How is my payment applied to my SoFi Student Loan? August 05, 2020 22:50 Updated Upon receipt of payment, MOHELA allocates the payment to satisfy any interest due, followed by application to principal. Related articles If I want to payoff my SoFi loan early, can I do so? Can I pay before my SoFi Private Student Loan is fully disbursed? Does SoFi have any deferment or forbearance options? Who gets the welcome packet email from MOHELA, the primary applicant or co-signer? When/How can I sign up for autopay for my Private Student Loan?