Are you tired of your student debt? Are you considering student loan refinancing to make your payments smaller? Or are you trying to pay off your student debt faster? We discuss how you can save THOUSANDS on student loans with a SoFi student loan refinance assessment.

So if you're wondering should I refinance my student loans, this video is for you.

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In recent years, SoFi has become one of the largest student loan companies. They are trying to dominate the market by providing the best student loans.

SoFi Student Loan Rates

The first thing I want to briefly touch on is what SoFi student loan interest rates look like. For fixed-rate student loans, interest rates range from 3.5% to 12%. Variable rate student loans range from 2.4% to 11.7%.

If you want to know what your student loan interest rate might look like, I have a link in the description that will take you to the student loan page.

The real benefit of autopay is that you don't miss a payment and have to deal with late payments. No late payments will appear on your credit report either.

Student loan fees and penalties

SoFi doesn't charge any fees: no origination fees, insufficient fund fees, or late fees.

Student loan repayment options

SoFi has 4 ways you can pay them back when you graduate.

Deferred student loans

This means that you cannot make any payments on your student debt for 6 months after graduation. Deferred student loans can be helpful if you're strapped for cash after graduation.

So only consider deferring your student loans if you're struggling to find a job, have to pay a lot of moving expenses to move for a job, or if you're spending your money on paying off higher-interest debt like a credit card.

If you opt for deferred repayment, you will pay the highest interest.

Student loan interest only

While you are in school, interest accrues on the amount you owe on student loans. Interest is added to your student loan balance every month. This means that while you are in school, your student debt will grow.

If you only make interest payments on student loans while you're in school, your balance and monthly payments will be lower when you graduate.

Partial payment of the student loan

Similar to interest-only student loan payments, partial student loan payments reduce the amount you owe while you're in school.

With this subscription you only pay a fixed amount of €25 per month.

These two plans can help you reduce your student loan debt so you can pay off your student loans quickly.

Immediate refund

This means that your student loan payments will start the month after you receive the money. If you can turn this around, it can save you around 35% on the total loan amount you repay.

Ultimately, you pay off your student loans early.

Fine print

When you refinance student loans with a lender, you lose the protection offered by federal student loans.

People who refinance student loans with SoFi cannot choose an income-driven repayment plan.

SoFi has a student loan forbearance program if you have become unemployed.

SoFi also offers student loan deferment plans for borrowers returning to graduate school, undergoing rehabilitation or serving active military duty.

BUT during deferment or forbearance, the interest on the loan continues to accrue.

Federal student loans provide this protection.

These personalized services can help you earn a higher income and help you pay off your student loans faster.

Refinancing your federal student loans means losing your loan forgiveness. So the most important question to ask yourself is: Does SoFi have a student loan forgiveness program?
Does SoFi have a student loan forgiveness program?
When you refinance federal student loans with a private lender like SoFi, you lose access to federal student loan protection.

These programs offer benefits such as income-based student loan repayment and student loan forgiveness.

But if you need student loan debt relief, all is not lost.

While SoFi doesn't forgive student loans, they do offer some protections that can be helpful if you change plans or experience an unexpected life event.

Student loan deferrals.

By deferring your student loan, you can temporarily stop paying your student loan. In some cases you can temporarily reduce the amount of your student loan.
Student loan application process
The application process for a student loan through SoFi can be completed entirely online. You can apply and get a decision in minutes.

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