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Bloomberg Philanthropies’ eye-popping $1 billion donation to Johns Hopkins University in Baltimore, which will allow the university to offer free medical school to most of its students, is among the largest-ever donations to a university or higher ed system in the U.S.

It’s also a reminder of just how expensive college has become.

The donation from former New York City mayor Michael Bloomberg’s philanthropic group covers tuition for medical school at Johns Hopkins for students from families earning less than $300,000 per year, beginning in fall 2024. That demographic represents 95% of Americans, according to a statement from the university. Students from families earning up to $175,000 per year will also have their living expenses covered, per the statement.

The annual tuition at Johns Hopkins’ medical school is $64,665, according to the university’s website. Several required additional fees and “indirect costs” such as housing and food bring the total annual cost to just over $102,000. Bloomberg’s gift is intended to assist qualifying students in perpetuity.

“As the U.S. struggles to recover from a disturbing decline in life expectancy, our country faces a serious shortage of doctors, nurses, and public health professionals — and yet, the high cost of medical, nursing, and graduate school too often bars students from enrolling,” Bloomberg said in a statement. “By reducing the financial barriers to these essential fields, we can free more students to pursue careers they’re passionate about.”

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Bloomberg’s donation joins a slim list of higher-ed gifts exceeding the billion-dollar mark. Including this donation, there have been only four gifts of $1 billion or more given to a single university in recent decades, according to the Chronicle of Higher Education, which tracked higher-ed gifts from 1967 through July 2023.

In 2018, Bloomberg Philanthropies gave $1.8 billion to Johns Hopkins (also his alma mater), which remains the largest-ever gift to a university; it was earmarked exclusively for financial aid. In 2022, Stanford University received $1.1 billion from venture capitalist John Doerr and his wife, Ann; the money went toward launching the Stanford Doerr School of Sustainability. And earlier this year, Ruth Gottesman, a former professor at the Albert Einstein College of Medicine and widow of a Wall Street investor, gave the medical school $1 billion to cover all students’ tuition in perpetuity.

That Bloomberg’s donations, as well as Gottesman’s $1 billion gift, are intended specifically for students’ tuition speaks to the rising cost of college. Since 1963, the average college tuition has more than tripled even after accounting for overall inflation, according to BestColleges.com, leading to a boom in student borrowing.

Earlier this month, interest rates on some federal student loans hit record highs, which raises the cost of college for students and their families who must borrow to afford college. Collectively, U.S. student loan borrowers owe $1.74 trillion in federal and private debt, according to the most recent data from the Federal Reserve.

In January 2024, NerdWallet’s annual household debt study found that the average U.S. household with student debt owes $55,573.

Biggest donations to a college or university in the U.S.

Below are the 10 largest single contributions to a college or university system in the U.S., according to The Chronicle of Higher Education, which did not include grants in its ranking. (The Chronicle stopped tracking these gifts in July 2023.)

  1. $1.8 billion, to Johns Hopkins University, from Bloomberg Philanthropies, to be used for financial aid. (2018)

  2. $1.1 billion, to Stanford University, from the Doerrs, to establish the Stanford Doerr School of Sustainability. (2022)

  3. $1 billion, to the Albert Einstein College of Medicine, from Gottesman, to cover all students’ tuition in perpetuity. (2024)

  4. $1 billion, to Johns Hopkins University, from Bloomberg Philanthropies, to cover most students’ tuition in perpetuity. (2024)

  5. $750 million, to California Institute of Technology, from billionaires Stewart and Lynda Resnick, to fund environmental research. (2019)

  6. $650 million, to The Broad Institute, from philanthropist Ted Stanley, to fund mental illness research. (2014)

  7. $600 million, to California Institute of Technology, from billionaires Gordon and Betty Moore, and the Gordon and Betty Moore Foundation, for educational and scientific programs. 

  8. $600 million, to Columbia University and NewYork-Presbyterian Hospital, from Florence and Herbert Irving, for cancer research. (2017)

  9. $550 million, to Western Michigan University, from an anonymous donor. (2021)

  10. $500 million, to Bard College, from George Soros’s Open Society Foundations, $500 million; to establish an endowment and fund other initiatives. (2021)

(Photo by Bryan Bedder/Getty Images for Bloomberg Philanthropies)

Source: nerdwallet.com

Apache is functioning normally

Ignoring student loans can damage your credit score, lead to wage garnishment, and accrue interest and fees. It may also result in legal action, tax refund offsets, and impact co-signers, making it crucial to address repayment issues promptly with your loan servicer.

Student loan debt in the United States stands at $1.727 trillion as of 2023. The repayment process may seem overwhelming if you’re among the more than 43 million borrowers with outstanding student loan debt. When the bills start piling up, you may ask yourself, “What happens if I don’t pay my student loans?” Here, we’ll take a closer look at student loans and what happens if you ignore them. 

What Happens If I Don’t Pay My Student Loans?

Technically, failure to make just one student loan payment could put you in default. However, the default period for federal student loans is generally 270 days, while the default period for private student loans depends on the terms of the loans. 

Once you default on your loan, lenders can take steps to recover these funds. It’s essential to understand what could happen if your student loan debt goes into default. 

Consequences of Not Paying Student Loans

If you’re struggling to meet all your financial obligations, you might consider not paying your student loans. However, ignoring this debt tends to lead to even more trouble. Below are several consequences you could face for not paying your student loans. 

Drop in Credit Score

Depending on the student loan type, missing just one payment could damage your credit. Because payment history accounts for up to 35% of your overall FICO® credit score, having just one missed or late payment often hurts your credit. Unfortunately, these missed payments remain on your credit report for up to seven years. 

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Poor credit might impact your ability to purchase a car or a home, rent an apartment, or even land your dream job. It’s important to take action before you miss a payment. 

Fall Deeper Into Debt

Ignoring your student loan debt won’t make it go away. In fact, it will only make matters worse. Failing to make your monthly payments only prolongs the time it takes to pay off your debt, and your loan continues to accrue interest during this time. The longer it takes to pay off your student loans, the more you’ll end up paying in interest. 

Wage Garnishment

If you have federal student loans, it’s important to realize that the government has power to collect this money if you fail to pay. One of these powers is wage garnishment—the federal government can garnish up to 15% of your disposable income. This can be a huge hit to your budget and should be avoided if possible. 

Loss of Tax Refund

Are you expecting a tax refund this year? If you default on your federal student loan, there’s a good chance you’ll lose it. Once in default, the federal government has the power to take all or a portion of your tax return until the amount due is paid. 

Damage Cosigner’s Credit

You may not be the only one impacted by ignoring student loan debt. If a cosigner helped you get one or more of your student loans, they can be impacted by late loan payments. It’s critical to speak to your cosigner when you realize you may not have the funds to pay your student loans. 

Go to Court

While the government doesn’t have to take you to court to collect federal student loan payments, private lenders do. Depending on the terms of your loan, you could be in default after missing just one payment. Private lenders can sue you to collect payments. If you’re sued, you may need to find an attorney who works with student loan debt cases to help you through the court process. 

Debt Doesn’t Go Away

Student loan debt doesn’t disappear just because you ignore it. Instead, it could haunt you for the rest of your life. There’s no statute of limitations for collecting federal loans. 

On the other hand, private lenders must adhere to state statutes of limitations. While this may limit the time they have to sue you in court, it doesn’t stop them from trying to collect this debt. This means debt collectors could hound you for the rest of your life.

What to Do If You Can’t Afford to Pay

If you simply don’t have funds to pay your student loans, the last thing you want to do is ignore the problem. There are several steps you can take to avoid making this situation worse. 

Check Your Credit

Before you take any action regarding your student loans, take the time to check your credit report. Credit.com’s Free Credit Report Card can help you see what debt is already impacting your credit health. 

Check the National Student Loan Database

If you have federal loans, you can use the National Student Loan Database to check the status of your loans. This database provides information about your payments and total debt amounts. 

Switch or Update Your Repayment Plan

If you have federal student loans and you’re struggling to keep up with your current repayment plan, you may be able to change it. Start by contacting StudentLoans.gov and explaining your situation. They can help you switch or update your repayment plan to make the payments more affordable. 

Contact Your Lenders

If you have private loans and are struggling to make your monthly payments, start by contacting the lender directly. If your situation is temporary, such as a loss of employment or medical condition, you can request a deferment of your payments. This step essentially pauses your payments for a set period, such as six months, to give you time to deal with your situation. 

Consider Debt Consolidation

Making monthly payments on multiple student loans can be extremely difficult. If you’re in this situation, it may be time to consider debt consolidation. This strategy allows you to combine all your student loans into one. Rather than having several monthly payments to make, you’ll just have one.

Talk to an Attorney

If you simply can’t afford to pay your private student loans, bankruptcy is another alternative. However, filing for bankruptcy can negatively impact your credit for up to 10 years. You should only consider this step after trying all other methods. 

Apply for Student Loan Forgiveness

Check your student loan forgiveness options if you haven’t done so already. Depending on your specific situation, you may qualify for student loan forgiveness, discharge, or cancellation of debt. 

Be Proactive About Your Credit

Now that you know about the potential negative consequences of not paying your student loans, you know how important it is to be proactive about them. Start by checking your Free Credit Score with Credit.com to see how where you stand and how your student loans could impact your credit. 

Source: credit.com

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A federal court on Sunday lifted an injunction that blocked lower student loan bills for borrowers enrolled in the Saving on a Valuable Education (SAVE) repayment plan. Meanwhile, an injunction in a separate lawsuit still blocks SAVE loan forgiveness. The lawsuits impact up to 8 million borrowers enrolled in SAVE, accounting for roughly 1 in 5 Americans with outstanding federal student loans.

  • Lower student loan payments for SAVE borrowers with undergraduate loans can proceed starting in July. 

  • Accelerated 10-year loan forgiveness for SAVE borrowers with $12,000 or less in principal loan debt is still on hold. 

All other components of the SAVE plan remain in place, including protection against interest accrual.

Some borrowers entitled to lower payments will have no student loan bill in July, as student loan servicers recalculate lower monthly payments.

“As the Department of Justice continues to vigorously defend the SAVE Plan, President Biden, Vice President Harris, and I remain committed to our work to fix a broken student loan system and make college more affordable for more Americans,” said Secretary of Education Miguel Cardona in a statement on Monday.

Neither of these rulings are final decisions, so the situation could change.

“There’s still a lot of chaos, and borrowers have experienced a lot of whiplash over the last week,” says Persis Yu, the Student Borrower Protection Center’s deputy executive director and managing counsel.

The Education Department and servicers will share updates directly with borrowers. Log in to your servicer’s online portal to view the latest information about your monthly payment amount. For updates about the ongoing SAVE lawsuits, go to StudentAid.gov and subscribe to the Education Department’s email list.

What’s still happening: Lower SAVE payments, other benefits

As a result of the latest ruling, the Education Department has directed servicers to move forward with the July 1 SAVE plan changes.

Most significantly, borrowers with undergraduate loans will see their monthly SAVE payments cut by as much as half, from 10% to 5% of their discretionary income. So if you have a $400 SAVE bill, that could shrink to $200. Borrowers who enroll in SAVE for the first time can also get the new lower payment.

Other SAVE benefits can also proceed:

  • Borrowers enrolled in SAVE will receive automatic forgiveness credit for forbearances and deferments. 

  • Borrowers enrolled in SAVE will be allowed to make additional “buyback” payments to get credit for most other periods of deferment or forbearance that don’t qualify for automatic credit. 

  • Borrowers deemed at risk of default will be enrolled automatically in SAVE. 

  • Payments made before consolidation will count toward forgiveness. 

The latest ruling isn’t a final decision. There’s not yet a briefing schedule for this case, Yu says, so it’s not clear when future rulings could happen.

What’s on hold: Accelerated SAVE forgiveness

On June 24, a Missouri judge issued an injunction blocking the Education Department from forgiving small principal student loan balances ($12,000 or less) in 10 years under the SAVE plan. This is the most generous income-driven repayment (IDR) forgiveness timeline — other IDR plans forgive debt after 20 or 25 years of payments, regardless of the amount borrowed.

This injunction still stands as of July 2, though it’s not a final decision. Updates could come in August, when legal briefs in the case are due, Yu says.

The Education Department began rolling out the accelerated 10-year SAVE forgiveness in February. As of mid-May, the department had approved about $5.5 billion worth of student debt forgiveness for 414,000 SAVE borrowers with lower principal balances. SAVE forgiveness that borrowers have already received isn’t at risk, Yu says.

The injunction doesn’t impact the 20- or 25-year forgiveness timeline for SAVE borrowers who took out over $12,000.

What the lawsuits mean for borrowers

Reach out to your servicer if you have questions about your situation. While the lawsuits continue through federal courts, here’s how you could be impacted.

If you already have $0 payments

If you have a low enough income (about $32,800 as an individual or $67,500 as a family of four) to qualify for $0 SAVE payments, nothing has changed. You continue with $0 payments and keep earning credit toward IDR forgiveness and Public Service Loan Forgiveness (PSLF).

If you have a bill for July

If your servicer sent you a bill for July, make the payment as scheduled. This bill may reflect a new lower payment amount if you have undergraduate loans.

If your servicer emailed you in early or mid-June about a July forbearance

Before the rulings, servicers emailed some SAVE borrowers in June about a temporary administrative forbearance related to payment recalculations. The email’s subject line was, “Your Student Loans Have Been Placed into A Forbearance,” according to a copy of the email reviewed by NerdWallet.

If you got this email, you won’t owe a July payment. No interest will accumulate during July, and you’ll get credit toward forgiveness under IDR or PSLF. Your bills will resume in August, with a smaller amount if you have undergraduate loans.

If you were notified last week about a forbearance related to the lawsuits

Servicers put a small group of borrowers into forbearance last week as a result of the court rulings, the Education Department said. These borrowers don’t owe a July payment. Bills will resume in August.

If you want to sign up for SAVE

Borrowers can still sign up for SAVE and any other IDR plan.

However, the Education Department pulled down its online applications for IDR plans and loan consolidation on Friday, and began directing borrowers to submit PDF applications to their servicers.

The department changed course on Monday after the latest ruling allowing lower payments to proceed and said it would reinstate online applications by Monday afternoon. However, the applications on studentaid.gov/IDR and studentaid.gov/loan-consolidation/ remain inaccessible as of Tuesday evening.

Borrowers who want to consolidate and/or apply for an IDR plan immediately should continue mailing in PDF applications. Otherwise, consider waiting a day or two until the online application is restored.

Source: nerdwallet.com

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Federal student loan interest rates for 2024-25 are now live. Some have reached record highs, increasing the cost of college for people who will take out student loans for the upcoming school year.

Here’s how the current 2024-25 federal student loan interest rates compare to 2023-24 rates:

  • Direct unsubsidized loans for graduate students: 8.08% interest rate for 2024-25, up from 7.05%

  • PLUS loans, available to parents and grad students to fill in funding gaps: 9.08% interest rate for 2024-25, up from 8.05%. 

Since 2006, all federal student loans have had fixed interest rates. Undergraduate direct loan interest rates haven’t been this high in 16 years, since the 2008-09 academic year. (The standing record is 6.8%, for loans disbursed between 2006 and 2008.) Interest rates on direct graduate loans and PLUS loans have never been this high.

The latest federal interest rate hikes come on the heels of major FAFSA errors, which impacted and delayed financial aid offers, including federal loan eligibility, for millions of students. For some families, private student loans with lower interest rates may look more attractive this year — but private loans come with fewer borrower protections and no forgiveness options.

Rising rates increase the total cost of college

Each spring, the government sets federal student loan interest rates for the academic year ahead. The rates are effective from July 1, 2024 to June 30, 2025, and they apply to all borrowers who take out new federal student loans for the 2024-25 school year. Federal student loans have fixed interest rates, so they won’t change during the repayment period — which typically lasts from 10 to 25 years, depending on your repayment plan. (If you’re already repaying older student loans, this interest rate hike doesn’t affect you.)

Ultimately, higher interest rates will make college more expensive for the millions of college students and their families who take out loans. Today, 42.8 million people collectively owe $1.62 trillion in outstanding federal student loans, per Department of Education data.

That tally may grow in the coming years: A 2024 high school graduate heading to college this fall could amass about $37,000 in student loan debt while pursuing their bachelor’s degree, according to a recent NerdWallet analysis. Dependent undergraduate students can take out no more than $31,000 in federal loans, so more students may turn to private loans to fill the gaps.

Here’s an example of how the higher interest rates can hit your wallet: If you start college in the fall and borrow $31,000 worth of unsubsidized federal direct loans over the course of your undergraduate education, with a 6.53% interest rate, you’ll wind up paying back about $42,315 under a standard 10-year repayment plan. If you’d started college in 2020-21 and taken out the same $31,000 in unsubsidized federal loans with a record-low 2.75% interest rate, you’d have had to repay around $35,510 over 10 years — a $6,805 difference.

In practice, you could pay even more. You can’t borrow the full $31,000 at once — the capped amount is split up over the years you’re in school. If you’ll be a college freshman in the fall, interest rates could increase in the three (or more) years to follow.

Federal vs. private student loan interest rates

In recent years, federal student loans have offered lower interest rates than private alternatives — but that may no longer be true for some borrowers. Currently, private student loans for undergraduates have interest rates from 3.85% to 15.9%, according to a May 2024 NerdWallet analysis.

“More than ever, we are really encouraging our families to be good consumers,” says Stacey MacPhetres, senior director of education finance at EdAssist by Bright Horizons.

Shop around for private student loans and compare interest rates like you would for a mortgage, MacPhetres adds.

To qualify for the lowest rates on private student loans, borrowers must have a high credit score. Many students will need a parent or co-signer with excellent credit to co-sign the loan and accept equal legal responsibility for repaying it.

Federal student loans don’t allow co-signers, and only federal PLUS loans require a credit check. Other federal student loan borrower protections not typically offered by private lenders include:

As a general guideline, borrowers should prioritize federal student loans. If they still have remaining costs, private student loans are a good option to fill in the gaps.

But when it comes to PLUS loans, private alternatives may be a better choice this year if you can qualify for a lower interest rate. PLUS loans don’t offer the same robust protections and flexible repayment options as other types of federal student loans, and they have a 4.228% origination fee that most private lenders don’t require.

Submit the FAFSA and free up cash flow to minimize borrowing

Evaluate your family’s capacity to pay out of pocket or consider using some savings or investments to cover education bills this year, MacPhetres says. “We’re really trying to encourage everybody to exhaust all of their other options before borrowing at all, which includes federal student loans.”

You can also minimize your total college debt and interest payments by leaning on funding sources you won’t have to repay, like scholarships, grants and work-study. You must submit the FAFSA for each year you’ll be in school to qualify for most grants and work-study. That includes the federal need-based Pell Grant, which can give you up to $7,395 per year in free money to pay for college. Many scholarships require applicants to submit the FAFSA. You also need to submit the form to be eligible for federal student loans.

The Free Application for Federal Student Aid is open until June 30, 2025, for the 2024-25 school year, but you should fill it out as soon as possible to increase your chances of getting more money — some types of aid draw from limited pools and can run out.

Another strategy to reduce borrowing: See where you or your child can trim college costs in the first place.

“Your student doesn’t have to live in the best residence facility right now … or maybe they don’t need the 21-meal plan if they have never eaten breakfast in their lives,” MacPhetres says. “Little things that you might not think would have a significant impact can certainly help in trying to reduce your overall spending.”

Source: nerdwallet.com

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A Missouri judge ruled that the Education Department could not continue forgiving small principal student loan balances in just 10 years under the SAVE plan. And in Kansas, a judge blocked the department from rolling out the final components of the SAVE plan as scheduled on July 1 that would have cut monthly bills in half for borrowers with undergraduate loans only, among other benefits.

“We strongly disagree with the Kansas and Missouri District Court rulings, which block components of the SAVE Plan that help student loan borrowers have affordable monthly payments and stay out of default. The Department of Justice will continue to vigorously defend the SAVE Plan,” U.S. Secretary of Education Miguel Cardona said in a statement.

SAVE, which debuted in August, offers lower payments and more benefits than other income-driven repayment (IDR) plans. It forgives remaining debt in as little as 10 years for those with an original principal balance of $12,000 or less instead of 20 or 25 years on other IDR plans. It waives any interest left over after borrowers make their assigned monthly payments, preventing ballooning student loan balances. Those earning less than $67,500 as a family of four, or less than $32,800 as an individual, even qualify for $0 payments.

About 8 million borrowers are enrolled in SAVE, representing 1 in 5 borrowers with outstanding federal student loans. Of the 8 million SAVE borrowers, 4.6 million have a low enough income to qualify for $0 payments.

How the rulings impact SAVE borrowers

The most immediate impact of the Kansas court order: As many as 3.4 million borrowers who owe payments under SAVE won’t see smaller bills starting in July. The Education Department was gearing up to shrink monthly payments for borrowers with only undergraduate loans, from 10% of their discretionary income to 5%. (Borrowers with both undergraduate and graduate loans would have seen payments calculated at a weighted average between 5% and 10%.)

Other SAVE provisions slated to go into effect July 1 won’t happen as scheduled, either. That includes automatic SAVE enrollment for borrowers who are at least 75 days behind on payments, which could reduce default rates. Another provision would have given borrowers automatic credit toward SAVE forgiveness for most past periods of forbearance and deferment.

The Missouri ruling blocks borrowers with lower principal balances from getting accelerated forgiveness going forward. Since February, the department has already approved about $5.5 billion worth of student debt forgiveness for 414,000 SAVE borrowers.

Previous waves of SAVE forgiveness are likely safe, says Mike Pierce, executive director and co-founder of the Student Borrower Protection Center, a nonprofit organization that advocates for student debt relief. The court order does not impact the 20- or 25-year forgiveness timeline for SAVE borrowers who took out amounts of debt greater than $12,000.

“I would not expect, no matter where this goes, for people who are now debt-free to have to worry about the government coming back to them and saying, ‘No, actually, the court says we got it wrong, so you have to pay your bills now,’” Pierce says. “But for everybody else, people who are relying on these lower monthly payments, that’s very much in peril.”

Student loan servicers recently notified some borrowers about a July administrative forbearance due to SAVE plan changes. Most likely, that July forbearance will continue as planned and payments will resume in August, though servicers are still waiting on official Education Department direction, says Scott Buchanan, executive director of the Student Loan Servicing Alliance. If you have questions about the July forbearance, wait a few days before contacting your servicer.

“I would encourage borrowers to hold off and wait until we get more information about how the government is going to proceed here, because if they call today and say, ‘Hey, what’s happening in August?’ I don’t think anyone’s going to have an answer,” Buchanan says.

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What could happen next with the SAVE lawsuits

The dual court orders were both preliminary injunctions, which means they are not yet final rulings.

“The court has not made a decision about whether or not the SAVE plan is legal, so the states asked the court to temporarily pause the full SAVE regulations while the court considers whether or not the actions by the administration were lawful,” explains Pierce.

Next, the Justice Department will decide whether it will appeal these injunctions and ask an appellate court to review them or litigate the cases in front of these judges and try to prove that the SAVE plan is legal.

In either case, it’s unlikely that SAVE borrowers will be impacted by further legal updates in the “very near-term,” Pierce says. “It’s possible the administration is going to fight tooth and nail to roll back these injunctions. We’ll know more in the coming days, but as of right now, assuming these cases stay in front of these trial court judges, we’re talking about months here.”

The future of the SAVE plan remains uncertain. In the meantime, SAVE continues to stand in its current form, minus the forgiveness portion. Borrowers enrolled in the plan should continue to make payments as usual, and borrowers who aren’t yet on SAVE can still sign up.

“While we continue to review these rulings, the SAVE plan still means lower monthly payments for millions of borrowers — including more than 4 million borrowers who owe no payments at all, and protections for borrowers facing runaway interest when they are making their monthly payments,” Education Secretary Cardona said.

Source: nerdwallet.com

Apache is functioning normally

Editor’s note: On the evening of June 24, a U.S. federal judge in Kansas blocked the SAVE updates from occurring as planned on July 1. This is a developing story.

A generous federal student loan repayment plan is about to get even more affordable.

On July 1, the Education Department will roll out the last remaining features of the Saving on a Valuable Education (SAVE) plan — and millions of borrowers with undergraduate loans could see their monthly bill slashed by half.

SAVE debuted to borrowers last summer, but only some of the plan’s features were available at that time, like $0 payments for lower- and middle-income borrowers and an automatic interest subsidy. In February, the White House began forgiving SAVE borrowers’ remaining debt after 10 years of repayment if they took out $12,000 or less — compared to 20 or 25 years on other repayment plans. Nearly 8 million borrowers have enrolled in SAVE and 4.6 million qualify for $0 payments, as of May.

If you’re not enrolled in SAVE yet, take another look and see if you can get a lower payment starting in July. You can gauge your payoff journey with the Education Department’s loan simulator; the Community Service Society of New York also offers a SAVE calculator that estimates payments before and after the July recalculation.

“There’s no downside to seeing what’s available to you,” says Devin McCombs, a Denver-based certified financial planner and certified student loan professional. Apply for SAVE on StudentAid.gov/IDR, or reach out to your student loan servicer directly.

And if you’re already enrolled in SAVE, the smaller bills and other changes will be automatic. You also could get a payment pause in July as servicers implement the changes.

SAVE student loan benefits coming in July

Payments cut in half for undergraduate loans

SAVE is an income-driven repayment (IDR) plan, which means that it calculates your monthly payments based on your income, rather than how much you owe. Starting in July, borrowers with undergraduate loans only will see their monthly SAVE payments cut in half, from 10% down to 5% of their discretionary income. So, if you previously had a $400 SAVE bill, that could shrink to $200. Borrowers who enroll in SAVE for the first time will also have access to that new, lower payment.

Borrowers who only have graduate school debt will be unaffected by this change. Their payments will remain 10% of their discretionary income.

Borrowers who have both undergraduate and graduate loans will pay a weighted average between 5% and 10% of their income, based on the original principal balances of the student loans they took out.

For example, if you borrowed $10,000 for your undergraduate degree and $15,000 for your master’s degree, your monthly SAVE payment would be 8% of your income. If you took out $10,000 for undergrad and $10,000 for grad school, your payment would be 7.5% of your income.

Automatic forgiveness credit for forbearances, deferments

Under the SAVE plan, borrowers can get their remaining debt forgiven after 10 to 20 or 25 years of payments, depending on their original loan balance and whether they have undergraduate or graduate school debt. Borrowers eligible for Public Service Loan Forgiveness (PSLF) can get forgiveness after 10 years, regardless of amount or type of debt.

In the past, periods of deferment and forbearance didn’t usually count toward this forgiveness clock. But starting July 1, SAVE borrowers will automatically get forgiveness credit for specific payment pauses — like those related to unemployment, cancer treatment, military service and natural disasters. Credit for deferments also can be retroactive.

Ability to make up for past missed payments

​Borrowers will be allowed to make additional “buyback” payments to get credit for most other periods of deferment or forbearance that don’t qualify for automatic credit.

“If someone was on an income-driven repayment plan, then went into forbearance and then went back into the income-driven repayment plan, they can actually buy back those months, or go back and make those payments,” explains Jantz Hoffman, executive director of the Certified Student Loan Board of Standards, a nonprofit that helps financial planners and their clients make student loan decisions.

This is significant for borrowers eligible for Public Service Loan Forgiveness, who can get forgiveness after 10 years of payments while working a qualifying job. However, there’s currently a PSLF program transfer underway from the servicer MOHELA to the Education Department — so it’s unclear how exactly this buyback process will work in practice, Hoffman says.

“It’s ‘to be determined’ on how it will actually take place,” Hoffman says. “But, in theory, the borrower should be able to make payments which equate to the lower of the two income-driven repayment calculations, either when they went into forbearance or when they came out of it, which creates an opportunity for borrowers to actually have an even lower payment longer.”

Automatic enrollment for borrowers with default risk

Borrowers with payments at least 75 days late will be automatically enrolled in the SAVE plan if they previously agreed to give the Education Department access to their tax information.

Many borrowers in this situation may qualify for $0 SAVE payments, based on their income. A borrower must have an income below $32,800 as an individual or $67,500 as a household of four to qualify for $0 payments.

Why some SAVE borrowers don’t have payments due in July

If you’re already enrolled in SAVE, you might be allowed to skip your July bill without consequences.

The Education Department directed federal student loan servicers to place some SAVE borrowers into an administrative forbearance in July as they apply the smaller payment amounts to borrowers’ accounts, according to the department.

“While borrowers are in this specific forbearance, no payment is required, their interest rate will be set to 0%, and they will receive credit toward IDR forgiveness and Public Service Loan Forgiveness (PSLF),” a department spokesperson said in a statement.

Borrowers put into the July forbearance will begin making their recalculated SAVE payments in August. All other SAVE borrowers will start making their recalculated SAVE payments in July.

However, a July payment pause isn’t guaranteed if you’re enrolled in SAVE. Affected borrowers received emails from their servicers earlier this month with the subject line: “Your Student Loans Have Been Placed into A Forbearance,” according to a copy of the email reviewed by NerdWallet.

Contact your student loan servicer if you’re on the SAVE plan and haven’t received a notification about administrative forbearance, says Nichole Coyle, a certified financial planner and certified student loan professional based in Westlake, Ohio.

Source: nerdwallet.com

Apache is functioning normally

Editor’s note: On the evening of June 24, a U.S. federal judge in Kansas blocked the SAVE updates from occurring as planned on July 1. This is a developing story.

A generous federal student loan repayment plan is about to get even more affordable.

On July 1, the Education Department will roll out the last remaining features of the Saving on a Valuable Education (SAVE) plan — and millions of borrowers with undergraduate loans could see their monthly bill slashed by half.

SAVE debuted to borrowers last summer, but only some of the plan’s features were available at that time, like $0 payments for lower- and middle-income borrowers and an automatic interest subsidy. In February, the White House began forgiving SAVE borrowers’ remaining debt after 10 years of repayment if they took out $12,000 or less — compared to 20 or 25 years on other repayment plans. Nearly 8 million borrowers have enrolled in SAVE and 4.6 million qualify for $0 payments, as of May.

If you’re not enrolled in SAVE yet, take another look and see if you can get a lower payment starting in July. You can gauge your payoff journey with the Education Department’s loan simulator; the Community Service Society of New York also offers a SAVE calculator that estimates payments before and after the July recalculation.

“There’s no downside to seeing what’s available to you,” says Devin McCombs, a Denver-based certified financial planner and certified student loan professional. Apply for SAVE on StudentAid.gov/IDR, or reach out to your student loan servicer directly.

And if you’re already enrolled in SAVE, the smaller bills and other changes will be automatic. You also could get a payment pause in July as servicers implement the changes.

SAVE student loan benefits coming in July

Payments cut in half for undergraduate loans

SAVE is an income-driven repayment (IDR) plan, which means that it calculates your monthly payments based on your income, rather than how much you owe. Starting in July, borrowers with undergraduate loans only will see their monthly SAVE payments cut in half, from 10% down to 5% of their discretionary income. So, if you previously had a $400 SAVE bill, that could shrink to $200. Borrowers who enroll in SAVE for the first time will also have access to that new, lower payment.

Borrowers who only have graduate school debt will be unaffected by this change. Their payments will remain 10% of their discretionary income.

Borrowers who have both undergraduate and graduate loans will pay a weighted average between 5% and 10% of their income, based on the original principal balances of the student loans they took out.

For example, if you borrowed $10,000 for your undergraduate degree and $15,000 for your master’s degree, your monthly SAVE payment would be 8% of your income. If you took out $10,000 for undergrad and $10,000 for grad school, your payment would be 7.5% of your income.

Automatic forgiveness credit for forbearances, deferments

Under the SAVE plan, borrowers can get their remaining debt forgiven after 10 to 20 or 25 years of payments, depending on their original loan balance and whether they have undergraduate or graduate school debt. Borrowers eligible for Public Service Loan Forgiveness (PSLF) can get forgiveness after 10 years, regardless of amount or type of debt.

In the past, periods of deferment and forbearance didn’t usually count toward this forgiveness clock. But starting July 1, SAVE borrowers will automatically get forgiveness credit for specific payment pauses — like those related to unemployment, cancer treatment, military service and natural disasters. Credit for deferments also can be retroactive.

Ability to make up for past missed payments

​Borrowers will be allowed to make additional “buyback” payments to get credit for most other periods of deferment or forbearance that don’t qualify for automatic credit.

“If someone was on an income-driven repayment plan, then went into forbearance and then went back into the income-driven repayment plan, they can actually buy back those months, or go back and make those payments,” explains Jantz Hoffman, executive director of the Certified Student Loan Board of Standards, a nonprofit that helps financial planners and their clients make student loan decisions.

This is significant for borrowers eligible for Public Service Loan Forgiveness, who can get forgiveness after 10 years of payments while working a qualifying job. However, there’s currently a PSLF program transfer underway from the servicer MOHELA to the Education Department — so it’s unclear how exactly this buyback process will work in practice, Hoffman says.

“It’s ‘to be determined’ on how it will actually take place,” Hoffman says. “But, in theory, the borrower should be able to make payments which equate to the lower of the two income-driven repayment calculations, either when they went into forbearance or when they came out of it, which creates an opportunity for borrowers to actually have an even lower payment longer.”

Automatic enrollment for borrowers with default risk

Borrowers with payments at least 75 days late will be automatically enrolled in the SAVE plan if they previously agreed to give the Education Department access to their tax information.

Many borrowers in this situation may qualify for $0 SAVE payments, based on their income. A borrower must have an income below $32,800 as an individual or $67,500 as a household of four to qualify for $0 payments.

Why some SAVE borrowers don’t have payments due in July

If you’re already enrolled in SAVE, you might be allowed to skip your July bill without consequences.

The Education Department directed federal student loan servicers to place some SAVE borrowers into an administrative forbearance in July as they apply the smaller payment amounts to borrowers’ accounts, according to the department.

“While borrowers are in this specific forbearance, no payment is required, their interest rate will be set to 0%, and they will receive credit toward IDR forgiveness and Public Service Loan Forgiveness (PSLF),” a department spokesperson said in a statement.

Borrowers put into the July forbearance will begin making their recalculated SAVE payments in August. All other SAVE borrowers will start making their recalculated SAVE payments in July.

However, a July payment pause isn’t guaranteed if you’re enrolled in SAVE. Affected borrowers received emails from their servicers earlier this month with the subject line: “Your Student Loans Have Been Placed into A Forbearance,” according to a copy of the email reviewed by NerdWallet.

Contact your student loan servicer if you’re on the SAVE plan and haven’t received a notification about administrative forbearance, says Nichole Coyle, a certified financial planner and certified student loan professional based in Westlake, Ohio.

Source: nerdwallet.com

Apache is functioning normally

Pursuing a nursing program can lead to a rewarding career, but as the cost of higher education grows, paying for nursing school might just cause your blood pressure to rise.

Financial aid, including nursing student loans, can help fill the gap between money on hand and education costs, but it’s good to think about your future pay compared with the debt you’re willing to take on.

Keep reading to learn more on nursing school loans, the different types of student loans available, and alternative ways to pay for nursing school.

What Are Nursing School Loans?

Nursing school student loans are a type of financial aid available to eligible college students who are enrolled in a program for licensed practical or vocational nurses, registered nurses, nurse practitioners, or nurse anesthetists.

Depending on the loan program, federal student loans for nursing degrees can either be need-based or not. Another option to fill in gaps in need: private student loans.

Unlike grants and scholarships, nursing school loans must be repaid, though special programs like the Nurse Corps Loan Repayment Program and National Health Service Corps Loan Repayment Program offer loan forgiveness.

Most loan programs, federal and private, have a grace period during school and after graduation before repayment must begin.

Types of Loans Available for Nursing School Students

The Department of Education provides options for federal nursing student loans under the William D. Ford Federal Direct Loan Program.

Eligible borrowers can also explore private student loans for additional funding, if needed.

If you do borrow, you’ll be in good company. Take a guess at how many people have student loans. The answer is about 45 million Americans; the vast majority have federal student loans.

And the cost of nursing school? It varies by institution and length of study. Getting a Bachelor of Science in Nursing generally costs the same as most bachelor’s degrees.

Direct Subsidized Loans

A Federal Direct Subsidized Loan is available to undergraduate students who are enrolled at least half-time at a participating school. Students are required to demonstrate financial need to qualify.

If a nursing student qualifies for a Direct Subsidized Loan, the school determines how much they can receive for that academic year. The government pays the interest that accrues on the loan while the student is enrolled at least half-time, during a six-month grace period after leaving school, and during any deferment granted for economic hardship, cancer treatment, or a few other reasons.

In comparing subsidized vs. unsubsidized loans, the first type favors borrowers more, thanks to how accrued interest is paid.

Direct Unsubsidized Loans

Federal Direct Unsubsidized Loans are available to undergraduate and graduate students. These loans are not based on financial need, but schools still decide how much students can borrow toward an academic year.

The key difference with this nursing loan option is that students are responsible for interest charges as soon as the loan funds are disbursed.

Direct PLUS Loans

Another federal option for nursing student loans is the Direct PLUS Loan. Grad PLUS Loans are available to graduate students who are pursuing an advanced degree like a Master of Science in Nursing.

Parents of an undergraduate student can help fund their child’s education through a Parent PLUS Loan; undergrads don’t have direct access to this loan option.

Direct PLUS Loans are non-need based and require a credit check. Borrowers are responsible for all interest that accrues. They can receive up to the school’s cost of attendance minus any other financial aid received.

Private Student Loans

Nursing students who need funding beyond federal student loans can consider private student loans. Private student loans are offered by private financial institutions like banks, credit unions, and online lenders.

Each lender has its own eligibility requirements, interest rates, and loan terms. If you’re eligible for a private student loan, your interest rate and loan details will depend on various factors, including your credit score. Most lenders welcome your bringing a solid cosigner aboard.

Pros and Cons of Loans for Nursing School

The average student loan debt among all health care professionals can be eye-opening, yet healers usually feel the need to heed the call, no matter the cost.

Nursing student loans can be a fast way to finance your college education. However, before jumping in, weigh the benefits of student loans against their disadvantages.

Pros Cons
Quick financing for college costs Will make years of payments after leaving school
Some student loans let you borrow up to the cost of attendance Can cause borrowers to postpone other life goals during repayment
Can make paying for higher education possible for those who are ineligible for other types of financial aid You may need a cosigner to qualify
Repaying student loans on time can help build your credit history Defaulting on student loans can harm your credit and result in additional financial hardship

Applying for Nursing Student Loans

The process to apply for nursing student loans depends on the loan option chosen.

Comparing Loans

If you’re thinking about taking out student loans, you might want to compare federal student loans you might be offered in your aid package, as well as private student loans.

Prioritizing federal student loans before private student loans can be a good idea, since federal loans offer advantages like income-driven repayment plans and Public Service Loan Forgiveness, which forgives any remaining federal student loan balance after certain borrowers make 120 qualifying payments.

If private nursing student loans are still needed to pay for college, check offers across multiple private lenders. Comparing a handful of private student loan offers can help you find competitive rates and terms.

Applying for Loans

Federal nursing student loans and private student loans have distinct application processes. You must submit a Free Application for Federal Student Aid (FAFSA®) before the academic year to see if you’re eligible for federal aid.

Private student loans don’t require the FAFSA. Instead, private nursing student loan applications can be submitted online, in person, or by mail, depending on the lender. They require the would-be borrower, or a cosigner, to meet credit and income requirements.

After Applying

It’s a good idea to start the process early when seeking federal student loans for your nursing education. The time between submitting the FAFSA and disbursement of the loan funds to your school can be months.

The turnaround time after applying to receive private student loan funds can be notably shorter. Getting pre-qualified for a loan can take just minutes.

In general, if you’re approved for a private nursing student loan, you can expect to wait up to 10 weeks after your loan is approved to receive the funds.

Alternative Financing Options for Nursing Students

Securing nursing school student loans is only one of many ways to finance your higher education. Other options include personal loans, grants, and employer sponsorship.

Personal Loans

Personal loans are a general-purpose loan option that can be used toward nursing school. A credit check is required.

Repayment begins as soon as funds are disbursed. Check your rate and decide if a personal loan makes sense. One perk of personal loans is you could get funding within 24 hours of loan approval.

Grants

Grants are provided through the federal government, state, your school, nonprofit entities, and private organizations. Since grant funding doesn’t need to be paid back, this aid alternative lets nursing students leave school with less student debt.

Employer Sponsorship

If you plan on working while you’re enrolled in nursing school, you can ask if your company has a sponsorship program. Generally in this situation, your employer will send funds directly to your school.

Private Student Loans From SoFi

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

How do nursing students get loans?

Nursing students can see if they’re eligible for federal student loans by submitting the FAFSA. Private nursing student loans are also available through various private lenders.

Can nursing school loans be forgiven?

Nursing professionals might be eligible for loan forgiveness through federal programs like Public Service Loan Forgiveness and the Nurse Corps Loan Repayment Program.

What is the average student loan amount for a nurse?

The median student loan debt among nurses ranges from $40,000 to $55,000, according to the most recent report by the American Association of Colleges of Nursing. Those who pursue a Master of Science in Nursing are often left with more than $47,000 in student loan debt, according to NurseJournal.

For perspective, in terms of educational investment and earnings, registered nurses earned a median annual wage of $86,070 in 2023, according to the Bureau of Labor Statistics. RNs usually have earned an associate’s or bachelor’s degree in nursing or a diploma from an approved nursing program.

Licensed practical and licensed vocational nurses, who complete a state-approved educational program that typically takes about one year, had median pay of $59,730 per year.
Nurse anesthetists, nurse midwives, and nurse practitioners, who must earn at least a master’s degree, had median pay of $129,480 per year.

Photo credit: iStock/erdikocak

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOIS-Q224-1902868-V1

Source: sofi.com

Apache is functioning normally

Student loans are complicated, especially when it comes to figuring out how much the loan will actually cost you over time. APR, or annual percentage rate, reflects the total cost of the loan, including the interest rate and any fees.

Knowing how APR formulas affect your student loans is an important part of maintaining financial health, and can even help you decide whether or not you should look into alternative loan repayment strategies, like consolidation or refinancing.

What Is APR For Student Loans?

As briefly mentioned, your annual percentage rate, known as “APR,” is the interest and fees you are responsible for paying on your student loan balance over the course of a year. The APR formula shows you your actual cost of borrowing, including your interest rate and any extra fees or costs, like origination fees or forbearance interest capitalization.

APR vs Interest Rate on Student Loans

The interest rate on your student loan is the amount your lender is charging you for the loan, expressed as a percentage of the amount you borrowed. For example, the interest rate for Federal Direct Subsidized Loans and Unsubsidized Direct Loans is currently 6.53% for 2024-25, which means that you would be responsible for paying your lender 6.53% of the amount of money you borrowed in yearly interest.

That 6.53%, however, does not include other costs that are considered in the APR formula, including disbursement costs. For loans with no fees, it is possible that the APR and interest rate will match. But in general, when comparing APR vs interest rate, the APR is considered a more reliable and accurate explanation of your total costs as you pay off your student loans. If you’re shopping around for student loans or planning to refinance your loans, the APR offered can help you decide which lender you would like to work with.

Recommended: Student Loan Info for High Schoolers

An Example of How APR Is Calculated for Student Loans

Let’s say you take out a student loan for $20,000 with an origination fee of $1,000 and an interest rate of 5%. An origination fee is the cost the lender may charge you for actually disbursing your loan, and it is usually taken directly out of the loan balance before you receive your disbursement.

So, in this example, even though you took out $20,000, you would only receive $19,000 after the disbursement fee is charged. Even though you only receive $19,000, the lender still charges interest on the full $20,000 you borrowed.

The APR accounts for both your 5% interest rate and your $1,000 origination fee to give you a new number, expressed as a percentage of the loan amount you borrowed. That percentage accurately reflects the true costs to the consumer. (In this example, if the loan had a 10-year term, the APR would be 6.124% )

What Is a Typical Student Loan APR?

For federal student loans, interest rates are determined annually by Congress. Federal loans also have a disbursement fee, which is a fee charged when the loan is disbursed.

APRs for federal student loans may vary depending on the loan repayment term that the borrower selects. Federal student loans are eligible for a variety of repayment plans, some of which can extend up to 25 years. Generally speaking, the longer the repayment term, the larger amount of interest the borrower will owe over the life of the loan.

Typical APR for Private Student Loans

The interest rate on private student loans will vary by lender and so will any fees associated with the loan. As of June 2024, APRs on private student loans may vary from around 4% to upwards of 16% for fixed interest rates.

The interest rate you qualify for is generally determined by a variety of personal factors including your credit score, credit history, and income, among other factors. In addition to varying APRs, private student loans don’t offer the same benefits or borrower protections available for federal student loans — things like income-driven repayment plans or deferment options. For this reason, they are generally considered only after all other sources of funding have been reviewed.

How to Find Your Student Loan APR

By law, lenders are required to disclose the APR on their loans — including student loans. These disclosures help you make smart financial choices about your loans and ensure that you’re not blindsided by mystery costs when you take out a loan.

For federal student loans, the government lists the interest rates and fees online, but make sure to carefully examine any loan initiation paperwork for your exact APR, which will depend on other factors including the amount you plan to borrow, the interest rate, and origination fees.

If you’re currently paying off federal student loans, your student loan servicer can tell you your APR. If you use online payments, you can probably see your APR on your student loan servicer’s website or on your monthly bill.

If you’re shopping around for private student loans, your potential lenders must disclose the APR in their lending offer to you. Your APR will vary from lender to lender depending on many factors, which can include your credit score, any fees the lender charges, and how they calculate deferred interest, which is any unpaid interest that your minimum payment doesn’t cover.

One student loan tip — compare quotes and offers from various lenders closely. Once you’ve decided on a lender and taken out a loan, your APR should be reflected on your loan paperwork and usually on your lender’s online payment system.

Recommended: Understanding a Student Loan Statement: What It Is & How to Read It

The Takeaway

APR is a reflection of the total amount you’ll pay in both interest rate and fees for borrowing a student loan. Interest rate is just the amount of interest you will be charged. On loans with no fees, it’s possible for the interest rate and APR to be the same. Interest rates and fees for different types of federal student loans are published, but individual APRs may vary based on the amount you borrow and the repayment term you select.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

What is the APR on student loans?

APR or annual percentage rate is a reflection of the interest rate plus any fees associated with the loan. It provides a picture of the total cost of borrowing a loan and is helpful in comparing loans from different lenders.

Is the APR the same on subsidized and unsubsidized student loans?

The interest rate for unsubsidized and subsidized federal student loans is sent annually by Congress. These loans also have an origination fee. For the 2024-2025 school year the interest rate on Direct Subsidized and Unsubsidized loans is 6.53% and the origination fee is 1.057%. The APR for your loan will be determined by factors including the repayment term you select.

What is the typical interest rate on private student loans?

Interest rates on private student loans vary based on a variety of factors such as the lender’s policies, and individual borrower characteristics such as their credit score and income, among other factors. As of June 2024, interest rates on fixed private student loans hovered around 4% to upwards of 16%.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOIS-Q224-1914653-V1

Source: sofi.com