All signs point to increases in federal interest rates this year. That means higher interest rates on all lending—including your student loan. What does that mean for you? If you have a student loan balance of $175,000* and rates rise by only 1%, waiting to refinance could cost you up to $16,000 over the life of your student loan.
Now’s an excellent time to examine your options and take control of your student debt. As an MDA member, when you refinance through SoFi, you get:
MDA members can take advantage of an exclusive rate discount of 0.25% by refinancing through SoFi.com/MiDental.
Debt management resources—take advantage of rate calculators, student loan guides, and other tools to help you manage your debt.
Get help by speaking to a financial planner or a dedicated student loan support team—at no cost with your SoFi benefit.
Interest rates won’t wait. Refinancing your student loans today could save you thousands of dollars over the life of your loan. Apply through SoFi.com/MiDental.
NOTICE: Recent legislative changes have suspended all federal student loan payments and waived interest charges on federally held loans until 8/31/22. Please carefully consider these changes before refinancing federally held loans with SoFi, as in doing so you will no longer qualify for these changes or other future benefits applicable to federally held loans.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS PROSPECTIVELY BASED ON MARKET CONDITIONS AND BORROWER ELIGIBILITY. Your existing student loan(s) must total a minimum of $5,000 to be eligible for refinancing. Minimum loan amount may be higher in specific states due to legal requirements. To qualify, a borrower must be a U.S. citizen or other eligible status, have graduated with an associate degree or higher from an eligible Title‑IV‑accredited college or graduate program, and meet SoFi’s underwriting requirements; see SoFi.com/eligibility. Lowest rates reserved for the most creditworthy borrowers.
*Calculated savings examples are only estimates based on the following hypothetical assumptions: The minimum savings calculation assumes the borrower is refinancing $175,000 of student loans for 5 years. The maximum savings calculation assumes the borrower is refinancing $175,000 of student loans for 15 years. Both examples assume our rates increase 1% in the next year. Any payments and savings may vary and will depend on the actual loan amounts and APR for which the borrower is approved.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment, Income Contingent Repayment, or PAYE. Your existing student loan(s) must total a minimum of $5,000 to be eligible for refinancing. Minimum loan amount may be higher in specific states due to legal requirements.
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