U.S. student loan borrowers face obstacles to refinancing

A survey of 750 U.S. consumers conducted by SoFi reveals that nearly half of student loan borrowers have considered refinancing but have not yet applied. While lowering interest rates and accelerating repayment are primary goals, many borrowers face obstacles such as uncertainty regarding savings, a lack of clarity about the refinancing process, and feeling overwhelmed by the complexity of the decision.

The data shows that 40% of respondents hold a combination of federal and private student loans. Additionally, more than half of the surveyed borrowers reported that their student loan debt serves as a significant source of daily stress. The study, commissioned by SoFi and conducted by Qualtrics, included various borrower types, including those with bachelor’s degrees, graduate students, and holders of Parent PLUS loans.