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When college freshmen step foot on campus, they may go to an activity fair and see members of sororities and fraternities encouraging recruits to join. They might want to know that becoming part of Greek life can have its upsides and downsides.

Whether or not students decide to let their Greek flag fly depends on their personality, their specific situation, and their goals while they are in school. Some may find Greek life incredibly enriching, and others could decide it’s a waste of their time.

Here’s a look at what Greek life is like and pros and cons you may want to consider when deciding if joining a fraternity or sorority is right for you.

What Is Greek Life in College?

Greek life is made up of communities of students who live together, volunteer for different organizations, pursue networking opportunities, and much more. The communities consist of sororities for women and fraternities for men.

Sororities and fraternities may have various objectives, but overall they exist so that students can make meaningful connections with one another, develop leadership skills, and give back.

Roughly 15% of men join fraternities at U.S. colleges, while about 18% of women join sororities.

Students who are interested in becoming members must apply and then go through an initiation process. Once accepted, they will live with their sorority or fraternity, usually in a house on campus, and participate in activities like sports, dances, parties, and community service opportunities.

Sorority and fraternity names consist of two or three Greek letters, like Phi Kappa Theta, Sigma Pi, or Delta Zeta, a nod to the first U.S. Greek letter society, Phi Beta Kappa, founded in 1776 at the College of William and Mary as a literary, debating, and social club.

Many students only know about sororities and fraternities from pop culture references like “Revenge of the Nerds,” “Animal House,” “Legally Blonde,” and “Old School,” which depict a perennial party.

While that is certainly true in some instances — and fraternities have come under fire for their alcohol use and hazing rituals — Greek life can be much more meaningful and beneficial than these portrayals.


💡 Quick Tip: SoFi offers low fixed- or variable-interest rates. So you can get a private student loan that fits your budget.

Upsides of Greek Life

Joining a fraternity or sorority comes with a number of advantages. Here’s a look at some of the perks.

Friends

When new students first get to college, they may not know where to turn to make connections. If they become part of a sorority or fraternity, they could make many new friends right away, bond with them through different activities and social events, and remain friends for life.

Networking Opportunities

Students will also have the chance to network with their new peers. When they’re searching for internships or jobs, these connections can prove to be highly valuable.

Plus, if a job hunter lists their sorority or fraternity on a resume and a recruiter is a Greek life alumnus, that could open up a conversation and make a candidate stand out.

Recommended: 3 Summer Jobs Ideas for College Students

Possibly Cheaper Housing

Living in college dorms can be pricey. If students are sharing a house with many members of a sorority or fraternity, they could potentially save money.

They may also save money by having access to a full kitchen, where they can make meals instead of purchasing a meal plan or eating at restaurants all the time.

Recommended: 20 Ways to Save Money in College

Development of Leadership Skills

Sororities and fraternities need leaders who will come up with ideas for activities, pilot volunteering efforts, and recruit members.

If members step up and decide they want to become leaders, then they are taking on new responsibilities and developing crucial skills that will be valuable when they graduate from college and start to look for jobs.

Volunteering Opportunities

Fraternities and sororities are often focused on philanthropy.

Students can participate in different volunteer projects with their fellow Greek life members and contribute to making the world a better place.

Not to mention, this will look good on a resume because it shows that a student is passionate about certain causes and wants to do their part to improve the lives of others.

Recommended: College Freshman Checklist for the Upcoming School Year

Potential Downsides of Greek Life

Like a toga, Greek life isn’t a good look for everyone. Here are some possible cons.

Cost

You typically need to pay membership dues each year you are a member of a fraternity or sorority. The cost varies depending on the school and fraternity/sorority you join but, on average, you can expect to pay around $2,000 to $3,0000 for the first year.

Local and national chapter fees are not always covered in the regular monthly dues.

And if fraternities or sororities get into trouble, members could be fined as well.

Recommended: What Is the Cost of Attendance in College?

Reputation

Fraternities and sororities have gotten a bad rap from movies and TV.

Worse, students have died in hazing accidents throughout the years, leading colleges to take administrative action against fraternities especially.

Some fraternities and sororities do emphasize parties and drinking, which is all fun and games until someone begins to flunk out, becomes addicted, is involved in an assault, or is injured.

It’s best, of course, to socialize responsibly and always make academic studies the priority.

Time Commitment

Because Greek life involves so many events, and members are expected to participate, joining a sorority or fraternity means a huge time commitment.

Spending too much time on Greek life activities and not enough on studying or working at internships could have a negative impact on a student’s future.

Recommended: College Planning Guide for High School Students

Determining Whether or Not to Join Greek Life

Joining a fraternity or a sorority can be a great decision, especially for freshmen who may not know anyone on campus. If they are a part of Greek life, then they will stay busy, make friends, network, and contribute.

On the flipside, if they are in a campus family that is constantly throwing parties and not interested in enriching members’ lives in a meaningful way, then joining might not be a good idea.

If you’re concerned about being able to afford the cost of joining a fraternity or sorority, keep in mind that there are a number of ways to cover the cost of college tuition and living expenses, including grants, scholarships, subsidized and unsubsidized federal student loans, and private student loans.


💡 Quick Tip: It’s a good idea to understand the pros and cons of private student loans and federal student loans before committing to them.

The Takeaway

A sorority or fraternity can provide camaraderie and enduring connections, and enhance a call for service and leadership. It can also be time consuming, expensive, and distracting. Greek life isn’t for everyone, but some will find it a life-changing college choice.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

About the author

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.

SOIS0723039

After paying for tuition, fees, and housing, you may think you’ve got the cost of college covered. Not so fast. There is a hidden additional expense students face soon after they arrive on campus — the textbooks, online access codes, and supplies required for each class.

Despite increased use of e-books, the cost of course materials — necessary to be students in class — remains steep. According to the Education Data Initiative, the average annual cost of textbooks at a four-year public college is $1,226. If you complete your degree in four years, textbooks can add nearly $5,000 to your overall education expenses.

Fortunately, there are ways to pay for college books, including grants, scholarships, and student loans. You may also be able to get some of your textbooks on the cheap — even free. Here’s what you need to know.

How Much Do College Textbooks Cost?

If you’re wondering how much college books cost, here’s a closer look. Hard copy college textbooks can run as much as $400, with an average price falling somewhere between $80 and $150. You may need more than one book for each class, plus other supplies and materials, which can all add up.

The average college student spends more than $1,200 annually on textbooks and supplies for classes each year. That’s about 39% of tuition in a community college or 14% in a public four-year college.

According to the Bureau of Labor Statistics, prices for college textbooks increased by 7% between 2020 and 2023, which is faster than tuition inflation (which was 4.7%).

Why are textbooks so pricey? One reason is that only a few publishers control the industry. Almost 80% of the textbooks industry in the U.S. is dominated by five publishers. This lack of competition allows publishers to command steep prices. Publishers also know they have a captive audience — textbooks are a college essential so students are forced to pay whatever price the market serves up.

While digital books typically cost less than hardcovers, that’s not always the case with college textbooks. Some schools have online access agreements or contracts with publishers. This means that students must purchase a code to access all of their course materials online, typically at full price. Digital textbooks also eliminate some of the ways students can save money on print versions, like sharing, borrowing, or buying used materials.


💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.

Grants and Scholarships That Pay for College Textbooks

There are a number of private scholarships and grants designed specifically to help pay for college books. You can search for book scholarships using online tools like FastWeb and Scholarships.com . You may also want to check out these book-specific scholarship opportunities:

•   BookScouter Every quarter, BookScouter awards $500 to a student to be used towards purchasing their textbooks. To apply, you need to fill out a questionnaire and record a short video.

•   Book Lover’s Scholarship. Bold.org offers $500 to support students who love reading books and believe in the power of reading to transform their lives. To apply, you need to tell them: If you could have everyone in the world read one book, what book would you choose and why.

•   Wilhelmina Foundation The Wilhelmina Foundation’s Textbook Scholarship offers $500 to qualifying students throughout the state of Florida to help them pay for college books.

•   Carl A. Scott Book Scholarship Every year, the Carl A. Scott Memorial Fund awards two $500 scholarships — one to a student pursuing a bachelor’s of social work, and the other to a student obtaining a master of social work degree.

Recommended: Finding Free Money for College

11 Tips to Spend Less on College Textbooks

These tips can help you keep up with your studies without breaking the bank.

1. Split the Cost with a Classmate

When thinking about how to pay for college textbooks, you might consider splitting the cost of books with a classmate to cut down on textbook expenses. While it may seem inconvenient, it could pay off.

There are a few ways to make sharing a textbook work. Try alternating study days so you each have the time you need to get your work done. Or, alternate highlighter colors to keep your notes straight. And as an added bonus, you have a built-in study buddy.

2. Buy Used Books

Sometimes on- and off-campus books stores will sell used copies of textbooks. You can also find used textbooks online at popular sites like Chegg , Abebooks , and Amazon. While you can’t examine the book before you buy online, you can often select the book’s condition (for example, Like New, Very Good, Good, and Acceptable).

When searching for used books, it’s important to make sure the book is the correct edition. The easiest way to confirm this is by using the book’s ISBN (a code that identifies specific book editions) to search.

Recommended: College Freshman Checklist for the Upcoming School Year

3. Rent Instead of Buy

In some cases, you may not need a particular text book after the semester ends. In those instances, you might consider renting. On average, renting textbooks can save you 50% compared to buying a new, printed textbook.

Some campus bookstores now offer the option of renting textbooks for a semester. Typically, you rent the book at the start of the semester and return it the first business day after finals. You can also rent textbooks through a number of online companies, including Chegg, CampusBooks , eCampus.com , and ValoreBooks . It can be a good idea to shop around and compare rental costs.

4. Get the E-Book

Printing costs are one reason for expensive textbooks. But if you don’t need to have a physical copy, and you’re not required to buy an access code through the school, you could save on college books by going with the e-book version. You can read it anywhere — your computer, tablet, or phone. Going digital can be particularly advantageous for textbooks you will refer to in the future, since the electronic version will typically include free updates.

You can buy e-textbooks from a number of online outlets, including Amazon, BooksRun , and Chegg.

Recommended: How to Save Money in College

5. Find a Book Swap

Some schools have clubs or organizations that run book swaps. This is where you turn in a book you’re not using to get one you need in return. While not all campuses and colleges have this available, it could be worth looking into.

You might also check with upperclassmen to see if they might be willing to sell you a textbook or even let you borrow it for the semester.

6. Settle for an Older Version

Many textbooks have new versions released every year or every few years. Sometimes professors request you have the newest version available, but not always. Check with your professor to see if an older issue is acceptable for the course.

Recommended: 10 Money Management Tips for College Students

7. Try the Library

Some classes don’t rely on books as much as others. If you know that a class will be light on the required reading, you can save on college textbooks by heading to the library. Be mindful that other students in the class might already have the same idea as you. In that case, it’s a gamble to see if you can take out a book that may not be available.

Some schools have reserve copies of textbooks in the library that you can borrow for a specific amount of time. This could mean you can get your assigned reading done without purchasing the book. But know that these library textbooks usually have some borrowing restrictions, so you may need to plan ahead.

Recommended: How to Save Money in College — 20 Ways

8. Tap into Student Loans

When you take out student loans, you can typically use that money to cover the cost of attendance, which includes not only tuition and fees but also other expenses necessary to earn your degree, like textbooks. If you have scholarships and grants, they can typically also go toward your textbooks.

If you aren’t eligible for federal financial aid or have reached the borrowing maximum for federal loans, an in-school private student loan can be a useful alternative.

With private loans, you can borrow up to 100% of the school-certified cost of attendance, and the loans can be used for textbooks, supplies, and other college expenses. Just keep in mind that private student loans may not offer the borrower protections — like income-driven repayment plans and deferment or forbearance — that come with federal student loans.


💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.

9. Sell Old Textbooks

The cost of college textbooks is an unavoidable expense, but that doesn’t mean you can’t get some of your money back.

You may be able to sell textbooks you’re finished with back to the bookstore where you bought them for immediate cash. Or, you might be able to sell them online at sites like Amazon, BooksRun,
CheapestTextbooks , BookScouter , or Chegg. When you sell online, the process is often as simple as entering your book information, accepting an offer, sending it in, and getting paid.

If you know students who are going to take the same class you just took, you might offer to sell your textbooks to them for less than they would pay for a used book at the bookstore but more than you would get in a buyback, for a win-win.

10. Use Open Educational Resources (OERs)

Open educational resources (OERs) are course materials available for free online that can be downloaded and shared. A growing number of universities are allowing their faculty to adopt OER course materials to help reduce costs for students. You can find these free educational materials at OERCommons .

There are also other sites that offer free access to textbooks, including Project Gutenberg and OpenStax from Rice University.

11. Use Textbook Price Comparison Sites

These days, it’s fairly easy to compare textbook prices before you buy to make sure you’re getting the best deal. Some comparison sites to check out:

•   Amazon Offering one of the largest selections of college textbooks, you can access a large number of sellers on Amazon.

•   AbeBooks This website has a deep database of textbook sellers (including local sellers) to help you find the lowest available price.

•   BigWords This is a search engine designed to help you find the best prices and shipping costs on college textbooks.

•   Bookscouter This site compares a large number of textbook websites to help you find the best price to both buy and sell your textbooks.

•   CheapestTextbooks This is a free price comparison page for buying, renting and selling textbooks. They also price-compare e-books for rent or purchase.

•   SlugBooks Here, you can search by author and title or ISBN to find the best online deal for textbooks.

The Takeaway

Depending on your class needs and personal preference, you may be able to significantly cut the cost of college textbooks by heading to the library or opting for an e-book, a textbook rental, or a used copy of the book.

In addition, you might seek out and apply for a book scholarship to help cover some of your textbook expenses. If you have any type of student loan and can use it to make your textbook purchases, those funds can also be a big help.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

What percent of college students can’t afford textbooks?

Around one in four college students decide not to acquire at least one course material, according to a 2023 survey from the National Association of College Stores. According to the Education Data Initiative:

•   25% of students say they have worked extra hours to pay for their books and materials

•   11% of student report skipping meals in order to afford books and course materials

•   One in five students say that the cost of books and materials directly influences their decision on what classes to take

How much should I budget for textbooks?

The average full-time, in-state undergraduate student at a four-year public university pays $1,226 for books and supplies in one academic year.

How do I use my financial aid to pay for textbooks?

Typically, financial aid money is sent directly to the school. If you have money leftover after covering tuition, fees, and other school charges, the school will make the money available to you to pay for textbooks no later than the seventh day of the term.

About the author

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.

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.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).

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.


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.


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SOIS1023024

If you have student debt and want to one day buy a home, you may wonder what to focus on first — paying off student loans or buying a house? If you wait until your student loans are paid off to buy a home, you may be renting for a very long time. If, on the other hand, you buy a house before you pay off your student loans, you may be stretching your finances too thin. Which goal should you focus on first?

There’s no one right answer for everyone. Whether you should pay off your student loans or buy a house first will depend on your priorities, time frame, and financial situation. Ideally, you want to work towards both goals at the same time, making progress on your debt while also saving up for a down payment on a home.

Here are some things to consider when deciding whether it’s better to pay off student loans or buy a house.

Reasons to Pay off Your Student Loans Before Buying a House

Depending on your financial situation, it may make sense to pay off your student loans before you buy a house. Here’s a look at some reasons why you might want to prioritize student loan repayment over saving for a down payment.

The Longer You Wait to Pay off Student Debt, the More Interest You’ll Pay

If you want to save money on interest, it’s a good idea to prioritize student loan repayment over buying a home. By paying more than the minimum payment each month, you can reduce the principal balance. This, in turn, will shorten the duration of the loan period — and the interest accrued. Just make sure that your lender puts any extra payments you make towards your principal (and not future payments).

Another way to speed up repayment is to refinance your student loans. Refinancing can fast forward repayment by helping you obtain a lower interest rate, a shorter repayment period, or both. You can refinance private or federal student loans. Just keep in mind that when you refinance federal student loans with a private lender, you forfeit certain federal benefits, such as forbearance and forgiveness programs.


💡 Quick Tip: Ready to refinance your student loan? You could save thousands.

Your Debt-to-Income Ratio Is High

When you apply for a mortgage, lenders will look at your debt-to-income (DTI) ratio, which shows how much of your monthly income goes toward debt repayment each month. The ratio is expressed as a percentage, and mortgage lenders use it to determine how well you manage monthly debts — and if you can afford to repay a loan.

To calculate your current DTI, simply add up all of your monthly debt payments, then divide that number by your monthly gross income (before taxes and deductions). Take that number and multiply by 100. This is your DTI.

Ideally, mortgage lenders like to see a debt-to-income ratio lower than 36%, with no more than 28% of that debt going towards a mortgage or rent payment. While some lenders will allow you to go up to 43% (and sometimes higher), this may not be wise, since it can stress your finances and make you “house poor.”

You Don’t Have Enough Saved for a Substantial Down Payment

A standard rule of thumb is to put at least 20% down on a home’s purchase price. While you may be able to get a conventional mortgage for as little as 3% down, making a smaller down payment on a home purchase generally means paying a higher interest rate on your mortgage. On top of that, you’ll likely need to buy private mortgage insurance (PMI).

Also consider that the more you put down on a home, the more equity you’ll have in your home right away — and the lower your monthly mortgage payment will be.

You Might Move Within the Next Five Years

Renting provides more flexibility than home ownership, as you aren’t necessarily tied down to your property. If you think you may want to relocate in the next five or so years, it may make sense to pay off student loans before buying a house.

A common rule of thumb is that it takes around five to seven years to break even on a house, meaning you have enough equity to recoup that amount of money you put in the house (including closing costs, mortgage payments, and maintenance expenses). That’s why experts typically caution against buying unless you plan to live in the home at least that long.

Reasons to Buy a House Before Paying off Student Loans

In some cases, it makes more sense to buy a home before you pay off student loans. Here are some arguments for putting any extra funds you have towards a down payment on a home over paying down your student debt.

Student Loan Debt Is Not as Bad as Other Types of Debt

Not all debt is created equal. Student loans generally have longer repayment terms and typically feature lower interest rates than many other types of debt, such as credit cards and auto loans. Since your down payment will lower the overall cost of your mortgage, it may be smarter to save up money for a home than to pay off a low-interest student loan.

If you have $12,000 in credit card debt, you would want to make paying that off as quickly as possible your priority, thanks to double-digit interest rates. If you have $12,000 in student loans with a low interest rate, it’s a different story. Paying only the minimum to free up funds to buy a home can be a sensible idea.

Also keep in mind that your student loans may entitle you to a valuable tax deduction — with the student loan interest tax deduction, you may be able to deduct $2,500 or the amount of interest you paid toward your loans, whichever is less.

Recommended: Which Debt to Pay Off First: Student Loan or Credit Card

You Have a Low DTI

If your DTI is 35% or less (meaning a max of 35% of your gross monthly income will go toward your overall monthly debts, including the new mortgage payment), it’s a sign that you can manage home ownership and student loan debt repayment at the same time. With a low DTI, you may be able to comfortably afford your mortgage, monthly student debt payments, and likely still have money available to put into savings and retirement each month.

You Have a Lot in Savings

You’ll need to have access to a sizable amount of cash to purchase a home. In addition to making a down payment, you’ll also need to have funds to cover closing costs and moving expenses. Also keep in mind that when you own a home, you’ll be responsible for all of the home’s maintenance and repair expenses. A general rule is to have1% to 4% of the home’s value set aside for upkeep and repairs.

If you have enough money saved in the bank to cover those costs, you’re in good shape and can likely afford to buy a house before you pay off your student loans.

Buying a Home Is a Top Priority

When deciding whether to buy a house before you pay off student loans, you’ll also want to consider your priorities and personal goals. For example, if you want to have children (or expand your family) in the near future, you may need a larger space. Or, if you’re working at home (or plan to transition to remote work), you might require a home that allows you to set up a dedicated office. Perhaps you want to get a pet, but your rental doesn’t allow them. In some cases, prioritizing a home purchase over paying off student debt may be important in terms of your quality of life.

Options to Consider for Those Trying to Manage Student Debt and Buy Property

If you’ve decided that you can manage paying down student loans while also saving for a home, here are some tips that can help you focus on both goals at the same time.

•   Take an inventory of your debts: A good first step is to write down all of your current debts, including student loans, car loans, credit cards, and any other debt you hold. Make note of the interest rate, remaining balance, and minimum payment for each.

•   Knock down high-interest loans: Next, you may want to funnel any extra money you have towards the debt with the highest interest rate, while continuing to pay the minimum on the rest. Once that debt is paid off, focus on the debt with the next-highest interest rate debt, and so on. Eliminating expensive debt frees up funds that go towards a mortgage payment. It can help improve your DTI, which is helpful when qualifying for a mortgage.

•   Open a dedicated savings account: Consider opening a high-yield savings account specifically for your down payment and home-buying expenses. This will help you track your progress and ensure you won’t spend the money on other things.

Recommended: Student Loan Debt Guide

Saving Strategies

The more you can put down on a home, the less you will need to borrow. A solid down payment can also help you qualify for a lower interest rate on a mortgage and lead to lower monthly payments. These tips can help you reach your down payment savings goals faster.

•   Pay yourself first: Consider setting up an automatic transfer from checking to savings each month to take place right after you get paid. This can help you get used to managing living expenses with what looks like a smaller paycheck, when actually you’re building up your own savings.

•   Take advantage of windfalls: If you receive a lump sum of money, such as a work bonus, gift check, or tax refund, consider funneling it right into your down payment savings account. This will help you meet your down payment goal faster.

•   Reduce expenses: Take a look at where your money is going each month and see if there are any places to cut back. You might decide to cook a few more times a week and spend less on take-out, get rid of a streaming service you rarely watch, or finally cut the cable cord. Anything money you free up can now go into savings.

•   Pick up a side gig: Income from a part-time job or freelance work can be dedicated to savings, helping you reach your goal quicker. You might also consider asking for a raise at your current job or volunteering to work overtime.

💡 Quick Tip: 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 financial advisors, networking events, and more — at no extra cost.

How Refinancing Could Potentially Help Prospective Homebuyers

Buying a home and paying off your student loans may seem like competing goals, but that’s not necessarily the case. You can pay down your debt and save for a down payment at the same time by putting more money into savings each month and looking for ways to lower your student loan payments.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

About the author

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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.