New Survey Data from Embold Research, Sponsored by SoFi, Shows Federal Student Loan Borrower Confusion and Misconceptions Around Resumed Payments
How to pay bills online with SoFi. · Open a SoFi Checking and Savings account. · Select “Pay bills.” · Choose biller accounts. · Enter dollar amount and
What Is Online Bill Pay and How Does It Work?
https://www.sofi.com/learn/content/how-does-bill-pay-work/
How to pay bills online with SoFi. · Open a SoFi Checking and Savings account. · Select “Pay bills.” · Choose biller accounts. · Enter dollar amount and
Understanding the current state of federal student loan repayment
In October 2023, federal student loan borrowers received their first bill in nearly three-and-a-half-years, following the end of the student loan moratorium. Throughout the payment pause, significant dialogue and updates to student loan-related policy took place, including various loan forgiveness initiatives, new income-driven repayment plans, and forbearance extensions.
To gain a deeper understanding of the current landscape for student loan borrowers following the resumption of their bills, Embold Research conducted a study, sponsored by SoFi, that surveyed 1,006 federal student loan borrowers nationwide from February 29 – March 11, 2024. Notably, the research was completed before the Biden Administration proposed a new set of rules aimed at providing student loan debt relief for certain borrower groups on April 16, 2024.
Key insights from the survey showed the following:
• Nearly 40% of federal student loan borrowers have not resumed payments since the end of the moratorium in October 2023. Borrowers report a variety of challenges to repayment including: financial strain, confusion over government policy (especially, related to broad-based loan forgiveness), the need to adjust their budgets, and feelings of anxiety or stress.
• Nearly half of borrowers report that they have changed their plans for repayment due to public discourse on loan forgiveness.
• A majority of borrowers believe that the federal government has not been effective in communicating about the end of the moratorium and their repayment options.
• This belief is particularly pronounced among borrowers without a Bachelor’s degree and those from lower-income households. These borrowers are less likely to feel they understand the details associated with their loans and are much less likely to be aware of alternative repayment programs, such as income-driven repayment (IDR) plans, intended to help those from lower-income households.
What does the data tell us?
First and foremost, borrowers are facing numerous challenges in paying their loans, with some not submitting a payment at all.
Importantly, the data shows that public discourse surrounding student loans and the guidance and communication borrowers receive are leaving them confused and influencing their payment trajectories. This heightens the already stressful burden of student debt, leaving some borrowers without the information they need to make informed decisions or not take any actions to pay down debt.
FAQ
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How does bill pay work?
What is a sofi checking & savings account?
Make bill payments faster, easier, and less painful. With a SoFi Checking and Savings account, you can easily pay for your utilities, mortgage, credit cards, and more without hassle—or fees * —all from the app. Pay all your bills online, all in one place. Plus, keep track of everything going on in your account. Make payments on your schedule.
How does the SoFi app work?
Get peace of mind when you process bills directly via the SoFi app. Bills to companies are processed electronically, and payments to individuals are processed via certified USPS delivery. Keep track of your payments. By adding SoFi Insights 1, you can view recurring bills, track monthly spending, and get automatic categorization of payments.
Does Sofi offer autopay?
The SoFi 0.25% autopay interest rate reduction requires you to agree to make your scheduled monthly payments by an automatic monthly deduction (ACH) from a savings or checking account. Enrolling in autopay is not required to receive a loan from SoFi. Loan Terms: SoFi Personal Loans offer loans with a period of repayment between 2 and 7-year terms.
Does Sofi charge a fee for an overdraft?
SoFi’s online checking account has no account fees, including overdraft coverage up to $50. In addition to your financial institution charging you for an overdraft, if an automatic payment doesn’t go through, the payee (the company you were trying to send funds to) may also assess a late fee.
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