When you redeem SoFi Points towards your SoFi Student Loan Refinance, you will see an extra payment applied within 1 business day in MOHELA.
- Example: If you redeem SoFi Points towards your SoFi Student Loan Refinance on a Friday, your extra payment should be applied through MOHELA by Monday of the following week (assuming no weekday holidays).
Payments will be applied first to fees and charges (including late fees), then to accrued interest to the date payment is received, and then any remainder to the principal balance of your loan.
If you have no outstanding fees, the extra payment will be applied to the principal balance. SoFi Points redeemed for extra payments will not impact your monthly amount due.