The Federal Government announced a three-part plan to help working and middle-class federal student loan borrowers transition back to regular payments. This plan includes:
- An extension of student loan repayment pause through December 31, 2022.
- Targeted relief for federal student loan holders that have individual income below $125K (or $250K for married couples/households) and
- A new income-driven repayment plan that will help reduce future monthly payments for lower- and middle- income borrowers.
For more information about this program and how it applies to borrowers of federal student loans, please visit: https://studentaid.gov/debt-relief-announcement/
Please note: SoFi Student loans are private loans, not federal loans. SoFi does not currently provide loan forgiveness, a 0% interest rate program, or any Income Based Repayment programs.
SoFi provides great rates. If you’re looking to refinance private and/or Federal student loans, please check your rate here. Please also consider reviewing this overview of consolidation vs refinance.
We also offer partial refinancing of your student loans. If you currently have federal student loans and are looking to refinance now AND take advantage of the federal loan forgiveness program, this may be a great option for you. Simply check the box to ‘leave a portion of my student loans out of the refinance’ when you apply.