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 Can I pay before my SoFi Private Student Loan is fully disbursed? If I want to payoff my SoFi loan early, can I do so? Why do I need to fill out a W-9? How do I refer someone to SoFi? Who gets the welcome packet email from MOHELA, the primary applicant or co-signer?