To date, SoFi has funded a total of 20 loans or $3,387,653 for Wisconsin Dental Association members. A WDA member will save an estimated $59,6441 over the life of his or her student loans through refinancing with SoFi.
The WDA has partnered with SoFi to offer our members and their families a 0.125 percent rate discount3 upon refinancing their student or Parent PLUS loans through SoFi.com/WDA.
Here, SoFi, answers some commonly asked questions2 about student loan refinancing.
Who should refinance?
Refinancing is a great solution for working graduates who have high-interest, unsubsidized Direct Consolidation Loans, Graduate PLUS loans and/or private loans. Federal loans do carry some special benefits; for example, public service forgiveness and economic hardship programs that may not be accessible to you after you refinance.
What is a Direct Consolidation Loan?
A Direct Consolidation Loan is a government program that allows you to combine multiple federal education loans into a single loan. The resulting interest rate is a weighted average of your prior loan rates.
What is the difference between consolidation and refinancing?
The federal loan consolidation program allows you to combine multiple loans together with a resulting interest rate that’s the weighted average of your original loans’ rates. When you refinance loans with a private lender, you are also consolidating or combining them, but the lender uses your financial information to give you a new, and hopefully lower, interest rate.
¹See SoFi.com/disclaimer1
2Visit SoFi.com/FAQs
3Rate discount will be issued electronically once you become a SoFi borrower; you have submitted a completed application with documents and your loan has been disbursed. Offer good for new customers only.
