Refinancing some or all of your student loans is supposed to work in your favor, and we want to ensure you’re making the right decision. We’ve put together a Student Debt Guide, where you can learn more about your refinance and repayment options, stay updated on the latest announcements related to student loans, and even schedule an appointment with a SoFi Student Loan Specialist.
If you are a Federal borrower, you may be eligible for flexible repayment options through the Federal Student Aid office. You can learn more about these plans and whether you qualify for them on studentaid.gov. Once you refinance Federal student loans, you will no longer be eligible for current or future flexible payment options available to Federal loan borrowers, including, but not limited to income-based plans, such as the SAVE Plan, or extended repayment plans.
Should you decide to refinance to a longer term in order to lower your monthly payment, you may pay more interest over the life of the loan.
Ultimately, refinancing is a personal decision that you will have to make based on your individual financial situation. This information is being provided for educational purposes only and SoFi is not providing financial, tax, or legal advice based on your individual circumstances.