Repayment Options

Income Based Repayment

Depending on your loan type and disbursement date, if you are experiencing hardship, Income Based Repayment (IBR) may be available.

To determine if you qualify, please call us at 877.292.7470.

  • To be eligible for IBR, you must:

    1. Have IBR explicitly offered as an option in the language of your Promissory Note AND

    2. The payment calculation for IBR must not produce a number that is greater than or equal to your current monthly payment amount.

  • An IBR Payment is calculated as 15% of the difference between your monthly income amount and the monthly income amount of 150% the Poverty Guideline for the size of your family. This number is considered to be 15% of your disposable income.

  • When deciding upon the amount that you will pay if you qualify for IBR, we select the greater of:

    1. The result of the IBR calculation described above OR

    2. Your monthly Interest-Only amount

  • After the 12 month Income Based Repayment program ends, the loan(s) will be re-calculated to pay out within the remaining repayment terms, increasing your monthly payment amount.

  • The SoFi Income Based Repayment Program does not include loan forgiveness.