Anyone have any experience with SoFi Hardship/Deferral?

[EaglesFan2006]

I'm just curious, my montly payments have become very overwhelming and I've been struggling to keep up with things.  I've done a good budget and have cut out every thing I can think of, but still a very high percentage of income is going toward debt.   Even with some unforeseen circumstances, not blaming anyone but myself and I'll continue to work on ways to save more.   But I haven't add any debt of any kind in months.

That said the stress of always worrying about this is eating me alive since I have no real contigency in case anything else happens.   At the current time I can keep making my payments but there isn't any real wiggle room.  So I thought about exploring the option of deferring, sort of like a 1- or 2- month skip payment of the $1400 payment I currently have.  I realize this extends the loan a bit and adds interest and all that, but this would allow me a little breathing room while being able to attack some other debts.

So at this point I'm just asking for curiosity sake, I can't find much of anything that SoFi offers unless there is job loss which fortunately doesn't apply to me.   Just looking for anyone that has worked with them before.

[CreditCuriosity]

Call and ask them if they offer this?

[Realist]

At the time of use, Sofi's loan program was that they allowed you four (4) forbearance periods during the life of the loan, for three months each of no payment.  Each period will recalculate your remaining balance and interest, and generate a new payment to you over the remaining time left on the loan.  Each forbearance period will progressively advance the payment amount, not by too much, but it will be noticeable.

We utilized this program prior to 2020, for strategic reasons, and for a safety net in case job loss occurred.  Job loss did occur, and we utilized the benefit I believe three times, until a new job was secured.   At the end of the day, the account was successfully paid on, and paid in full.  It really was a great opportunity to have used their services.   I highly recommend.

To best utilize this program, you want to make sure you have the ability to pay the current payment.  In the event of a forbearance/delay, you also want to be sure you can afford to pay the readjustment payment amount.  This is not a skip a payment type program, and that your old payment will come back online again.  It will readjust.

Unless the rules have changed, or they offer a true skip a payment program since our last use, give them a call and see what they offer for your situation.