/or your family can be expected to contribute personally towards your education. (Next year, the EFC will be replaced by the Student Aid Index.)

Then, colleges use this information to determine eligibility for university, local, state, and federal financial aid. Sometimes schools may also ask for additional information, particularly if you are applying for school-specific scholarships.

The schools will then assemble a financial aid package that could be made up of grants, loans, work-study, and other waivers, and send you an “award letter.” Reviewing your award letter carefully can help you choose the financial aid mix that is right for you. Often these financial aid award letters come shortly after admissions decisions, though this may vary. Students typically have a deadline (often May 1, which is National College Decision Day) to make their decisions by.

It’s important to understand and compare the financial aid packages you’ve gotten from different colleges — even if that can be a little confusing. The key is to break down the jargon in order to help make an informed decision.

Understanding What’s in the Average Financial Aid Package

The format of an award letter can vary from college to college. That, in combination with financial aid jargon can make it difficult to decipher, but at its heart a financial aid package is a list of different amounts of money in different forms of loans, grants, work-study, or other tuition waivers that should add up to cover the cost of the college, minus your expected family contribution.

Yet, you may have to decode the language and research each of the line items. Sometimes, for example, instead of clearly identifying loans as such, they might be simply denoted with abbreviations like “L” or “LN” in the award letter. Here are the different types of financial aid you may see in your financial aid package:

Grants and Scholarships

These don’t have to be repaid, so they are sometimes referred to as “gift aid.” These could be school, state, or federal scholarships and grants you qualified for and were awarded.

Work-Study

This is part-time work you will do and be paid for. You’ll be paid at least the federal minimum wage, but depending on the job, you could earn more. Being granted work-study in your aid package does not always guarantee a job. Depending on the school you attend, you may be matched with a job or you may have to apply for and secure your own job.

Federal Student Loans

Federal loans can be either subsidized or unsubsidized, and usually have lower interest rates than private loans. There is also typically a cap on how much you can borrow.

Subsidized loans are for undergrads and are awarded based on financial need; additionally, the government pays the interest on them while you’re in school at least half-time, during your grace period, or during periods of deferment.

Unsubsidized loans are available to undergraduate and graduate students and are not awarded based on financial need. This type of loan accrues interest while a student is enrolled at least half-time, during the loan’s grace period, or during other periods of deferment.

Borrowers have the option to make interest-only payments during this time, but are not required to do so. If the interest on the student loan accrues, at the end of the deferment period it will be capitalized or added to the principal value of the loan.

There are also PLUS loans for parents and graduate students, which are also unsubsidized.

Beyond Federal Financial Aid: Private Student Loans

Private student loans are not part of a federal financial aid package. Private student loans can be borrowed from a private lender, which typically have more stringent financial qualifications and, like federal loans, must be paid back with interest. Typically, that interest also accrues while you’re in school.

Check the terms of any private student loans you’re considering and the interest rate being offered to get a sense of how they stack up to federal loans. Federal loans also offer benefits that private student loans do not, such as income-driven repayment plans, deferment options, or the

In order to make the decision that’s best for you, you’ll want to compare the total cost of attendance, how much gift aid is being awarded, and the loans you’ve received and their terms. This should give you a better idea of how much any federal loans will cost you, and whether there is a gap in funding.

The total cost of college may change over a student’s enrollment, so it generally needs to be calculated each year. Consider things like fluctuation in tuition rates, federal interest rates, and your financial aid award which, among other factors, have the potential to change.

Tips on How to Compare Financial Aid Packages

One of the most important things to look at when comparing financial aid packages for college is the net price. What that means is the actual cost to you, minus all awards. To find the net price you need to figure out the total cost for each college and then subtract the amount of grants and gift aid (e.g., not loans).

Factor in how much you can borrow in loans, and carefully consider the loan terms. And then you can calculate how much each college will cost you additionally out-of-pocket.

Just because one school is giving you more in financial aid doesn’t mean it’s necessarily the best financial option. For example, if it will ultimately cost you more because the college is more expensive and, perhaps, you’re going to need to borrow a private student loan with a comparatively high interest rate to cover what your federal aid doesn’t cover.

However, a financial aid package won’t always list the net price and many of the financial aid award letters don’t even necessarily tell you how much a specific college costs in total.

Some letters only outline the direct cost to the school — e.g., tuition and fees — but don’t include room and board or other expenses.

It can be helpful to make your own spreadsheet to ensure you’re comparing apples-to-apples. Figure out the total cost of attendance for each school you’re considering. Include tuition, fees, room and board, and you can even estimate expenses like books, supplies, and living expenses.

Note how much is being awarded in gift aid (grants and scholarships), how much you’re offered federal student loans, and how much it’ll cost you out-of-pocket. If needed, consider private student loans, carefully evaluating their loan terms.

Also understand whether the scholarships or grants in your aid package are a recurring award that will be given to you each year, or whether they are a one-time award.

It’s also worth noting that you are not required to accept all of the loans offered in your financial aid package. You can choose to borrow a lesser amount, which could help save you money in the long run by reducing the money you owe in interest.

The Consumer Financial Protection Bureau and the College Board both have tools to more accurately compare financial aid packages and the costs of college.

If Your Financial Aid Package for College Isn’t Enough

Sometimes you do the math, compare all the costs, and feel like your financial aid package for college just isn’t adding up.

Appeal the Financial Aid Decision

It is possible to appeal a financial aid package, particularly if you’ve had changed circumstances or if there was a gap between the cost and the award. While writing an appeal letter might be a first step if your financial aid package isn’t enough to cover the cost of college, it doesn’t guarantee your award will change.

It also might be the case that circumstances change and you lose your financial aid or portions of your award package. In these situations, there are options in addition to or besides appealing.

Apply for Private Scholarships

You can look into private scholarships, of course. These are different from the scholarships and grants awarded by the state or school. However, private scholarships are considered non-need-based aid and will factor into the cost of attendance — and each school deals with that differently.

Get a Part-Time Job

Even if you don’t qualify for the work-study program, you could look for a part-time job. There may be on-campus jobs available, like working as a teaching assistant, or tour guide. Another option is to look off-campus for a job. There may be local restaurants, coffee shops, or stores that are looking for part-time associates.

Consider a Private Student Loan

Private student loans are another tool that could help students fill in financial gaps. Keep in mind, that, as mentioned, private student loans may lack borrower benefits afforded to federal student loan borrowers. If you think a private student loan is something that could work for you, get quotes from a few different lenders to compare the terms and conditions, so you can find the best loan for you. Some student borrowers may also consider applying with a cosigner, who could potentially help them qualify for more competitive loan terms.

The Takeaway

Your financial aid package will state the amount and types of aid you receive. Financial aid includes scholarships, grants, work-study, and federal student loans. Carefully compare your financial aid awards at each college when you are making your college decision.

If you don’t get enough financial aid, you might consider getting a part-time job, applying for private scholarships, or borrowing a private student loan. Keep in mind that, as mentioned, private student loans are generally only considered an option after all other financing has been exhausted. If you’re interested in a private student loan, consider SoFi. SoFi offers private student loans with no origination fees and no late fees.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Checking Your Rates: To check the rates and terms you may 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 and may affect your credit.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOPS19053

This year, Federal Student Aid (FSA) estimates that filling out the Free Application for Federal Student Aid (FAFSA^®) takes less than one hour. Read on for the information you’ll need, the step to take before going to the FAFSA site, and what to expect when filling out the application online.

Completing the FAFSA Application for Academic Year 2023-2024

If this is your first time submitting the FAFSA, you’ll be glad to know that it usually takes less time after the first time (yes, FAFSA is submitted annually.) Last year, renewing the FAFSA application took an average 35 minutes, compared to submitting for the first time, which took an average 54 minutes, according to the Department of Education.

Not quite ready to submit your FAFSA, but want an estimate of your student aid package? You can fill out an abridged Federal Student Aid Estimator .

Recommended: 6 Reasons to Go to College

Docs You’ll Need to Fill Out FAFSA

Before you start the online FAFSA form, it’s useful to have the info you’ll need handy. That includes:

•   Your Social Security or alien registration ID

•   Driver’s license or state ID

•   Federal income tax returns for 2021, W-2s and other financial documents for yourself (and your parents if you’re a dependent)

•   Most recent bank statements

•   Any untaxed income amounts

12 Steps to Filling Out the FAFSA

FAFSA opened Oct. 1, 2021, and closes June 30, 2023, for the 2022-2023 academic year. FAFSA opened Oct. 1, 2022, and closes June 30, 2024, for the 2023-2024 academic year. That said, schools and state and scholarship programs have varying deadlines, so it’s a good idea to check and double-check the FAFSA deadlines for everything you are applying to.

Here are the steps to completing the online FAFSA form.

1. Creating Your FSA ID

The first step is creating a Federal Student Aid ID . This is simply the username and password you’ll use to log into FAFSA. Note that if your parents’ financial info is required to complete the application, a parent will also need to create a FSA ID.

2. Logging in

Now that you have a FSA ID, you’re ready to log into the online FAFSA form . But before you log in, the site will ask if you are a student, parent, or preparer helping a student fill out the FAFSA. Select which one you are.

Once you’re in, you will be asked to accept or decline the disclaimer, which details how the site will use and monitor your data. You should then be prompted to start a FAFSA application for 2023-2024.

You’ll also be asked to create a save key, which is a temporary code in case you leave the site before you submit your application. In other words, if you don’t finish FAFSA in one sitting, you can enter your save key and pick up where you left off.

3. Filling in Your Personal Information

You (the student) will be asked to fill in the following info (you’ll be prompted to hit “Continue” several times):

•   Your Social Security number

•   Full name

•   Date of birth

•   Email address

•   Phone number

•   Mailing address

You’ll then need to answer questions about:

•   How long you’ve lived in your state

•   Whether you are a citizen

4. Filling in Your Student Information

Next, you’ll need to answer questions about your education and future plans. Specifically, you’ll be asked about:

•   Your high school completion status at the beginning of the 2023-2024 academic year

•   The college degree or certificate you will be seeking to earn

•   Your college grade level

•   Whether you’d like to be considered for work-study

Additionally, you’ll be asked to provide (you’ll be prompted to hit “Continue” several times):

•   Your driver’s license number (if you have a license)

•   Your driver’s license state

•   Whether you’ve ever been in the foster care system

•   The highest level of school each of your parents completed

•   Your high school name and city (optional) and state

5. Filling in the College Search Section

To send your FAFSA information to schools you’re applying to, you’ll need to add the federal school code for each school. Doing so allows colleges to receive your FAFSA information and so use it to provide you a financial aid package. The online form will help you find the codes; you just input the school name, city, and state. You can add up to 10 colleges at a time.

Next, for each school, you’ll need to select your housing plan (on campus, with parent, or off campus).

Recommended: SoFi’s College Search Tool

6. Filling in Info That Helps Determine Your Dependency Status

Your answers in this section will determine whether you are an independent or dependent student— and so determine the financial information you and your parents will need to provide. Specifically, you’ll be asked about:

•   Your marital status

•   Whether you have children that you support

•   Whether you have other dependents who live with you and you support

•   Whether you are on active duty or a veteran of the U.S. armed forces, are an emancipated minor, whether someone other than a parent or stepparent has legal guardianship, and whether you have ever been in foster care or a ward of the court or both parents have died since you were 13.

•   Whether you were homeless or self-supporting and at risk of being homeless on or after July 1, 2022

7. Learning Your Dependency Status

At this point, the smart technology of the online FAFSA form determines whether you’re a dependent or not. If you are single, have no children or other dependents, and answered “none of the above” and “no” on the previous two screens, you are likely a dependent. As a result, your parents’ financial information will be needed in addition to yours to complete the form and calculate your expected family contribution (which will soon be replaced with the student aid index).

Please note that the rest of these steps assume you’re filing as a dependent. While the process of filing as an independent will be similar, you won’t be asked to provide information about your parents.

8. Filling in Your Parents’ Personal Information

You (the student) can answer the following questions about your parents:

•   Their marital status and when they married or remarried

•   Date of parent’s marriage

•   Each parent’s name, Social Security number, date of birth, and email

•   If your parents have lived in your state of residency for at least 5 years

•   Number of other dependent children and other dependents your parents have

9. Providing Your Parents’ Financials

You will need info about your parents’ tax return for 2021 or 2022 to answer the following questions about:

•   Their tax return status

•   The type of tax return they filed (i.e., 1040 or something else)

•   Their tax filing status (e.g, married-filed joint return)

At this point, you can either use the IRS Data Retrieval Tool (DRT) that pulls their tax return information into the FAFSA form or enter their info manually. In addition to being more convenient, using DRT means you may not have to later provide IRS documentation. (As mentioned earlier, one of your parents will need to create and provide an FSA ID and password to use DRT.)

If you are manually entering your parents financial info, you will need to answer questions about:

•   Their adjusted gross income

•   Amount each parent earned

•   Amount they paid in federal taxes

•   Amounts of other income (such as college grants and tax-exempt interest income)

•   Amounts of child support paid, earnings from work under a Cooperative Education Program, and taxable earnings from need-based employment programs

•   Amounts of untaxed income (such as child support or payments to tax-deferred retirement savings plans)

•   Their assets (including the value of cash and bank accounts, investments, and owned businesses and investment farms)

10. Providing Your Financials

Now it’s time to provide your financial information. Basically, you will be asked for the same info about yourself that you provided in the previous step about your parents’ income and assets.

11. Checking for Errors

Once you’ve reached the end of the application, you’ll see a summary to review. Checking that all the information is accurate may help avoid having to file a FAFSA correction later.

You’ll next need to answer a few more questions that the federal government collects about gender, ethnicity, and race. This info has no impact on whether you will receive financial aid.

Recommended: How Much FAFSA Money Can I Expect?

12. Signing and Submitting

FAFSA requires you to accept or reject its agreement of terms. If your parent or parents provided information because you filed as a dependent, one of them will also need to accept these terms in order for you to submit the application. Both you and your parent will e-sign using your FSA ID. Once you’ve signed and submitted your application, your FAFSA is complete.

Downloadable FAFSA Form for 2023-2024

Here’s the FAFSA form for 2023-24 if you want to see it before logging in to fill it out — or if you want to print it, fill it out, and mail it in. There’s also a FAFSA worksheet available for download.

What’s Different About the 2023-24 FAFSA

If you heard there was a FAFSA app and wondering where to find it, unfortunately, the myStudent Aid app is no longer in use. This application cycle, the only online access is via the Federal Student Aid site .

Additionally, the 2023-24 form does not ask about Selective Service registration status or drug convictions.

A Few Extra Tips

Completing FAFSA can be an overwhelming process. It can also be tempting to skip it altogether, especially if you’re from a middle- or high-income family and you believe you aren’t eligible for aid. However, that’s an assumption that could mean leaving aid on the table. Here are three more helpful tips:

2.    Schools, states, and scholarships have varying deadlines. As stated earlier, FAFSA opened Oct. 1, 2022, and closes June 30, 2024, for the 2023-2024 academic year. However, the schools and scholarships you’re applying to may require you to fill out your FAFSA before June 30 of next year, so it’s best to check each school’s and program’s FAFSA deadlines to avoid losing out on aid.

3.    The IRS Data Retrieval Tool can help you avoid making mistakes. This tool auto-fills your (and your parents’) latest tax information from the IRS database. So instead of having to figure out what the adjusted or non-taxed income was on your parents’ tax return, you can let the tool do it for you.

4.    It doesn’t pay to guess. Not sure how to fill out a section or what the answer is? FAFSA offers helpful tips and clarifications throughout each section of the FAFSA form, so be sure to read all the boxes that appear. Inaccurate answers can result in receiving less financial aid than you’re eligible for as well as needing to file corrections and send in supporting documentation.

Recommended: Navigating Your Financial Aid Package

The Takeaway

Filling out the FAFSA is a great first step to pay for your dream school. This is one of the best ways of getting scholarships and grants you won’t have to pay back or government-backed loans to help you pay for college-related costs. By learning how to properly fill out the FAFSA (and then actually doing so!), you can increase your odds of getting a bigger financial aid package.

However, if your financial aid package doesn’t cover all your college expenses, you may want to consider a private student loan. It’s important to note that private student loans don’t offer the same protections as federal student loans, like income-driven repayment plans or deferment options. For this reason, private student loans are generally considered only after other sources of funding have been considered.

SoFi’s private student loans are available for undergraduate and graduate students, as well as parents. In just a few minutes, you can apply online for student loans and be well on your way to financing your education.

Header photo credit: iStock/Vladimir Sukhachev

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOPS0921032

Does it seem like your student loan balance never gets any smaller? This may ring true if you’re one of the 60% of borrowers who stopped making payments on their federal student loans during the Covid-19-related payment pause. (The moratorium also set the interest rate at 0%.)

But even when you start making monthly payments again, or if you graduated during the pandemic and are new to making payments, it still may seem like your loan balance isn’t budging much. Where do your payments go if not to the principal? The short answer: interest.

Understanding how and when student loans accrue interest can help you make smart choices about paying off your balance faster.

What Makes Up a Student Loan Balance?

Your student loan balance is made up of two parts: the amount you borrowed plus any origination fees (the principal) and what the lender charges you to borrow it (interest).

Once you receive your loan, interest begins to accrue. If it’s a Direct Subsidized loan, the federal government typically pays the interest while you’re in school and for the first six months after you graduate. After that, the borrower is responsible for paying the interest.

If the loan is a Direct Unsubsidized loan or a private student loan, the borrower is solely responsible for accrued interest.

How Do Payments Affect My Student Loan Principal?

Most people pay a fixed monthly payment to their lender. That payment includes the principal and the interest. At the beginning of a loan term, a larger portion of your payment goes toward paying interest, and a smaller portion goes to the principal. But the ratio of interest to principal gradually changes so that by the end of the loan term, your payment is mostly going toward the principal.

How Does an Income-Based Repayment Plan Affect My Student Loan Balance?

Things are a little different if you’re making payments under an income-based repayment plan. Your payments are tied to your income and shouldn’t exceed a certain percentage of your salary. The interest, however, doesn’t change based on your income.

This means there may be situations where your monthly payment doesn’t fully cover the interest charges for that month, much less contribute to your principal. In fact, your student loan balance may actually grow over time, despite the payments you make.

How Has the Payment Pause Impacted My Student Loan Balance?

When the government suspended payments on federal student loans, they also hit the pause button on interest accrual. Essentially, the debt has been frozen in time since March 2020. When the moratorium ends, interest will likely start accruing again.

Note that the payment pause didn’t include private student loans. For a refresher on the balance and interest rates on private loans, contact your loan servicer. Be sure the company has your most up-to-date contact information on file, so you don’t miss out on important information about your loans.

Your student loan servicer may have changed since the last time you made a payment. To find out which company is handling your federal student loans, log on to the Federal Student Aid website; the information will be listed in your dashboard. You can also call the Federal Student Aid Information Center at 800-433-3243.

To find out which company is handling your private student loans, contact the lender listed on your monthly statement and find out if they still handle your loan. More often than not, they will. If your loan servicer has changed, the lender can give you the new company’s contact information.

How to Pay Down Your Loan More Quickly

When it comes to repaying student loans, the key is to find an approach you’ll stick with. One way to tackle the debt is by making extra payments toward the principal. Even a little bit can help bring down the loan balance.

Another approach is to refinance to a lower interest rate. Or you could refinance to a shorter loan term. Or you could do both. Your payments may be higher, particularly if you switch to a shorter loan term, but you will be finished paying off the debt sooner. (Please note that if you refinance a federal student loan, you will lose access to federal protections and programs such as the Covid-related payment pause, the Public Service Loan Forgiveness program, and income-driven repayment plans.)

The Takeaway

The way loan payment schedules are set up is likely why your regular payments don’t seem to be making much of a dent to your balance or loan principal. Initially, more of your payment goes toward paying interest and less toward the principal. But gradually that changes so that by the end of the loan term, most of your payment is going toward the principal.

If you want to pay off your loan faster or generally pay less interest over the life of your loan, one strategy is to refinance student loans to a lower interest rate and/or a shorter loan term. If you decide refinancing makes sense for you, it might be beneficial to look for a refinancing lender that offers extras. SoFi members, for instance, can qualify for rate discounts and have access to career services, financial advisors, networking events, and more — at no extra cost.

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan 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 Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.