Student Loans With 9% Rates Push US Borrowers to SoFi, Citizens

The era of student loan refinancing may finally be here.

For years, rates on government loans didn’t matter because pandemic-induced payment forbearance meant interest wasn’t accruing. Plus, refinancing turns a federal loan into a private one, and private loan issuers weren’t subject to the moratorium. That debt also isn’t eligible for government forgiveness programs.

Now, private lenders say they’re seeing an uptick in activity following the presidential election as students give up on the notion that their government loans will be forgiven. And after multiple cuts to interest rates, those weighed down by student debt may be able to lock in a much lower monthly ...