SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi offers student loan refinancing for both federal and private student loans. Forbearance may be available in other circumstances, such as medical issues, damage to your home, or a natural disaster. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Refinancing loans is something else to consider. subject to state restrictions. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. Submitting the FAFSA ensures that you will get all the financial aid you’re entitled to, including gift aid, such as grants. SoFi provides student debt refinancing, unsecured personal loans, mortgages, wealth management and more. SoFi loans are originated by SoFi Lending Corp., NMLS … Parent refinancing loans and parent in-school loans do not qualify for those options. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. In 2019, SoFi began offering private student loans to those currently in school, boasting low, competitive rates. Unlike undergraduate and graduate student loans, parent student loans only have two repayment options: To qualify for a student loan from SoFi, SoFi will also perform a credit check. You can apply and get a credit decision within a few minutes. SoFi is an online lender offering student loan refinancing, undergraduate, graduate, and parent loans in all 50 states. A hard credit pull, which may impact your credit score, is required if you apply for a SoFi product after being pre-qualified. Links are provided for informational purposes and should not be viewed as an endorsement. "How much can I borrow?" SoFi vs College Ave. College Ave is another popular lender that features a quick approval process. The total cost of attendance varies by school, but it typically includes tuition and fees, on-campus room and board, books, supplies, transportation, and dependent care. Since its inception, the company has strived to achieve the success that it enjoys today with over 375,000 members and nearly $30 billion US dollars spent in student loan refinancing. If you have a subsidized federal student loan, your loan will not accrue interest while you’re in school or during the grace period, so it helps make paying it off in the longer run less burdensome. Some of these plans are good options if you are seeking Public Service Loan Forgiveness—circumstances that apply if you are employed by a U.S. federal, state, local, or tribal government or nonprofit organization. (Income tax may still be owed on the amount that was forgiven.) The options that might be open to you will depend on the type of loan you took out. 6054612. With that plan, any outstanding balance will be forgiven if the borrower hasn’t repaid the loan in full after 25 years. For Small Businesses, including the Paycheck Protection Program (PPP), click here. If you take out a loan from SOFI, MOHELA is the entity to which you will make payments and which you should contact if you have questions about your account. See what SoFi can do for you and your finances. 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