Apr
16
2025
Refinancing Student Loans Without a Cosigner: Is It Possible?

Refinancing Student Loans Without a Cosigner: A Comprehensive Guide

By | Debt Payoff, Fresh Out of School, Student Loans, student_loan | Comments Off on Refinancing Student Loans Without a Cosigner: A Comprehensive Guide

You may be able to finance student loans without a cosigner as long as you meet specific lender requirements. Refinancing is when a private lender like a bank, credit union, or online lender pays off some or all of your existing student loans and replaces them with a new loan.

A cosigner is an individual with good credit who agrees to repay the loan if you, the primary borrower, cannot. A cosigner may give a student without a strong credit history a better chance of being approved for refinancing and also help them secure a better interest rate on the loan. However, it is possible to refinance loans with no cosigner if you meet certain conditions.

Read on for more information about student loan refinancing without a cosigner and what it involves.

Key Points

•   Refinancing student loans without a cosigner requires a good credit score, a solid credit history, and a stable income.

•   A lower debt-to-income ratio increases the chances of qualifying for student loan refinancing.

•   Refinancing student loans can potentially result in a lower interest rate. It also streamlines student loan payments by consolidating multiple loans into one.

•   Refinancing federal student loans turns them into private loans and results in the loss of federal benefits like federal loan forgiveness programs.

•   Alternatives to refinancing include income-driven repayment plans and loan forgiveness programs.

Understanding Student Loan Refinancing

With student loan refinancing, a private lender pays off your existing student loans, whether they are private student loans, federal student loans, or a mixture of both. The lender then issues you a new loan with a new interest rate and loan terms.

Ideally, refinancing student loans allows you to get a lower interest rate or more favorable loan terms. The loan interest rate, which is a percentage of your principal amount borrowed, is the amount you pay to your lender in exchange for borrowing money. A lower interest rate can help you save money on your monthly student loan payments.

When you refinance, you may be able to change the repayment terms of the loan. For instance, if you need more time to repay the loan and smaller monthly payments, you may be able to get a longer loan term. However, this means that you will likely pay more in interest overall since you are extending the life of the loan. Alternatively, if you are refinancing student loans to save money, you might be able to get a shorter loan term so that you can repay the loan faster, helping you save on interest payments.

Refinancing can also help you manage your student loan payments by streamlining the process. Instead of having to keep track of multiple loans with different due dates and balances, with refinancing you have just one loan to repay.

You can refinance both federal and private student loans, but be aware that refinancing federal student loans means that you’ll lose access to federal benefits such as federal loan forgiveness and income-driven repayment plans. Clearly, it’s important to consider when to refinance student loans for the best possible outcome.

Recommended: Guide to Student Loan Refinancing

Refinancing Student Loans Without a Cosigner

Refinancing student loans without a cosigner means you’ll have full control over your loan and the responsibility of repaying it will be all yours. No one else will be financially liable for it.

However, to qualify for student loan refinancing on your own you will need to meet specific requirements. These eligibility requirements include:

Qualifying With Your Own Credit

To get approved for student loan refinancing, you typically need a good credit score and a solid credit history. FICO®, the credit scoring model, considers a good credit score to be between 670 to 739. Different lenders have different credit score requirements — some have a minimum credit score that’s slightly lower than 670 — but a higher score is usually better not only for approval but also to get the best rates and terms.

If your credit score needs some work, there are ways to build your credit over time. First, make all your payments in full and on time. Payments account for 35% of your FICO score, so this is critical. In addition, keep your credit utilization — the amount of debt you owe vs. the available credit you have — as low as you can. This can help show that you’re not overspending. And have a balanced mix of credit, such as credit cards and loans, to demonstrate that you can successfully deal with different types of debt.

In addition to your credit score, lenders will also check your credit history — meaning the age of your credit accounts. Having some older active credit accounts shows that you have a track record of borrowing money and repaying it.

Debt-to-Income Ratio

The lender will also look at your debt-to-income (DTI) ratio. This is a percentage that indicates how much of your money goes toward your monthly debts versus how much money you have coming into your household each month.

You can calculate your DTI by adding up your monthly debts and dividing that figure by your gross monthly income (your income before taxes). Multiply the resulting number by 100 to get a percentage, and that’s your DTI. The lower your DTI is, the less risk you are to lenders because it indicates that you have enough money to pay your debts, including the new loan.

If your DTI is high, above 50%, say, work on paying down the debt you owe before you apply for student loan refinancing. You can also work to boost your income by applying for a promotion or taking on a side hustle.

Employment Status

Generally, lenders look for borrowers who are currently employed and have a steady income, or, in some cases, those who have an offer of employment to start within the next 90 days, in order to approve them for student loan refinance. Check with your lender to learn their specific employment and income criteria.

Recommended: Student Loan Refinancing Calculator

Alternatives to Refinancing

If you can’t qualify for student loan refinancing without a cosigner, there are some other options to explore to help manage your student loan payments.

Income-driven Repayment Plans

With an income-driven repayment (IDR) plan, your monthly student loan payments are based on your income and family size. Your monthly payments are typically a percentage of your discretionary income, which usually means you’ll have lower payments. At the end of the repayment period, which is 20 or 25 years, depending on the IDR plan, your remaining loan balance is forgiven.

Loan Forgiveness Programs

You might qualify for student loan forgiveness through a state-specific or federal program. For instance, borrowers with federal student loans who work in public service may be eligible for the Public Service Loan Forgiveness (PSLF) program. If you work for a qualifying employer such as a not-for-profit organization or the government, PSLF may forgive the remaining balance on your eligible Direct loans after 120 qualifying payments are made under an IDR plan or the standard 10 year repayment plan. There is also a federal Teacher Loan Forgiveness program for student loan borrowers who teach in low-income schools or educational service agencies.

Be sure to check with your state to find out what loan forgiveness programs may be available. Some state programs even offer forgiveness to private student loan holders.

Federal Student Loan Consolidation

A federal Direct Consolidation loan allows you to combine all your federal loans into one new loan, which can lower your monthly payments by lengthening your loan term. The interest rate on the loan will be a weighted average of the combined interest rates of all of your consolidated loans. Consolidation can simplify and streamline your loan payments, and your loans remain federal loans with access to federal benefits and protections. However, a longer loan term means you’ll pay more in interest over the life of the loan.

How SoFi Can Help You Refinance

If you opt to refinance your student loans, you may want to consider refinancing your loans with SoFi. You’ll get competitive fixed or variable interest rates on refinanced student loans, no fees, flexible repayment options, and member benefits such as financial advice.

You can refinance online with SoFi and the process is quick and easy. You can view your rate in just two minutes, and it won’t affect your credit score. Then, you can choose a term and payment that makes sense for you. Just remember that refinancing federal student loans makes them ineligible for federal benefits such as income-driven repayment plans.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQS

Can I refinance my student loan without my cosigner?

If you can qualify for refinancing on your own, you typically won’t need to include the cosigner on the new loan which will have new loan terms. By qualifying on your own, you are essentially demonstrating to the lender that you have what it takes to make your loan payments. To qualify for refinancing without a cosigner, you’ll generally need a strong credit score and solid credit history, a low debt-to-income ratio, and a stable income

Is there any way to get a student loan without a cosigner?

Your ability to get a student loan without a cosigner depends on the type of loan it is and your financial situation. Most federal student loans, including Direct Subsidized and Unsubsidized loans, don’t require you to have good credit or to prove you have income, so you won’t need a cosigner for those loans. However, if you’re taking out a Direct PLUS loan and you have adverse credit, such as a recent loan default, you will likely need a cosigner for the loan.

If you’re interested in private student loans, private lenders generally have strict qualification requirements regarding your credit score and income. As a student without much of a credit history or a steady income, you may need a cosigner to qualify for a private student loan.

How easy is it to refinance student loans?

Refinancing student loans is quite easy today because in most cases you can do virtually all of it online. Here’s how: Research different lenders that offer refinancing and compare their loan terms and interest rates. Get a rate estimate from a few lenders to see what rate you may be eligible for (this process involves a soft credit check that does not affect your credit score), and then choose the lender that makes the most sense for you. You can typically complete the entire loan application online (just be aware that you will need to supply documentation to prove your financial situation).

About the author

Melissa Brock

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.


Photo credit: iStock/paulaphoto

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.



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.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

This article is not intended to be legal advice. Please consult an attorney for advice.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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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Apr
16
2025

Refinancing Your Student Loans While Starting a Business

By | Financial Independence, SMB, Student Loans, student_loan | Comments Off on Refinancing Your Student Loans While Starting a Business

If you want to start a business, one thought may go through your mind (particularly if you’re funding your business out of pocket): “If I didn’t have to repay my student loans, I’d have more money to put toward my business.”

No doubt about it, student debt can be steep. The current average federal student loan debt per borrower is $37,338 and $54,921 per private loan borrower. Student loan borrowers who feel stymied by their debt may wonder how to get their business idea off the ground.

If student loans gobble up a chunk of your cash every month, refinancing might free up funds to put your fledgling business on the right track. Read on to learn how refinancing student loans can benefit the launch of your new business.

What Is Student Loan Refinancing?

Before diving into the definition of student loan refinancing, let’s discuss the components that make up a student loan: principal, interest rate, and loan term.

•   Principal: The principal is the original amount that you borrowed, which you will repay with interest over time.

•   Interest rate: The interest rate is a percentage of the loan principal that you pay monthly — on top of a portion of the principal. This is charged by the lender and is how they earn money while lending you cash.

•   Loan term: The loan term is the amount of time in which you will repay your loan.

Student loan refinancing means replacing your existing student loan with a new student loan. You can refinance either federal or private loans with funds from a private lender. There are two important points to keep in mind if you are considering refinancing. These factors can help you determine if refinancing is a good fit for you.

•   When you refinance federal loans with a private loan, you forfeit federal protections and benefits, such as deferment and forbearance.

•   If you refinance for an extended term, you may end up paying more in interest over the life of the loan, even if your monthly payment is lower.


💡 Quick Tip: Get flexible terms and competitive rates when you refinance your student loan with SoFi.

Take control of your student loans.
Ditch student loan debt for good.

Benefits of Student Loan Refinancing

Some of the key reasons to refinance your student loans include the following:

•   Potentially lowering your interest rate: Reducing your interest rate on your student loans can save you a lot of money over time because you won’t pay as much in interest per monthly payment. Check with various lenders to ensure you’re getting the lowest interest rate possible. You can usually get the best rates by having a strong credit score and a steady source of income. Your credit score is the three-digit number that reflects how well you’ve paid back debts in the past.

•   Reducing your monthly payment: When you work with a lender to extend your loan term, you may reduce your student loan payments per month. For example, you may extend your loan term from 10 years to 15 years, though the specific options will depend on your lender. Note, however, as mentioned above, that extending your term often means you’re likely paying more interest over the life of your loan.

•   Obtaining a single monthly payment: Instead of making multiple monthly payments, you can refinance and make one monthly payment. Sticking to one monthly payment can help you stay organized and make your payments on time. You don’t have to refinance all of your student loans, however. For example, if you have five student loans and you have a low interest rate on one and a high interest rate on the rest, you could refinance just those four. Use a student loan refinance calculator to determine how different refinance scenarios might work to your advantage.

•   Choosing between variable- and fixed-rate loans: Refinancing may allow you to choose between a fixed- or variable-rate loan. A fixed-rate means your interest rate stays the same throughout the life of the loan, while a variable rate changes — and could increase or fall over time.

Note that you can also consolidate student loans, which involves combining several federal student loans into one loan, through the Direct Loan Program.


💡 Quick Tip: Refinancing could be a great choice for working graduates who have higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans.

How Refinancing Student Loans Can Benefit a New Business

So, how exactly does refinancing student loans benefit a new business? Here’s a closer look.

1. Lower Your Loan Payments

As mentioned earlier, refinancing can help lower your loan payments by possibly offering a lower interest rate and/or by stretching out your loan term. Lowering your monthly payments can allow you to devote more financial resources toward your new business. You can also use the extra money to pay for household expenses or financial goals, like the down payment on a house or your retirement nest egg.

2. More Money to Get Business Loan

First, to clarify: Using student loans to start a business is a no-go. Student loan money should go toward education costs, living expenses, and housing. When you refinance, you can lower your monthly repayment amount. That can help your overall financial outlook. Then, if you apply for a business loan, you may have a more creditworthy profile.

A bank or credit union will review your financial information to evaluate your qualifications for a business loan. If you refinance your student loans and lower your monthly payment, that could help improve your debt-to-income ratio (DTI), an important indicator when you apply for a loan. Your DTI is calculated by all your monthly debt payments divided by your gross monthly income. If you lower a component of your monthly debt (say, your student loan), you can lower your overall DTI, which is a positive.

3. Use Business Income to Pay Student Loans

Are you wondering, “Can my business pay my student loans?” The answer to that is “no,” if you mean pay directly through your enterprise. However, if you launch a business and earn income, of course you can use your pay to eliminate your debt, whether from a student loan or another source.

Keep in mind that as a business owner, you could get tax breaks that other taxpayers can’t claim, but you can’t deduct the principal payments you make on student loans.

Recommended: How to Get Out of Student Loan Debt

Refinancing Student Loans With SoFi

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.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

Can you start a business if you have student loans?

Yes, you can start a business if you have student loans, but it may be harder to access business credit and save cash to put toward your business. No matter what, you must keep up with your student loan payments. Not making your payments can hurt your credit score later, which in turn can hurt your application for a small business loan.

How do I start a student loan?

You can apply for federal student loans by filing the Free Application for Federal Student Aid (FAFSA), which helps determine the amount of federal student aid you can receive. You can apply for private student loans on lender websites.

Can I get an SBA loan with defaulted student loans?

Through the Small Business Administration, SBA loans require potential borrowers to keep up to date on student loan payments. Unfortunately, you could become ineligible with defaulted student loans.

About the author

Melissa Brock

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.


Photo credit: iStock/ferrantraite

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 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).

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.

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.


Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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Apr
16
2025

Tuition Reciprocity Agreements: What to Know

By | Going to College, Student Loans, student_loan | Comments Off on Tuition Reciprocity Agreements: What to Know

Tuition reciprocity agreements allow students from one state to attend a public college or university in another state for reduced or in-state tuition rates. Tuition reciprocity can be a great option for students who want to cross state lines to attend college but can’t afford expensive out-of-state tuition prices.

Learn how tuition reciprocity works, the states that have reciprocity agreements, and how to qualify.

What Is Tuition Reciprocity?

Tuition reciprocity is an agreement that lets students in participating states attend college or university in other participating states for a discounted tuition or the in-state tuition rate rather than the out-of-state tuition fee.

This can be a significant savings because out-of-state tuition is typically far higher than in-state tuition. In 2023-2024, the average in-state tuition rate at four-year public institutions was $11,260, while the average out-of-state tuition was $29,150 — or 159% more expensive. Tuition reciprocity can be a valuable way to make college more affordable.

With a lower tuition rate, an individual may end up with less student loan debt since theoretically they wouldn’t need to take out as much in federal or private student loans.

How Does Tuition Reciprocity Work?

Tuition reciprocity agreements are offered by states throughout the country, though not every state has them. Generally, states with these agreements border each other or are located in the same geographic region. Students who are residents of one of the participating states and go to school in another participating state may be eligible for these programs, which can make it easier to cover the cost of attendance.

Tuition reciprocity isn’t automatic, however. It depends on factors like the type of school you’re applying to, the degree program you’re interested in, and whether you can qualify for tuition reciprocity through that degree program. For instance, to qualify, you might need to pursue a major that’s not offered by colleges in your home state.

Contact the schools you’re considering to learn more about their in-state tuition information and how their tuition reciprocity process works.

Recommended: Scholarship Search Tool

Public vs. Private Colleges

Tuition reciprocity is more common at public institutions than it is at private colleges. While some private schools do have reciprocity agreements, the reduced or discounted tuition rate they offer is typically much less than it is at public colleges.

Which States Have Tuition Reciprocity Agreements?

Many states have tuition reciprocity agreements, and there are networks of these programs in different regions of the country. Here are some of them.

Midwest Student Exchange Program (MSEP)

The Midwest Student Exchange Program offers reduced tuition at more than 70 public colleges and universities for students from the following Midwestern states:

•   Indiana

•   Kansas

•   Minnesota

•   Missouri

•   Nebraska

•   North Dakota

•   Ohio

•   Wisconsin

Students who are able to take advantage of MSEP save an average of $7,000 a year on tuition.

New England Board of Higher Education (NEBHE) Tuition Break Program

Permanent residents of the states listed below who are enrolled in an eligible degree program at a two- or four-year public college or university in New England may be able to save an average of $8,600 a year in tuition through the New England Board of Higher Education (NEBHE) Tuition Break Program.

•   Connecticut

•   Maine

•   Massachusetts

•   New Hampshire

•   Rhode Island

•   Vermont

Academic Common Market (ACM)

The Academic Common Market of the Southern Regional Education Board (SREB) offers in-state tuition rates at more than 2,200 undergraduate and graduate programs at over 100 public institutions across the southeast. ACM typically saves students more than $14,000 per year.

The participating states are:

•   Alabama

•   Arkansas

•   Delaware

•   Florida (only participates at the graduate level)

•   Georgia

•   Kentucky

•   Louisiana

•   Maryland

•   Mississippi

•   Oklahoma

•   South Carolina

•   Tennessee

•   Texas (only participates at the graduate level)

•   Virginia

•   West Virginia

Regional Contract Program

•   Arkansas

•   Delaware

•   Georgia

•   Kentucky

•   Louisiana

•   Mississippi

•   South Carolina

Western Undergraduate Exchange (WUE)

More than 160 public colleges and universities in the states below participate in this program. On average, students save $11,000 a year through WUE.

•   Alaska

•   Arizona

•   California

•   Colorado

•   Commonwealth of the Northern Mariana Islands

•   Guam

•   Hawaii

•   Idaho

•   Montana

•   Nevada

•   New Mexico

•   North Dakota

•   Oregon

•   South Dakota

•   Utah

•   Washington

•   Wyoming

Western Regional Graduate Program (WRGP)

Those going to grad school at a public university in one of the following states may be able to take advantage of a graduate student reciprocity agreement through the The Western Regional Graduate Program. Students who are eligible for WRGP can save an average of $14,000 a year.

•   Alaska

•   Arizona

•   California

•   Colorado

•   U.S. Pacific Territories and Freely Associated States

•   Hawaii

•   Idaho

•   Montana

•   Nevada

•   New Mexico

•   North Dakota

•   Oregon

•   South Dakota

•   Utah

•   Washington

•   Wyoming

Professional Student Exchange Program (PSEP)

Aimed at students pursuing careers in health fields, this program may help them save between $8,900 to $35,700 per year on tuition. The following states and territories participate in PSEP:

•   Alaska

•   Arizona

•   Commonwealth of Northern Mariana Islands

•   Colorado

•   Guam

•   Hawaii

•   Montana

•   Nevada

•   New Mexico

•   North Dakota

•   Utah

•   Wyoming

Recommended: How to Save Money in College

What Are the Advantages of Tuition Reciprocity?

By qualifying for tuition reciprocity, you can reap a number of benefits, namely substantial savings on your college education. The advantages of tuition reciprocity include:

•   A tuition rate that could be half of what you’d pay as an out-of-state student. Over four years, that may result in tens of thousands of dollars saved.

•   The opportunity to pursue an academic degree you might otherwise not be able to afford. Some tuition reciprocity programs can even put graduate school within reach.

•   Less college debt to repay. With a significantly lower tuition rate, you likely won’t have to take out as much in student loans to help fill the gap. And once you graduate, you could consider student loan refinancing for your private student loans to potentially save even more money if you can qualify for a lower interest rate or better terms.

Applying for Tuition Reciprocity

To take advantage of a tuition reciprocity program, you’ll need to be a resident of one of the participating states and planning to go to school in another participating state. There may be other eligibility criteria as well, such as living in your state of residence for a certain number of years. Check with the program to see what the specific requirements are.

Next, find out if tuition reciprocity is available at the school(s) you’re interested in. If it is, learn how the process works. The application process may differ from school to school. For instance, you might need to be accepted to a school first and then separately apply for the tuition reciprocity program. Ask your school’s admissions or financial aid office about the details.

The Takeaway

Tuition reciprocity can significantly reduce college costs by giving eligible students access to reduced or in-state tuition rates. Check to see what programs are available in your state or region, what the eligibility criteria are, and if the schools you are interested in participate in the program.

By taking advantage of tuition reciprocity, you may have less student loan debt to repay when you graduate. And there’s the possibility to refinance your student loans in the future for better rates and terms if you choose to, which may also help you save money on your education.

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.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

What states have reciprocity for in-state tuition?

Many states across the country offer tuition reciprocity. Check with your state as well as any school you’re considering to see if they participate in such a program. Public colleges and universities are more likely to offer tuition reciprocity than private schools are.

How do tuition reciprocity agreements work?

Tuition reciprocity agreements allow students to get reduced or in-state tuition rates at public colleges and universities in another state for significant savings. Students who are residents of one of the participating states and go to school in another participating state may be eligible.

What is reciprocity as it relates to tuition?

Tuition reciprocity is an agreement that allows students who live in one participating state to attend a college or university in another participating state for reduced or in-state tuition rates, which are typically substantially lower than out-of-state rates.

About the author

Melissa Brock

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.


Photo credit: iStock/blackCAT

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 Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

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).

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.



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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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.

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Private Student Loan Forgiveness: What Is It & How Does It Work?

By | Fresh Out of School, Student Loans, student_loan | No Comments

Although the Biden-Harris Administration’s plan for widespread student loan forgiveness was ultimately struck down by the Supreme Court in 2023, all has not been lost for the millions of borrowers hoping to have their loans canceled.

Under the Higher Education Act, the administration made changes to existing relief and forgiveness programs to forgive millions of dollars of federal student debt. As of October 2024, 4.8 million student loan borrowers have received debt relief.

That said, student loan forgiveness options may be more limited for borrowers with private loans, who owe an average of $54,921 each.

Key Points

•   Private student loan forgiveness is rare, with limited options compared to federal loans.

•   Deferment or forbearance options are typically available for financial hardship, though interest usually accrues during these periods.

•   Negotiating with lenders may lead to loan modifications, such as a lower interest rate or extended payment term.

•   Employer assistance programs may help with loan repayment, especially in certain professions.

•   For some student loan borrowers, refinancing private student loans may result in a lower interest rate or better terms.

Student Loan Breaks for Many but Not All

As mentioned above, the Biden administration and the U.S. Department of Education have forgiven a large amount of student loan debt via targeted relief efforts. The administration provided $74 billion to more than one million students through the Public Service Loan Forgiveness program, $28.7 billion to the more than 1.6 million borrowers who were defrauded by their schools or saw them suddenly close, and 16.2 billion for more than half a million individuals who have total and permanent disabilities.

During his term, President Joe Biden announced several other measures for student loan debt relief, including an initiative to forgive up to $20,000 in federal student loans for those who met certain income requirements. However, the Supreme Court deemed that the President didn’t have constitutional power to implement such a plan. Another initiative by the administration, the income-driven repayment plan called Saving on a Valuable Education (SAVE) aimed at helping struggling federal student loan borrowers, was blocked by the courts.

These programs pertained only to federal loans. Private student loan borrowers were not included in any of the relief.

Recommended: A Guide to Private Student Loans

Can Private Student Loans Be Forgiven?

Do lenders forgive private student loans? Unfortunately, that almost never happens.

However, many do offer student loan deferment or forbearance options for private student loan borrowers facing financial hardship. Interest typically accrues during these periods, regardless of whether the borrower is making payments.

Read your loan contract or disclosure statement, which contains information about terms, rates, fees, and penalties. Here, you’ll find information related to any hardship programs offered by the lender. You can also reach out directly and ask about your options.

Whatever you do, don’t miss a payment. Contact your lender immediately if you’re facing a hardship that will prevent you from making payments on time and in full. After a default on a private student loan, which can happen quickly, private lenders may hire a collection agency or file a lawsuit.

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Private Student Loan Debt Relief Options

Refinancing your student loans can offer several benefits. If you have a good credit history and solid income, or a cosigner on the loan, you may be able to qualify for a lower interest rate, reducing your monthly payments and the total interest you pay over the life of the loan.

Or you might be able to lengthen the term of your loan and decrease your monthly payments (but elongating the repayment term will usually increase the total interest paid). Use this student loan refinancing calculator to see how refinancing could affect your payment.

When you refinance, the lender will pay off your old loans and issue you a new loan with a new rate and terms and with one payment.

You can typically refinance both federal and private loans. You’ll also be given a choice of a fixed or variable rate.

If you are thinking about refinancing your student loans, do your homework:

•  Be sure you’re getting the lowest rate possible with terms that fit your short- and long-term needs.

•  Although student loan refinancing rarely comes with any closing costs, it’s a good idea to find out if there are any fees involved. Keep in mind that you can refinance more than once.

•  If you plan to refinance any federal student loans, know that doing so will permanently forfeit all federal benefits and protections, including income-driven repayment plans, federal deferment and forbearance options, and forgiveness programs such as Public Service Loan Forgiveness (PSLF).

•  Consider lenders that initially do a soft credit pull before you actually apply with them to refinance your student loan. That way, shopping for interest rates will not affect your credit.

Recommended: Soft vs Hard Credit Inquiry: What You Need to Know

2. Talk to Your Lender

Speak to your lender about your options to repay your student debt. You aren’t the first (and you won’t be the last) to ask for help, and many private lenders offer some type of loan modification for borrowers who are financially struggling.

You may be able to negotiate a lower interest rate or a lower payment over a longer term, or set up a period during which you can make interest-only payments.

Be ready to answer questions about why you’ve fallen behind, what other debts you’re paying, and about your income prospects.

Always communicate with your lender to avoid student loan forgiveness scams. Some private companies that falsely offer debt relief may try to get you to pay monthly costs or upfront fees, ask you for your identification, or promise immediate loan forgiveness.

If you think you’re the victim of suspicious activity, contact the Federal Trade Commission.

3. Consider a Payment Pause

Some private lenders offer deferment or forbearance, which will allow you to postpone payments.

•  Deferment is sometimes available to borrowers who are planning to go back to school or who are entering military service.

•  Forbearance is typically available for those who have had an unexpected hardship that makes repayment difficult, such as an illness or a job loss.

Interest will still accrue during these private loan payment breaks.

As with federal loans, your employer may assist you with your private loans, especially if your skills are in demand. Also, many industries and professional associations offer student loan repayment assistance for firefighters, teachers, lawyers, and health care workers.

The Takeaway

Private student loan forgiveness is rare and has not been included in any sweeping moves to cancel student loan debt or provide relief. Borrowers of private student loans may be able to refinance and get a better rate or work with their lender if they’re struggling.

SoFi refinances both federal and private student loans. There are no prepayment or late fees. Deferment and forbearance options are available.

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.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

About the author

Melissa Brock

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. 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 Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

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).

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.



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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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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Understanding Perkins Student Loan Forgiveness

By | Student Loans, student_loan | Comments Off on Understanding Perkins Student Loan Forgiveness

If you have a Perkins Student Loan you may be eligible for Perkins loan forgiveness. That means you could have your Perkins loan debt partially or fully canceled so that you no longer need to pay it.

Read on to find out how Perkins loan forgiveness works and whether you might qualify.

Key Points

•   Perkins loans, which are low-interest federal loans for students once given to students with exceptional financial need, are eligible for forgiveness under certain conditions.

•   Full-time public service workers in education, military, law enforcement, and other fields may receive up to 100% loan cancellation over five years if they meet certain criteria.

•   Teachers in low-income schools or certain subject areas, and some nonprofit workers, may qualify for loan cancellation, with specific requirements for each occupation.

•   The Perkins loan forgiveness process requires application through the school that issued the Perkins loan or the loan servicer, with proof of qualifying employment.

•   Perkins loans forgiven between 2021 and 2025 are not federally taxable, but this status may change.

What Are Perkins Loans?

Student loan borrowers may have federal or private student loans, or a combination of both types. Perkins loans are low-interest subsidized federal loans for students with exceptional financial need.

The federal student loan interest rate on Perkins loans was a fixed 5%. The government covered the interest that accrued on these loans while students were in school.

Perkins Loans are no longer offered — the program ended in 2017. However, borrowers who have Perkins loans are still required to repay them. In certain situations, these borrowers might qualify for certain federal benefits like Perkins loan forgiveness or Perkins loan cancellation to help get out of student loan debt.

Perkins Loan Forgiveness Options

Borrowers may be eligible for Perkins student loan forgiveness if they work full-time in public service jobs such as education, military service, and law enforcement. Here are details about the different federal Perkins loan forgiveness options.

Teaching Service Cancellation

If you teach in a public or nonprofit school, you may be able to get Perkins loan cancellation. Perkins loan cancellation for teachers forgives up to 100% of your Perkins loans if you are a special education teacher, work in a low-income school district, or teach certain subjects, such as math, science, or a foreign language.

If you’re eligible, a percentage of your Perkins loan balance and the interest it accrues will be canceled annually over five years in the following increments: 15% for your first and second years of teaching, 20% for your third and fourth years of service, and 30% for your fifth year of teaching.

You may also qualify for Perkins loan cancellation if you’re a speech pathologist, a librarian, or work in an educational role in a Head Start program and you started working on or after August 14, 2008.

Public Service Cancellation

You may qualify for forgiveness of your Perkins loans if you work in certain nonprofit public service jobs and fields, such as:

•   Child or family services agency: Those employed in an educational job in a child or a family services agency may be eligible for complete loan cancellation after five years of service. Qualifying jobs include working at a prekindergarten or child-care program for students in low-income communities.

•   AmeriCorps VISTA or Peace Corps volunteer: Individuals who serve as VISTA or Peace Corps volunteers for four years may qualify for up to 70% Perkins loan cancellation.

Military Service Cancellation

Members of the military can potentially qualify for Perkins loan forgiveness. Military service members may be eligible for up to 50% loan cancellation for four years of service if their active service ended before August 14, 2008. Those whose active duty began on that date or later might qualify for up to 100% loan cancellation for five years of service.

Law Enforcement and Corrections Officer Cancellation

If you’re a law enforcement officer, correctional officer, or firefighter, you might qualify for up to 100% loan cancellation if you serve five years full-time at an eligible law enforcement agency or federal, state, or local firefighting agency. Firefighters must have started work on or after August 14, 2008.

Recommended: Student Debt by Major

Eligibility Requirements for Forgiveness

The requirements to qualify for Perkins loan forgiveness can be fairly stringent. Generally, you must be employed full-time to be eligible for Perkins loan forgiveness. You’ll also need to meet the following requirements:

•   Elementary or secondary teacher: Teachers (including supervisors, administrators, researchers, and curriculum specialists) may qualify as long as they work full-time for a full academic year or two half-years at different schools within 12 consecutive months. They can also teach part-time at two or more schools. To be eligible, educators must work in a low-income district or service agency in a teacher shortage area.

•   Special education teacher: To qualify, these teachers need to work at a public or nonprofit elementary or secondary school in speech and language pathology or audiology, physical therapy, occupational therapy, psychological and counseling services, or recreational therapy.

•   Preschool or prekindergarten teacher: Eligible educators must work full-time in a prekindergarten or child-care program and they must have started on or after August 14, 2008.

•   Law enforcement, correctional officer, or first responder: These individuals must work five years in their respective fields. Firefighters need to have started on or after August 14, 2008.

•   Attorney: Lawyers who work full-time for five years for a federal public or community defender organization may qualify for Perkins loan forgiveness. They must have started on or after August 14, 2008.

•   Military: Members of the military may be eligible for up to 50% loan cancellation for four years of military service if their active service ended before August 14, 2008, or up to 100% loan cancellation for five years of service if their active service duty began on or after August 14, 2008.

•   Health care: If you’re a full-time nurse or medical technician, or work with people with disabilities, you may qualify for up to 100% Perkins loan cancellation.

Forgiveness Application Process

If you believe you qualify for forgiveness, you’ll need to apply for cancellation or discharge of your Perkins loans. To do this, contact the school that originally issued your Perkins loan or reach out to your loan servicer. They will provide the forms and instructions for the type of cancellation or student loan discharge you may be eligible for. Be aware that you will need to show proof that you work in a qualifying public service job.

Partial vs. Full Cancellation

Perkins loans may be forgiven up to 100% of the amount owed, or up to 70% or 50%. Generally speaking, those employed in certain public service occupations as noted above, who started working before August 14, 2008, may qualify for 50% forgiveness rather than up to 100%. Individuals who worked for four years as AmeriCorps VISTA or Peace Corps volunteers may be eligible for up to 70% Perkins loan cancellation. Check with your loan servicer about the specific details of your forgiveness situation.

If you are eligible for 100% forgiveness, your debt will be forgiven in the following increments over five years, as long as you remain employed in your qualifying job:

•   15% of the original loan amount for first and second years

•   20% of the original loan amount for third and fourth years

•   30% of the original loan amount for the fifth year.

Common Challenges in Obtaining Forgiveness

Obtaining forgiveness can be a demanding process. First, you must meet all the eligibility requirements to qualify. And being approved for forgiveness may take months. In the meantime, you will need to keep paying your Perkins loans to avoid missing payments. If you default on your loans, you may not be eligible for forgiveness.

Perkins Loan Discharge Options

If Perkins loan forgiveness isn’t an option for you, you might qualify for Perkins loan discharge in certain circumstances. These circumstances include:

•   Bankruptcy

•   Total and permanent disability

•   Death

•   Your school closed while you were getting your degree

If one of these situations applies to you, you may be eligible for total and immediate discharge of your Perkins loans. Contact your school’s financial aid office or your loan servicer for the forms and instructions to apply for discharge.

Alternatives If You Don’t Qualify for Forgiveness

If you are not eligible for Perkins loan forgiveness, there are other repayment options as well as forgiveness and assistance programs you can explore. Here are some alternatives to Perkins loan forgiveness.

Income-Driven Repayment Plans

Federal income-driven repayment (IDR) plans base your payments on your income and family size and often result in a lower monthly payment. On these plans, your loans may be forgiven after 20 or 25 years of qualifying payments.

While Perkins loans are not eligible for IDR plans, if you consolidate your Perkins loans with a Federal Direct Consolidation Loan, you can then enroll in an IDR plan.

Public Service Loan Forgiveness

Under this program, if you work full-time for a government or nonprofit organization, you may be eligible for forgiveness after 120 qualifying payments under a qualifying repayment plan, such as IDR.

Just as with IDR plans, Perkins loans are not eligible for Public Service Loan Forgiveness unless you consolidate them with a Federal Direct Consolidation Loan.

Student Loan Repayment Assistance Programs

Some states and various organizations offer student loan repayment assistance programs (LRAPs) for those who work in high-need occupations and shortage areas. Check with your state or any professional organizations you belong to to see what LRAPs they might have and if you may qualify.

Student Loan Refinancing

When you refinance student loans, you replace your old loans with a new private loan that ideally has lower rates and more favorable terms if you qualify for them. That could help make your payments more manageable. However, refinancing federal student loans means that you’ll lose access to federal benefits, so make sure you won’t need these programs before moving ahead.

Recommended: Student Loan Payment Calculator

The Takeaway

Borrowers may qualify for Perkins loan forgiveness if they work full-time in certain public service jobs and meet other eligibility requirements. If approved, they may be able to have up to 100% of their Perkins loans forgiven.

If forgiveness isn’t an option for you, there are alternatives that could help you repay your Perkins loans, such as an income-driven repayment plan or a student loan repayment assistance program. Another method to consider is student loan refinancing, especially if you can qualify for a lower interest rate or more favorable terms. Explore all the options available to make an informed decision about the best choice for you.

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.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

What are the eligibility requirements for Perkins loan forgiveness?

To be eligible for Perkins loan forgiveness, borrowers must work full-time in certain public service jobs such as teaching, military service, health care, and law enforcement, for five years, or in certain nonprofit jobs for four years. In addition, each occupation and field has specific requirements. Check with the school that issued your Perkins loan or your loan servicer for more information.

How long does it take to have Perkins loans forgiven?

In most cases, you’ll need to work full-time for five years in specific public service jobs before your Perkins loans are forgiven. Typically, the loans will be forgiven in the following increments: 15% of the original loan amount in the first and second years, 20% in the third and fourth years, and 30% in the fifth year.

Is Perkins loan forgiveness taxable?

Generally speaking, Perkins loan forgiveness is currently not taxable on a federal level. However, that may change. While forgiven student loan debt is typically considered taxable by the IRS, the American Rescue Plan of 2021 made forgiven debt temporarily exempt from federal income taxes. But this federal tax-exempt status only applies to loans forgiven between January 1, 2021 and December 31, 2025.

About the author

Melissa Brock

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.


Photo credit: iStock/Milko

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 Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

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).

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.



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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.


Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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.

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