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SoFi Student Loan Review

SoFi is a partner lender from which we receive compensation. Edvisors® evaluates each lender we partner with and only recommend loan programs which we believe are a best fit for our audience.

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

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 0.99% APR (with autopay)*

Fixed rates as low as: 2.99% APR (with autopay)*

Repayment Terms

Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget

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.

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