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Student debt may seem like some scary black cloud looming over your horizon, but with <a href="https://www.sofi.com/consolidate-student-loans-vs-refinance/" target="_blank">SoFi</a>, you can take control of your payments before they rain on your parade.

Student debt may seem like some scary black cloud looming over your horizon, but with SoFi, you can take control of your payments before they rain on your parade.

Can You Score A 75% On This Student Loan Repayment Basics Quiz?

A benefit of qualifying for Direct Subsidized Loans is that the DOE will pay the interest on these loans while you're in school (at least half-time), for the first six months after you leave school, and during a period of deferment (a postponement of loan payments).

Direct Subsidized Loan

Variable interest rates are tied to the market and can fluctuate depending on what the economy looks like. They usually start out pretty low but can increase later, which means you might actually end up paying a higher interest rate over the life of the loan.

Variable

Lots of lenders offer a 0.25% interest reduction if you let them automatically withdraw the minimum payment from your bank account every month, and some will reduce your rate after three or four years of consecutive on-time payments. Want to go even further? Refinancing your loans with a private lender can potentially lead to paying off debt faster or lowering your monthly payments.

All of the above

Nah, the government doesn't consider your credit score when you apply for a federal loan. Instead, the DOE uses your FAFSA as a factor in deciding how much you can borrow.

False

Most federal student loans give you six months post-grad (or after you become enrolled less than half-time) before you have to start making payments. It's called a "grace-period."

6 months

This can often prove to be a good balance between a monthly payment you can afford and also one that will help you pay as little interest as possible in the long run. However, the Standard Plan may not provide you with the lowest payment amount based on your individual circumstances. You may find that your payment will be lower under another repayment plan.

Standard repayment

A change in employment status can make you eligible to apply for forbearance. When you’re in forbearance, though, interest still accrues on your loan, even if it’s subsidized.

Loan forbearance

Both federal and private loans can qualify for refinancing if you choose to refinance with a private lender. But it’s important to note that federal student loans turn into private student loans once you refinance and become ineligible for some federal loan programs!

Your student loan refinancing knowledge could use some work, but you know the basics!

Student Loan Repayment Novice

Time for a victory dance! You clearly know the ins and outs of student loan repayment.

Student Loan Repayment Whiz

SoFi Lending Corps. is licensed by the Department of Business Oversight under the California Financing Law, #6054612. NMLS #1121636. Terms and conditions apply. See SoFi.com/eligibility for more information.

Images via iStock/Getty Images. Facts from <a href="http://studentloanhero.com" target="_blank">studentloanhero.com</a> and <a href="http://nerdwallet.com" target="_blank">nerdwallet.com</a>.

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Can You Score A 75% On This Student Loan Repayment Basics Quiz?

There's a lot to know when it comes to repaying your student loans, but never fear! Talk to SoFi for a student loan ReFi 101. They've helped almost 200,000 professionals like you save money on their student debt!

Can You Score A 75% On This Student Loan Repayment Basics Quiz?

There's a lot to know when it comes to repaying your student loans, but never fear! Talk to SoFi for a student loan ReFi 101. They've helped almost 200,000 professionals like you save money on their student debt!

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