SoFi Undergraduate Student Loan Review
Undergraduate Student Loans
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.
How does this loan compare?
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
- 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
- Minimum Credit Score: Not specified by lender
- Minimum Annual Income: Not specified by lender
- Citizenship Restriction: Available to Citizens, Permanent Residents, and International Students with a credit-worthy Citizen or Permanent Resident cosigner
- Minimum Enrollment Restriction: Half-Time
- List of States where Loan is Not Available: None
- Approved Schools Include: Not specified by lender
- Immediate Principal and Interest Repayment: Yes
- Fixed Monthly Repayment: Yes, 25
- Interest-Only Repayment: Yes
- Full Deferment: Yes
- 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
- 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
- Scholarship Search Tool: None
- Sponsors a Scholarship: Yes
- Job and Career Assistance: Yes
- Financial Literacy Training: Yes