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SoFi is a known name in the finance world, SoFi offers consumers just about every type of financial assistance, from personal loans to home mortgages. And if you’re a student, there are options for you including medical residency refinancing, undergraduate student loans, and private student loans.
With positive feedback online, an A- rating with the Better Business Bureau, and a reputation for being a fun, forward-thinking financial option, SoFi is a good choice if you’re looking to finance your way through school.
SoFi private student loans are a good fit for students who have already exhausted their federal grant and loan venues and are looking for an easy, affordable, and flexible financing option. SoFi is also great for grad loans and parent loans - perfect for parents looking to help their kids through college.
SoFi is a well-known name in the finance world, offering solid products, good customer experience, and flexible policies. Plus, if you qualify, you can get competitive rates. Here are some areas where SoFi shines.
As the name implies, SoFi is a social financing option. This has several ramifications. For one thing, SoFi actually sets up social networking events where you can meet people in your field, scout potential job opportunities, and learn more about your industry. SoFi is also known for helping its borrowers get jobs after they graduate (though this is not guaranteed).
Another advantage of going with SoFi for your private student loan is the lack of fees involved. Most lenders have fees, such as finder’s fees, registration fees, late payment fees (the most common), or others. This is why SoFi’s lack of fee policy is impressive. SoFi charges no fees for origination, application, insufficient funds, or prepayment penalty fees. In fact, this company doesn’t even charge a late fee, the most basic penalty charged if you miss a payment.
The SoFi private student loan application process takes minutes to complete.
Altogether, the whole process usually takes 4 to 6 weeks, but it can vary depending on the speed of your school’s verification process.
Additionally, SoFi encourages (but doesn’t require) borrowers to apply with a cosigner. Generally speaking, you’ll be given lower rates if you do this. That’s because, while SoFi doesn’t have a specified minimum credit score, your credit history and income may not be top tier in your student years, but a cosigner will have a longer credit history and more substantial income to back up the loan. A cosigner can also help improve your chances of getting approved for the loan altogether.
SoFi has fairly standard eligibility requirements. The only thing that stands out is that it doesn’t have any minimum credit score requirements. Here’s what you need:
Cosigner requirements include:
SoFi offers both fixed and variable rates. They range as follows:
Undergrad APR:
While there aren’t specific numbers, having a cosigner alongside you will definitely reduce your APR. For example, if your cosigner is a SoFi member already, you’ll get an immediate 0.25% off your interest rate.
SoFi will cover up to 100% of the school-certified cost of attendance at your school. This can include tuition, books, supplies, and laptops.
As mentioned, APRs range depending on several factors. You can get an automatic 0.25% discount on your interest rate if you sign up for auto-payments that come directly out of your checking or savings account. There are several repayment options, including:
Choose the one that works for your finances.
SoFi is a fintech brand and so takes online security and privacy very seriously. It has all the normal industry-standard safeguards in place, including technical, administrative, and physical layers of protection.
Your personal account information is protected by a unique user ID and password that only you know. Along with the other sensitive information, those passwords are encrypted even during transmission, so nobody ever sees or knows your password. SoFi uses TLS (Transport Layer Security) to keep prying eyes away from your sensitive data.
This company does customer service right. SoFi’s customer service is based in the US. In our experience, customer care representatives understand your problems when you reach out for help. Support team members are available to you via telephone or email channels. The hours are convenient:
Available Monday through Thursday 4am to 9pm PT and Friday through Sunday 4am to 5pm PT
Finally, SoFi has a useful FAQ section on the site that has the answers you could be looking for from customer support.
| SoFi | Laurel Road | |
|---|---|---|
| APR | 4.19% - 14.83% (with autopay)* fixed APR | 4.11% |
| Minimum credit score | Not specified | 650 |
| Loan amounts | $1,000-total COA | $5,000-total COA |
| Accepts co-signers | Yes | Yes |
| Suitable for | Ambitious borrowers looking to finance the rest of their schooling | Students who are specializing in the medical fields |
SoFi is putting the personal edge back into financing. Offering flexible repayment terms, competitive pricing, and an easy-to-use online application, this brand stands by its customers. The forbearance and deferment programs are more examples of why SoFi is a good choice for student loan refinancing.
*Interest Rates: Eligibility and Important Details. Fixed rates range from 4.19% APR to 14.83% APR with 0.25% autopay discount. Variable rates range from 5.74% APR to 15.86% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable interest rates are capped at 17.95%.
SoFi rate ranges are current as of 7/23/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers.
Check out our eligibility criteria at https://www.sofi.com/eligbility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases.
The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org ).
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs .
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. View payment examples by relative product:
Undergrad Rates URL: https://www.sofi.com/undergraduate-student-loans-rates/
Grad Rates URL: https://www.sofi.com/graduate-student-loans-rates/
Parent Rates URL: https://www.sofi.com/parent-student-loans-rates/
