Everything You Need to Know About the Student Loan Debt Navigator Tool!

This tool is provided to you by SoFi Wealth, which is an investment adviser, but SoFi Wealth has not reviewed your full financial picture or all the facts needed to provide you with financial planning advice. While we believe the suggestions it provides will be useful for many people, you could have a financial situation that requires full consideration by a financial planner.

How does the tool estimate the interest rate I might obtain in the refinance scenarios?

The interest rate used in the hypothetical example is not a specific loan offer nor does it mean that you would be approved for a student loan with SoFi. The hypothetical rate is based on the range of average SoFi rates based on the loan term that aligns with the hypothetical example. Your loan rate may not match what is presented in the hypothetical example, and in order to understand your unique loan rate you would need to go through the loan application and underwriting process.

How does the tool determine options for me to consider for my student loans?

• Default Repair – This option was suggested for you to consider because the applicable student loan is currently in default (based on information provided by your loan servicer). If you have questions about your options or anything related to this loan please call your servicer.
   
• Forbearance/Deferment – This option was suggested for you to consider because even though the applicable student loan is not in default, you indicated that you cannot afford your current payments. Our estimate of your debt to income ratio (based on limited information you submitted) suggests you might not be eligible to refinance
   
• Refinance Reduce Payment – This option was suggested for you to consider because the applicable loan is a private student loan in good standing and you expressed a desire or need to reduce your monthly payments. Based on high-level estimates, you may be eligible to refinance the applicable loan(s) with SoFi at a lower interest rate. In order to check your eligibility and potential rates for a refinance loan, please check your rate.
   
• Refinance Lower Interest – This option was suggested for you to consider because the applicable loan is a private student loan in good standing and you expressed a desire to reduce how much interest you pay. Based on high-level estimates, you may be eligible to refinance the applicable loan(s) with SoFi at a lower interest rate. In order to check your eligibility and potential rates for a refinance loan, please check your rate.
   
• Refinance Payoff Sooner – This option was suggested for you to consider because the applicable loan is a private student loan in good standing and you expressed a desire to pay off your student loans sooner. Based on high-level estimates, you may be eligible to refinance the applicable loan(s) with SoFi at a lower interest rate. In order to check your eligibility and potential rates for a refinance loan, please check your rate.
   
• Financial Coaching and Extra Payments – This option was suggested for you to consider because the applicable loan is a private student loan in good standing but the prefigured rules in SL Navigator identify any debt with an interest rate greater than 7% as a good candidate to pay-off or refinance. However, you may not be eligible to refinance your loans based on estimates of your debt-to-income ratio (based on information you submitted), but you might want to explore that option in the future. Financial coaching is often helpful for a person in this situation.
   
• Financial Coaching and Value of Investing – This option was suggested for you to consider because the applicable loan is a private student loan in good standing and is at a reasonable interest rate relative to market rates. As a general rule, based on your age, many financial planners recommend you prioritize saving and investing rather than making excess payments to reduce the principal of a loan at this interest rate. Our estimate of your debt to income ratio (based on limited information you submitted) suggests you might not be eligible to refinance or the rate on your current loan appears reasonable, but you might want to explore that option with a financial planner.
   
• Financial Coaching and Minimum Payments – This option was suggested for you to consider because the applicable loan is a private student loan in good standing and with a reasonable interest rate lower than 7%. Therefore, you might consider investing for other goals rather than making excess payments towards the principal on your student loan.

Am I automatically approved for a loan because it recommended refinancing?

No. This tool uses high-level estimates based on that available data but is not a loan application and SoFi has not made any determination of your eligibility. In order to determine if you are eligible to refinance your student loans and see your specific terms you should check your rate.

Have more questions? Chat with us or call 855-456-7634 to speak with an agent.