for federal borrowers at the end of June.
It's a time of confusion as both borrowers and the Education Department prepare to restart the massive student-loan system — and advertisements from some student-loan companies might be adding to that confusion. Companies that manage private loans have started reaching out to federal borrowers, encouraging them to refinance their federal debt to get a better deal on payments.
For example, SoFi — a student-loan refinancing company — sent letters to borrowers last month with a header reading,"Federal student loan forbearance is ending soon. Don't miss out on savings—start planning your refi today." The mailer did include a disclosure in its fine print stating that"if you are a qualifying federal student loan borrower you should still consider President Biden's plan to erase some or all of your student loan debt before refinancing; however, you should also take time now to prepare for your payments to restart, including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment.
Even with those disclosures, borrowers who don't read the fine print or FAQs could risk refinancing with the hopes of lower payments or a better interest rate — and miss out on a range of federal benefits that aren't available for privately-held loans, like broad student-loan forgiveness, federal income-driven repayment plans, Public Service Loan Forgiveness, and total and permanent disability discharge, among other things.
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