SoFi Technologies launched SmartStart, a new refinance option designed to make student loan repayment more flexible. With SmartStart, members can refinance their student loans and pay only the interest for the first nine months.
This option aims to ease financial stress during life transitions such as finding a new job or relocating. For example, a member refinancing $50,000 in loans over a 10-year term could reduce their monthly payments by over $3,000 during the first nine months.
After this initial period, members will begin paying both principal and interest for the remainder of the loan term. SoFi has helped over 534,374 members refinance more than $45.8 billion in student loans as of December 2024.
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