If you think SoFi Private Student Loans might be a good fit for your future plans, it’s worth taking a look at what the application process looks like. It’s quick, straightforward, and open to a variety of student profiles—so getting approved might be easier than you think. Here’s a breakdown of what to keep in mind before you decide:
Terms & Conditions
Loan details with SoFi can vary based on your background, the school you attend, and your credit history. That said, the minimum loan amount starts at $1,000 and can go up to the full cost of attendance certified by your school. For some programs, the minimum may be $5,000, depending on your course of study and other factors.
Repayment terms for new loans are available in 5, 7, 10, or 15-year options. If you choose to refinance later, you could qualify for terms up to 20 years.
Good news on fees: SoFi doesn’t charge origination fees, application fees, late fees, insufficient funds fees, or prepayment penalties. Fixed APRs range from 3.23% to around 15.99%, and if you set up autopay, you can get a 0.25% rate discount. Keep in mind that your actual rate depends on your credit and other individual factors.
Variable APRs range from 4.39% to around 15.99%, with state caps typically between 13.95% and 17.95%, and they also qualify for the 0.25% autopay discount.
Repayment Options
SoFi gives you four ways to start repaying your loan:
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Immediate Repayment – Start paying principal and interest right away, while you’re still in school.
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Interest-Only – Pay just the interest during your time in school.
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Partial ($25/month) – Pay $25 a month while enrolled, and for up to six months after you graduate.
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Deferred – Make no payments while in school, and take advantage of a six-month grace period after graduation (interest does not capitalize during this period).
Who This Loan Is For
SoFi Private Student Loans are a solid option for students or parents who need more than just federal aid. If you’re covering extra costs like housing, books, or travel, or if you’re looking for fixed rates and zero hidden fees, SoFi could be a great match.
Students who maintain a strong GPA may qualify for extra perks, and if you’re part of SoFi’s member rewards program, there are even more ways to save. Plus, there’s the option to release a co-signer later on, which adds flexibility down the road.
Credit requirements vary, so it’s smart to get prequalified to see what offers you might receive—it won’t impact your credit score.
Is SoFi the Right Choice?
With flexible terms, transparent pricing, and extra benefits like discounts and rewards, SoFi’s private student loans are definitely worth a look. Even if you’re comparing with federal options, it’s good to see what private lenders can offer in terms of rates and repayment flexibility.
If having a co-signer, custom loan terms, and different payment plans matters to you, SoFi might check all the right boxes. In short, it’s a strong option to consider when planning how to fund your college journey.
Disclaimer: The content on this website/blog is for informational purposes only and does not constitute financial, legal, or lending advice. For guidance tailored to your specific situation, please consult a licensed financial advisor or loan professional.
All information in this and other BOISLA articles is subject to change over time. Please check for updates directly with the institutions and companies mentioned. Approval is subject to the institution’s review.
REFERENCES:
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