SoFi offers private student loans for undergraduate students and graduate students. SoFi also offers private parent loans and will also refinance federal and private student loans.

Key Things to Know About SoFi

  • Better Business Bureau Rating: A+
  • There are no fees for the application and origination of SoFi private student loans, and even no late fees. (While no late fees are charged, payments not made in full or on time may be considered a default and will still be reported on your credit history.)
  • Get a 0.25% interest rate discount when you sign up for automatic payments from your checking or savings account.

Private Student Loans

Application Process: Apply online and receive a credit decision within minutes.

Interest Rates: There is a choice of variable and fixed interest rates.

Loan Amount: $5,000 minimum to total cost of attendance

Loan Terms: 5, 10 and 15 years

Financial Hardships: SoFi offers the option to temporarily postpone payments during a financial hardship.

In-School Payment Options:

  • Full interest and principal payments immediately
  • Fixed $25 per month payment
  • Interest-only payments
  • No in-school payments (full deferment)

Grace Period for Undergraduate Borrowers: Full payments are due six months after graduation or when a student drops below half time enrollment.

Graduate Loans: SoFi offers graduate student loans for advanced business degrees and law school.

Refinancing Student Loans

Application Process: Apply online and receive a credit decision within minutes. You can refinance federal student loans as well as private student loans.

Interest Rates: There is a choice of variable and fixed interest rates.

Loan Amount: $5,000 minimum

Loan Terms: 5, 7, 10 and 20 years

Requirements: For refinancing a student loan, SoFi requires applicants to have graduated from their accredited program, are employed (or have a job offer with a start date within 90 days) and a responsible financial history.

Medical and Dental Resident Student Loan Refinancing: Borrowers can qualify for a medical or dental refinance student loan with up to four years left in an approved program. There is a $10,000 minimum. Interest does not compound during residency.

Refinancing Federal Parent PLUS Loans: SoFi will refinance Federal Parent PLUS loans in either the parent’s name or the child’s name, with the child required to submit an application.

Loan Perks:

  • Borrowers may refer friends to SoFi and receive $300 per funded loan.
  • Get free personalized financial advice from credentialed advisors.
  • SoFi borrowers may be eligible for a loan processing discount on future loans.
Keep in mind that refinancing federal student loans means a loss in many benefits that only federal loans offer. These include an option for potential loan forgiveness, income-driven repayment plans, generous deferment options if you become unemployed or have an economic hardship, and an option to discharge loans for death or disability.
 

Parent Loans

Application Process: Apply all online and receive a credit decision within minutes.

Interest Rates: There is a choice of variable and fixed interest rates.

Loan Amount: $5,000 minimum

In-School Payment Options:

  • Full interest and principal payments immediately
  • Interest-only payments



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