This issue of overpayment is frequently brought to our attention. The following is how we address such situations:
- If the amount we send to your existing servicers is greater than the current balance of your loan, the existing servicer will in most cases, return the overpayment to SoFi.
- Once the overpayment is received, SoFi will apply the overpayment retroactively to your existing SoFi principal balance. An overpayment refund can take 6-8 weeks to be applied. Department of Education Servicer will take 10-12 weeks. You may also choose to contact your servicer to inquire about their processing and posting times.