Updated: September 22, 2021

SoFi Parent Student Loan Review

Parent Student Loans

Advertising disclosure
Parents
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.
4.23% - 10.66%
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.
1.20% - 11.23%
Repayment Terms
5 years, 10 years, 15 years
Important Information

Rewards: Autopay Discount, Current Customer Discount

Yearly Loan Limits: Up to 100% Cost of Attendance

Overall Loan Limits: $5,000 (minimum)

Cosigner Terms: Cosigner optional, offers cosigner release after 12 months

The bottom line:

We rate SoFi’s parent loan as one of the best. Their costs are below average and you can expect flexible repayment terms. They do not, however, provide a formal death or disability discharge program, which is unusual for the student loan industry.

Pros

  • Offers cosigner release after 24 months
  • Offers autopay and current customer discounts
  • Offers a partial forbearance option for financially-distressed borrowers

Cons

  • Has a higher-than-average minimum borrowing limit ($5,000)
  • Requires students to maintain Satisfactory Academic Progress
  • Does not guarantee a death or disability discharge if the student dies or becomes permanently disabled
SoFi Alaska Commission on Postsecondary Education (ACPE) College Ave
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:
4.23% - 10.66%
Variable:
1.20% - 11.23%
Fixed:
5.75% - 6.00%
Variable:
Not Available
Fixed:
3.59% - 13.24%
Variable:
1.29% - 12.23%
Loan repayment terms (Years) 5 years, 10 years, 15 years 10 years, 15 years 5 years to 15 years
Cosigner release? Yes, after 24 months on-time payments None Not specified

SoFi is one of the best lenders when it comes to student loans for college and graduate students, and that’s no different for parent loans. They offer below-average interest rates and they offer discounts for autopay and to current SoFi customers. They don’t charge any fees, so you won’t have to worry about your costs going up for any reason.

 

Repayment-wise, there’s mostly good to talk about. They offer a cosigner release option after 24 months. If you wind up in dire financial straits, they have a partial forbearance option that allows you to make interest-only payments to keep the debt from growing larger.

 

The biggest downside with SoFi is their death and disability discharge policy for parent loans. They don’t offer that. Meaning if the student dies or the parent dies or becomes permanently disabled, you’ll still be on the hook for the loan.

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 Annual Income: Not specified by lender
  • Citizenship Restriction: Citizens or Residents
  • Minimum Enrollment Restriction: Half-Time
  • List of States where Loan is Not Available: None
  • Approved Schools Include: All
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: None
  • Interest-Only Repayment: Yes
  • Full Deferment: None
Repayment Details
  • Length of Grace Period: None
  • Maximum Deferment Period: Not specified by lender
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: Yes, after 24 months on-time payments
  • Death Discharge: None
  • Disability Discharge: None
Customer Service
  • US-Based Call Center: Not specified by lender
  • Hours of Operation (in addition to weekdays): Evenings and Weekends
  • Application Timeline: Not specified by lender
Extras
  • Scholarship Search Tool: None
  • Sponsors a Scholarship: Not specified by lender
  • Job and Career Assistance: Yes
  • Financial Literacy Training: Not specified by lender
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