Updated: August 11, 2020

SoFi: Private Student Loan

Undergraduate Student Loans

Undergraduate
Student Loan Rating
4.5 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.48% - 12.01%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.15% - 11.91%
Repayment Terms
5 years, 10 years, 15 years
Important Information

Rewards: Autopay Discount, Current Customer Discount

Flexibility: Customizable payment due date

Yearly Loan Limits: Covers up to 100% of your Cost of Attendance

Overall Loan Limits: $5,000 (minimum)

Cosigner Terms: Cosigner optional, allows for Cosigner Release after 24 on-time monthly payments

The bottom line:

SoFi stands out as one of the few lenders that actually means it when they say ‘no fees’ (they won’t even charge you for a late payment). We rate them as one of the best lenders for college students, particularly because of their repayment policies and flexibility. The downside is they require a lot from borrowers, including a high minimum loan amount.

Pros

  • Offers partial forbearance option
  • Allows you to customize your payment due date
  • Does not charge any fees or penalties (not even ones for late payments)

Cons

  • High minimum loan amount ($5,000)
  • Requires borrowers to be enrolled at least half-time
  • Requires borrowers to maintain Satisfactory Academic Progress
Wondering how much that loan is going to cost you? Check out our free Loan Calculator!
Input your loan terms and we’ll tell you how much you can expect to pay monthly and in total

SoFi is a remarkably versatile lender. When it comes to repayment, they allow you to customize your payment due date, they do not charge any fees or penalties (not even ones for late payments), they offer a 5-year repayment term (among others) for borrowers wanting to become debt-free quickly, and financially distressed borrowers have the option of seeking a partial forbearance.

 

They are also particularly attentive to customer needs. If you want to call them in the evening or on a weekend, their U.S.-based call center is available to serve you. For borrowers needing to borrow up to the full cost of attendance at their school, SoFi is ready and willing to help. And if you’re a current SoFi customer, you’ll receive a discount (in addition to the autopay discount).

 

That being said, if you are looking to borrow very little (less than $5,000), are enrolled less than half-time, or don’t meet your school’s standard for Satisfactory Academic Progress, SoFi won’t lend to you. In addition, although their rates are below-average, other top lenders will charge you even less.

SoFi - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft to check rates, hard to process application
  • Repayment Terms: 5 years, 10 years, 15 years
  • Minimum Borrowing Limit: $5,000
  • Yearly Borrowing Limit: 100% of Cost of Attendance
  • Aggregate Borrowing Limit: Not specified by lender
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: None
Requirements to Qualify
  • Minimum Credit Score: Not specified by lender
  • Minimum Yearly Income: Not specified by lender
  • Citizenship Restriction: Available to Citizens, Permanent Residents, and International Students with a credit-worthy Citizen or Permanent Resident cosigner
  • List of States where Loan is Not Available: None
  • Minimum Enrollment Restriction: Half-Time
  • Approved Schools Include: Not specified by lender
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: Yes, 25
  • Interest-Only Repayment: Yes
  • Full Deferment: Yes
Repayment Details
  • Length of Grace Period: 6 months
  • Maximum Deferment Period: Not specified by lender
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: Yes, after 24 months on-time payments
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Yes
  • Hours of Operation (in addition to weekdays): Evenings and Weekends
  • Application Timeline: Minutes for credit decision, 4-6 weeks for disbursement
Extras
  • Scholarship Search Tool: None
  • Sponsors a Scholarship: Yes
  • Job and Career Assistance: Yes
  • Financial Literacy Training: Yes
SoFiEarnestAscent (Goal Structured Solutions)
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Fixed:
4.48% - 12.01%
Variable:
2.15% - 11.91%
Fixed:
4.20% - 13.03%
Variable:
1.49% - 11.69%
Fixed:
5.53% - 16.50%
Variable:
4.72% - 15.00%
Loan repayment terms (Years)5 years, 10 years, 15 yearsUp to 15 years10 years
Cosigner release?Yes, after 24 months on-time paymentsNoneYes, after 24 months on-time payments