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What Is SoFi?
Founded in 2011, SoFi’s mission from the start has been to help their members (i.e. customers) get their money right. With $50 billion+ in funded loans, 1,000,000 members, and $22 billion+ in debt paid off by members, SoFi stands by their goal to help people reach financial independence. The company’s formal name is Social Finance, Inc. and they provide student loans, personal loans, mortgages, investing, and banking services.
SoFi Customer Service
SoFi offers extensive customer service in the form of email, phone, and mail-in support. Depending on what you need assistance on you’ll find a variety of available phone numbers for help through their contact page, as well as addresses needed for payments. SoFi has a trusted four star rating through Trustpilot.
What is SoFi Student Loans?
SoFi offers no-fee, competitive rate, in-school student loans, as well as student loan refinancing. SoFi showcases flexible repayment options, and exclusive discount rates. They help students and parents make intelligent financial decisions through offering a variety of resources and support, and “customer-first” solutions. Some of SoFi’s student loan products include:
- Private Student Loans
- Undergraduate Loans
- Graduate Loans
- Law and MBA Loans
- Parent Loans
- Student Loan Refinancing
Apply for a SoFi Private Student Loan
Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
- Variable Rates: Starting variable rates range from 5.99% APR to 14.03% APR (with autopay)*, and will never exceed 13.95% (sometimes lower in certain states as required by law)
- Fixed Rates: Fixed rates range from 4.44% APR to 14.83% APR (with autopay)*
- Easy online application!
- No origination fees, late fees, and no insufficient fund fees. Period
- Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
- 0.25% discount when you set up autopay*
*UNDERGRADUATE LOANS: Fixed rates from 4.44% to 14.70% annual percentage rate ("APR") (with autopay), variable rates from 5.49% to 13.97% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.99% to 14.48% APR (with autopay), variable rates from 5.99% to 13.97% APR (with autopay). PARENT LOANS: Fixed rates from 6.50% to 14.83% APR (with autopay), variable rates from 6.32% to 14.03% APR (with autopay). 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. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. 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. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 08/31/2023.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
SoFi Private Student Loans
SoFi Private Student Loans can cover up to 100% of school-certified costs including those for attendance and all related expenses such as tuition, room and board, transportation, personal expenses, and supplies. The borrowing minimum is $5,000. There are zero fees for SoFi Private Student Loans and additional discounts available for SoFi members. SoFi considers anyone who signed up for a SoFi product a member, not just a borrower or customer.
SoFi Undergraduate Student Loans
SoFi has helped over 375,000+ undergraduates pay for school with their competitive private student loans. They provide an all-online easy application process, no fees, loans that cover up to full cost of attendance, and competitive rates helping students save as much money as possible. SoFi encourages utilizing the help of a cosigner in order to improve your chances of loan approval and the potential to further lower your interest rate. SoFi also requires students to be enrolled in a degree-seeking program at an eligible school and have an enrollment status of at least half-time. SoFi offers a variety of repayment options including:
Deferred: No payments while in school and will end up being the highest cost repayment option—meaning you will have a higher total repaid amount compared to other repayment plan options.
Interest only: This option will require you to make monthly payments to pay accrued interest on your loan. This option may result in a lower total repayment amount on your loan when compared to the Deferred repayment option because it prevents interest from being added to the principal balance (capitalization) at the start of repayment.
Partial: Pay $25 monthly throughout the course of your education.
Immediate: Begin paying interest and principal payments immediately as the lowest overall cost option.
SoFi Graduate Student Loans
SoFi provides graduate students with a fast and easy way to pay for grad school so you can focus on what matters most: your degree. SoFi provides an all online application process, live customer support seven days and week, no fees, and exclusive member benefits including career services, financial advisors, networking events, and more (with zero extra fees). Full principal and interest payments typically begin six months after graduation or when enrollment drops below the half-time mark for borrowers who choose deferred, interest only, or partial repayment options.
SoFi Parent Loans
SoFi offers parents with a no fee, competitive rate loan to help pay for their child’s education, offering an all online easy application, competitive rates, and exclusive member benefits. Parents can choose from two repayment options including:
Interest only:Pay only the interest as it accrues while your student is still in school, reducing overall cost.
Immediate:Begin paying principal and interest payments immediately while your student is still in school.
SoFi Student Loan Refinance
With over $30 billion+ in refinanced student loans and 375,000+ members, SoFi provides serious savings thanks to flexible terms and low variable and fixed rates. SoFi also has an all online application process, no hidden fees, and access to exclusive member benefits. A few of their student loan refinancing products including:
- Student Loan Refinancing
- Medical and Dental Resident Refinancing
- Parent PLUS Refinancing
You can also compare a host of student loan refinance companies that provide competitive products. Your options include refinancing a single loan or multiple loans, including the ability to combine federal and private loans together.
SoFi Cosigner Release
After 24 months of consecutive, on-time payments (of full principal and interest), students may be able to apply to release their cosigner from the loan. An underwriting process will be required which means students must be able to qualify based on the strength of their own credit worthiness, including proof of income. There could be other conditions and terms which may limit your ability to remove a cosigner, you will need to refer the terms and conditions for cosigner release of your loan.
| Pros | Cons |
|---|---|
| Competitive rates on multiple loan products for degree seeking students, as well as parents. They also offer refinancing. | You must create an account to check rates online, and the lowest advertised rates may not be what you qualify for. |
| Parents can refinance in their son/daughter’s name | No federal subsidy (meaning there is no government assistance in paying for the loan) |
| Customers are considered members and memberships come with a number of benefits, including unemployment protection and career advice | Not eligible for income-drive repayment plans |
| Flexible repayment terms |
How SoFi Gives Back
SoFi contributes to local communities and social causes, as evidenced by their partnership with the Los Angeles Rams to address social injustices throughout the greater Los Angeles region. They also teamed up Bolt Academy to help address the needs of low-income, underserved, and underrepresented individuals. SoFi also periodically holds contests and drawings to help pay off participating members’ debt, including their Ditch the Debt Life contest where the grand prize is $50K.
SoFi Headquarters
SoFi headquarters are in San Francisco, California with over 1,300 employees.