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Last update: January 18, 2024

4 minutes read

SoFi: Private Student Loan Review

Explore our comprehensive SoFi's private student loan review, where we examine interest rates, repayment options, eligibility criteria, and additional benefits.

By Yerain Abreu, M.S.

SoFi Review Snapshot

SoFi logo

BEST FOR:

Students who value extra perks

Check rate

VARIABLE APR

5.99% - 13.97%

FIXED APR

4.49% - 13.80%

Choosing the right lender for your private student loan is crucial in financing your college education. Among numerous lenders, SoFi stands out for its competitive rates, diverse loan options, and unique member benefits. Today, we'll dive into SoFi's private student loan offerings to help you make an informed decision.

Our final verdict

SoFi's competitive rates, diverse loan options, and additional benefits like unemployment protection and many member perks set it apart in the crowded student loan market. However, its high minimum loan amount and strict refinancing requirements may limit its appeal for some borrowers.

    About SoFi

    SoFi, an acronym for Social Finance, is an online financial institution founded by Stanford Business School students in 2011. SoFi is renowned for its competitive APRs and a wide range of loan services, including options for undergraduates, graduates, law and MBA students, parents, and refinancing.

    A standout aspect of SoFi's offerings is its innovative unemployment protection program, which aids borrowers in job search, alongside access to tools from platforms like Evernote, Grammarly, and Coursera, as well as personalized career coaching.

    The San Francisco-based company, which started offering student loan refinancing in May 2012 and expanded to private student loans in 2019, is also noted for its no-fee policy, rate discounts, diverse repayment options, and exclusive benefits for members.

    TuitionHero tip

    Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.

    Undergraduate loan details

    SoFi provides loans that range from $1,000 up to Up to 100% of attendance costs (aggregate) for undergraduate students. They offer fixed rates from 4.49% to 13.80% or variable rates from 5.99% to 13.97% (including the autopay discount!).

    Borrowers can rest easy knowing that there are:

    • No origination fees

    • No late fees

    Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.

    Repayment options

    SoFi offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.

    • Grace period: 6 months

    SoFi

    Best for: Students who value extra perks

    SoFi

    Check My Rate
    VARIABLE APR

    5.99% - 13.97%

    FIXED APR

    4.49% - 13.80%

    LOAN AMOUNT

    $1,000 - 100% of attendance costs

    TERMS LENGTH

    N/A

    MIN CREDIT SCORE

    Not disclosed

    VARIABLE APR

    5.99% - 13.97%

    FIXED APR

    4.49% - 13.80%

    LOAN AMOUNT

    $1,000 - 100% of attendance costs


    TERMS LENGTH

    N/A

    MIN CREDIT SCORE

    Not disclosed

    WHAT WE LIKE

    • Competitive APRs, especially for those with excellent credit

    • Wide range of repayment term lengths

    • No application or origination fees

    • Unique unemployment protection feature

    • Quick application process

    • SoFi offers autopay, previous customer, family, and continuing scholar discounts

    • Check your rates for student loans with a soft credit check that won’t affect your score

    WHAT WE DON'T LIKE

    • Relatively short six-month grace period

    • Autopay discount: You can get a 0.25% interest rate reduction when you sign up to make automated payments from your checking or savings account.

    Eligibility

    Who can benefit from SoFi's loan options? Here are the core eligibility requirements for their private student loans:

    1. Age: You must be at least 18 years or the age of majority in your state of residence

    2. Class load: You need to be enrolled at least half-time in an eligible degree-granting program

    3. Location: SoFi funds student loans in all 50 states and Washington, D.C.

    4. School attended: The school must be a Title IV not-for-profit college or university

    TuitionHero tip

    If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.

    Compare SoFi to other lenders

    Unsure if SoFi is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.

    Our top pick

    SoFi

    SoFi

    Disclosures

    Variable APR

    5.99% - 13.97%

    Fixed APR

    4.49% - 13.80%

    Repayment Options
    • Grace period
    • Forbearance
    • Immediate repayment
    • Fixed repayment
    • In-school deferment
    Fees
    • No origination fees
    • No late fees
    • No insufficient funds fees
    Discounts & Benefits
    Autopay discount: 0.25%
    Loan Details
    Loan amount: $1,000 - 100% of attendance costs
    Term lengths: N/A

    SoFi

    SoFi

    Disclosures

    Variable APR

    5.99% - 13.97%

    Fixed APR

    4.49% - 13.80%

    Repayment Options
    • Grace period
    • Forbearance
    • Immediate repayment
    • Fixed repayment
    • In-school deferment
    Fees
    • No origination fees
    • No late fees
    • No insufficient funds fees
    Discounts & Benefits
    Autopay discount: 0.25%
    Loan Details
    Loan amount: $1,000 - 100% of attendance costs
    Term lengths: N/A

    SoFi

    SoFi

    Disclosures

    Variable APR

    5.99% - 13.97%

    Fixed APR

    4.49% - 13.80%

    Repayment Options
    • Grace period
    • Forbearance
    • Immediate repayment
    • Fixed repayment
    • In-school deferment
    Fees
    • No origination fees
    • No late fees
    • No insufficient funds fees
    Discounts & Benefits
    Autopay discount: 0.25%
    Loan Details
    Loan amount: $1,000 - 100% of attendance costs
    Term lengths: N/A

    College Ave

    College Ave

    Disclosures

    Variable APR

    5.59% - 16.65%¹

    Fixed APR

    4.11% - 15.44%¹

    College Ave

    College Ave

    Disclosures

    Variable APR

    5.59% - 16.65%¹

    Fixed APR

    4.11% - 15.44%¹

    College Ave

    College Ave

    Disclosures

    Variable APR

    5.59% - 16.65%¹

    Fixed APR

    4.11% - 15.44%¹

    Sallie Mae

    Sallie Mae

    Disclosures

    Variable APR

    6.37% - 16.70%¹

    Fixed APR

    4.50% - 15.49%¹

    Sallie Mae

    Sallie Mae

    Disclosures

    Variable APR

    6.37% - 16.70%¹

    Fixed APR

    4.50% - 15.49%¹

    Sallie Mae

    Sallie Mae

    Disclosures

    Variable APR

    6.37% - 16.70%¹

    Fixed APR

    4.50% - 15.49%¹

    Ready to get started?

    Compare student loan rates from all the top lenders with zero impact on your credit score.

    Customer service

    Customer support can be a make-or-break factor when evaluating a potential lender. Fortunately, SoFi’s customer service is top-notch. Their excellent response to customer complaints, advertising honesty, and business practices transparency have earned them an A+ rating from the Better Business Bureau.

    SoFi offers multiple ways to contact them.

    • Website: www.sofi.com/private-student-loans

    • Email: customerservice@sofi.com

    • Phone: 855-456-7634

    • Hours: Monday–Thursday 5am–7pm PT; Friday–Sunday 5am–5pm PT

    If you borrow from SoFi, you’ll pay your loan back through its third-party loan servicing partner, MOHELA, so you may also need to contact them after you secure a loan.

    Frequently asked questions (FAQ)

    Here are some of the most common questions we get asked about SoFi.

    To be eligible for a SoFi Private Student Loan, both the student and their co-signer must meet specific credit criteria. This includes having a sound credit history, a satisfactory credit score, and the capability to repay the loan.

    If you have a limited credit history, a minimal credit file, or restricted repayment ability, securing a qualified co-signer can significantly enhance your chances of approval. Additionally, a qualified co-signer may help you obtain more favorable interest rates.

    SoFi offers private student loans to international students and non-permanent residents on the condition that they have a co-signer who is a US citizen. Permanent residents can apply for these loans with or without a US citizen co-signer.

    General Rule: Typically, a co-signer is necessary for eligibility. However, there are exceptions.

    1. Full-Time Employment and Half-Time Student Status: If you are employed full-time and also enrolled as at least a half-time student, you might qualify for a loan without a co-signer. In such cases, your loan application will be underwritten based on your personal credit, income, and academic status.
    2. Insufficient Earnings or Limited Credit History: If you are not earning enough or lack a substantial credit history, a co-signer will likely be required. The underwriting of your loan in these circumstances will be based on your co-signer's credit and income, along with your academic status.

    SoFi provides loan forgiveness in the event of the primary borrower's (student’s) death during schooling or repayment. In such cases, the remaining balance of the loan is forgiven. However, If the co-signer passes away, the primary borrower (student) remains responsible for the loan's balance.

    Final thoughts

    Choosing a student loan lender can be daunting, but armed with the right information, you can make a confident decision. SoFi's competitive rates, variety of loan types, and excellent customer service make it a compelling option for many students. Whether you're an undergraduate, graduate, or parent, there's likely a SoFi loan that's a good fit for your needs.

    At TuitionHero, our mission is to help you navigate the student loan landscape. We provide resources for private student loans, refinancing, scholarships, FAFSA assistance, and credit card offers.

    Source


    Author

    Yerain Abreu avatar

    Yerain Abreu is a Content Strategist with over 7 years of experience. He earned a Master's degree in digital marketing from Zicklin School of Business. He focuses on college finance, a niche carved out of his journey through the complexities of academic finance. These firsthand experiences provide him with a unique perspective, enabling him to create content that's informative and relatable to students and their families grappling with the intricacies of college financing.

    At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.


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