SoFi Student Loan Refinancing

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/eligibilityLowest 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.
Advisory services are offered through SoFi Wealth, LLC an SEC‑registered Investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. INVESTMENTS ARE NOT FDIC INSURED, HAVE NO GUARANTEE, AND MAY LOSE VALUE. Sofi can’t guarantee future financial performance and past performance is no guarantee. Automated investing via SoFi Wealth LLC, a registered investment advisor. Active investing via SoFi Securities LLC, member FINRA/SIPC. For additional disclosures related to the SoFi Invest platforms, please visit SoFi.com/legal.
SoFi at Work is offered by Social Finance Inc. SoFi loans are offered by SoFi Lending Corp. or an affiliate (dba SoFi), licensed by the Department of Financial Protection and Innovation under the California Financing Law, license #6054612; NMLS #1121636 (www.nmlsconsumeraccess.org). For additional product-specific legal and licensing information, see SoFi.com/legal. 2750 E. Cottonwood Parkway #300 Cottonwood Heights, UT 84121. SoFi Lending Corp. values your privacy and the security of your personal information so please do not include your social security number in any email or letter that you send to us.

 


Disclosure

The MDA receives royalties when members use the product or services described above.