SoFi offers student loan refinancing, parent loans and private student loans for undergraduates and graduates. Licensed by the Department of Business Oversight under the California Financing Law License No. Get answers to your questions; plus tools, guides, calculators, & more. You should exhaust all your federal student aid options before you consider any private loans, including ours. You must be enrolled at least half-time in a degree-granting program at an eligible institution. First, use SoFi’s prequalification tool to get a rate estimate and see what loan terms are available to you. With this new credit card, you can use your cash back to pay off student loan debt CNBC Select takes a look at SoFi's first-ever credit card that helps members pay down their debt. Exclusive member events to build your future, community, and career. "SoFi Reviews." (Income tax may still be owed on the amount that was forgiven.) As outlined in the CARES Act, and extended by executive order, both the suspension of loan payments and the 0% interest rate on loans owned by the Department of Education are to expire on December 31, 2020. As a SoFi member, you’re entitled to a free financial planning session with a certified financial planner (CFP). Parent refinancing loans and parent in-school loans do not qualify for those options. • Student Loans: Please complete the form here to apply for a payment deferral. There are four repayment options for undergraduate, graduate, MBA, and law school student loans: Parent student loans are only eligible for immediate repayment and interest only repayment. There are no application or origination fees. 6054612. Generally speaking, the most popular repayment plan for federal student loans is the Standard Repayment Plan. ✝ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. Even if you think a SoFi private student loan is right for you, it’s a good idea to complete the Free Application for Federal Student Aid (FAFSA). SoFi loans are originated by SoFi Lending Corp., NMLS … When applying for any kind of loan refinancing, finding a rate and term that works for you in essential. 6054612. Refer your friends & family to SoFi and get paid. Unlike undergraduate and graduate student loans, parent student loans only have two repayment options: To qualify for a student loan from SoFi, SoFi will also perform a credit check. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. The lender offers competitive interest rates and flexible repayment options and has loans for undergraduate, graduate, and parent borrowers. But SoFi’s extends beyond student loans, letting you earn up to $10,000 with referrals to the lender’s other financial products, like personal loans and investment accounts. For students who need to borrow a significant amount of money for their education, such as MBA or medical school students, SoFi may be a good match for you. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Submissions without photos may not be accepted. By Kevin Mercadante 1 Comment-The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). subject to state restrictions. Opting for a private student loan instead could help you save money. SoFi is one of the largest student loan refinancing companies, accounting for almost 70% of all student loan refinancing loans. Expected Financial Aid (including federal financial aid and scholarships). Meet the SoFi leadership team and board members. SoFi offers student loan refinancing for both federal and private student loans. SoFi student loan rates are competitive. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. However, the company says that rates for undergraduate borrowers are typically higher without a cosigner because they usually have limited credit histories and income. Plus, it offers unemployment protection and forbearance options, giving you an added layer of protection that some other private loan lenders do not. Accessed March 10, 2020. The minimum amount you can refinance is $5,000, but there is no cap on how much you can consolidate. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. By using Investopedia, you accept our, Investopedia requires writers to use primary sources to support their work. SoFi loans are originated by SoFi Lending Corp., NMLS … 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. MOHELA is one of the largest holders and servicers of student loans in the country. Other than interest, is there a charge for this loan? SoFi Student Loan Refinance SoFi offers student loan refinancing, parent loans and private student loans for undergraduates and graduates. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. SoFi.com. Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. U.S. Department of Education. This allows you to refinance and only pay $100 minimum per month for up to 54 months (the length of a standard residency program). Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of student loan lenders. The company uses a selective loan approval process, which takes into consideration applicants' estimated cash flow, career and education history to offer low-interest rates to its customers. In fact, they were the first lender to refinance both federal and private student loans. President Trump recently announced that interest will be waived for all student loans held by Federal Government Agencies. One plan of attack for borrowers to consider is signing up for automatic payments through their federal loan servicer so the payments are taken directly from their bank account as they’re due. Please note that for Student Loans and Personal Loans, while forbearance will allow you to skip payments in the short term, it will extend the life of the loan and cause your loan to accrue more interest over the life of the loan. Get access to experienced career coaches—complimentary for all SoFi members. Since its inception, the company has strived to achieve the success that it enjoys today with over 375,000 members and nearly $30 billion US dollars spent in student loan refinancing. SoFi loans are originated by SoFi Lending Corp., NMLS … "Annual Report of the CFPB Private Education Loan Ombudsman." "Simple student loans that work for you." According to the Federal Student Aid office , for most student loans, there is a set period of time after a student graduates, leaves school, or drops below half-time enrollment before payments begin. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinancing TV Spot, '2020 SLR Selfless Ambition' Submissions should come only from the actors themselves, their parent/legal guardian or casting agency. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. On top of the lower interest rate, your interest doesn't compound during your residency. It’s just a way to minimize the headaches—and ulcers—that can stem from the obligation to make monthly payments on different loans. 6054612. 6054612. Once SoFi gets that information back from the school, it will schedule the loan disbursement based on the college’s suggested timeline. SoFi will review your information, and if you meet its underwriting and credit requirements, your cosigner may be removed from the loan. As the date of the first payment draws closer, the loan servicer should let the borrower know when the first payment will be due—but it helps to think of how to take advantage of the grace period in advance. Established in 2011, SoFi, short for Social Finance, is one of the first online lenders to have introduced student loan refinancing for both private student loans and federal student loans. An important factor to determine your strategy to pay off a federal student loan is when you are expected to make your first loan payment. Federal student loans come with many options for repayment. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. The payment amount to be withdrawn can be customized, and there’s a discount for doing so: Those who have a Direct Loan will get an interest-rate reduction while participating in automatic debit. To qualify, a borrower must be a U.S. citizen or other eligible status and and meet SoFi's underwriting requirements. Just want to talk? It also links to information on consolidating federal student loans. SoFi doesn’t service its student loans itself. Paying more than the minimum means you can accelerate reduction of the amount you owe rather than covering the interest—which is effectively the lender charging you for the privilege of having the loan in the first place. Here are the details: Pros of SoFi parent loans Are you the calculating sort? (The Education Department also has a calculator if you want to play around with your numbers.). Some of these plans are good options if you are seeking Public Service Loan Forgiveness—circumstances that apply if you are employed by a U.S. federal, state, local, or tribal government or nonprofit organization. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation. With that plan, any outstanding balance will be forgiven if the borrower hasn’t repaid the loan in full after 25 years. SoFi - short for Social Finance - is also a significant online resource of tools to help people manage … Interest will continue to accrue on your loan balance and will be added to the principal. Get personalized advice from a credentialed financial planner–at no cost. For example, SoFi has an Unemployment Protection Program. If you lose your job through no fault of your own—such as through company-wide layoffs—you can put your loans into forbearance and postpone making payments on them. We develop content that covers a variety of financial topics. Once you choose an interest rate type and repayment term that works for you, you can move forward with the application process. Learn more about our mission and values, how we started, and what we’ve accomplished since then. We publish unbiased product reviews; our opinions are our own and are not influenced by payment we receive from our advertising partners. Accessed March 10, 2020. Having a game plan for eradicating student loan debt is a good idea: In the United States alone, 45 million borrowers hold more than $1.6 trillion in student loan debt, and payments to tackle that mountain of debt have been slowing, on the whole. 6054612. The total cost of attendance varies by school, but it typically includes tuition and fees, on-campus room and board, books, supplies, transportation, and dependent care. Consumer Finance Protection Bureau. Interest has a way of sneaking up on borrowers because they might have in mind only the principal amount when thinking about monthly payments. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. Rates also vary over time, so make sure you talk to a SoFi … First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. Many of the income-driven repayment plans may be good options if Public Service Loan Forgiveness is a light at the end of your federal student loan debt tunnel. You or your cosigner must be employed or have income from other sources. With the Extended Repayment Plan, a borrower can take up to 25 years to pay the loan. Undergraduate and graduate student loans are eligible for discharge if the borrower passes away or becomes totally and permanently disabled. Forbes Advisor reviews the Sofi Student Loan Read more Members get exclusive SoFi Stadium perks like expedited entry, access to the SoFi Member Lounge, and more. The Income-Based Repayment Plan is worth a mention, as monthly payments would be 10% to 15% of discretionary income, and payments are recalculated each year to factor in family size and discretionary income. Borrowers must be U.S. citizens. To qualify, you must have involuntarily lost your job. Sometimes, that content may include information about products, features, or services that SoFi does not provide. So, just as studying is important to one’s academic life, studying up on student debt strategies is important to your overall life. Loans disbursed before May 1, 2019, aren’t eligible for cosigner release, but loans disbursed after that date now are. It also provides extra perks, such as career coaching, referral bonuses, and free financial planning to help you after graduation. Licensed by the Department of Business Oversight under the California Financing Law License No. community, and career. This grace period could be six to nine months, depending on the program a student received a loan through. If you have multiple student loans, SoFi will allow you to considate them into a single loan at a lower interest rate. "Unemployment Protection Program." 6054612. The lender offers competitive interest rates and doesn’t charge added fees. No origination, application, or late fees, Unemployment protection and forbearance available. PLEASE CAREFULLY CONSIDER THESE CHANGES BEFORE REFINANCING FEDERALLY HELD LOANS WITH SOFI, SINCE IN DOING SO YOU WILL NO LONGER QUALIFY FOR THE FEDERAL LOAN PAYMENT SUSPENSION, INTEREST WAIVER, OR ANY OTHER CURRENT OR FUTURE BENEFITS APPLICABLE TO FEDERAL LOANS. After making 24 consecutive on-time full principal and interest payments, you can apply for a cosigner release. SoFi student loan refinancing offers flexible terms and low fixed or variable rates. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. SoFi Student Loan Consolidation. A big reason to pay more than the monthly minimum is that student loan repayment is structured around amortization—a word you heard if you took an accounting or economics class that basically means a portion of fixed monthly payments goes to the costs associated with interest (what the lender gets paid for the loan) and reducing your loan balance (paying off the total amount owed). SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website. But there’s an asterisk to this asterisk, which is that refinancing with a private lender can make you ineligible for the federal benefits and protections offered to qualified federal student loan borrowers, like Public Service Loan Forgiveness, income-driven repayment, deferment and forbearance. If you are a permanent resident, you can apply for a loan by calling 877-936-2269. There is another asterisk in considering this option: Private student loans cannot be consolidated with federal student loans into a Direct Consolidation Loan. For Small Businesses, including the Paycheck Protection Program (PPP), click here. So here’s a guide that offers tips for repaying federal student loans. If you take out a loan from SOFI, MOHELA is the entity to which you will make payments and which you should contact if you have questions about your account. For more information on ways to pay off student loans, this link includes tips for budgeting during a grace period and others you can mull over in that time. We develop content that covers a variety of financial topics. For example, Grad PLUS Loans—federal student loans for graduate and professional borrowers—have a disbursement fee of 4.236%. If you borrowed $10,000, that means you’d pay $423.60 just to get the money you borrowed. SoFi parent loans are offered beyond parents and legal guardians of current students, as any creditworthy adult willing to borrow on a student’s behalf is considered eligible. Read our FAQs. Not all borrowers receive the lowest rate. Borrowers must be the age of majority in their state. If you have multiple student loans, SoFi will consolidate them. That privilege isn’t exactly bragworthy, so it’s smart to make more than the minimum payment—however little more it might be. Accessed March 10, 2020. As such, they offer a greater degree of flexibility on their terms—like the Income-Contingent Repayment Plan. However, the exact rates you’re offered will depend on a few things: Your creditworthiness: The lowest SoFi student loan rates will go to applicants with excellent credit histories. 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. SoFi offers a wide range of lending products, from student loan refinancing to mortgages, personal loans and more. Sometimes, that content may include information about products, features, or services that SoFi does not provide. Even if you have both federal and private loans, they will consolidate both. Comments? There’s also the Graduated Repayment Plan, which starts with lower payments that increase every two years. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. Refinancing loans is something else to consider. SoFi Student Loan Refinancing Interest Rates, Fees, and Terms. Amid evolving news + uncertainty surrounding COVID-19, your financial needs are our top priority. Even though common sense might suggest that repaying any loan should be straightforward—that all you have to do is send money until you don’t owe any more—there is actually a fair amount of strategy involved. Read about how SoFi works—and how we can help you reach your financial goals. SoFi.com. You should always consider their appropriateness given your own circumstances. That’s a significant advantage over some other private lenders and even federal student loans, which often have costly fees. You can apply and get a credit decision within a few minutes. CLICK HERE FOR MORE INFORMATION. SoFi is an online personal finance company that provides several types of loans, including personal loans, mortgages, student loans, and student loan refinancing. SoFi offers student loan refinancing for both federal and private student loans. You can borrow up to the total cost of attendance, and SoFi charges no origination, application, or late fees. If you have a subsidized federal student loan, your loan will not accrue interest while you’re in school or during the grace period, so it helps make paying it off in the longer run less burdensome. The minimum amount you can refinance is $5,000, but there is no cap on how much you can consolidate. 6054612. Once you’ve considered all of your financial aid options, you can move forward with your SoFi student loan application. SoFi.com. When it comes to repaying federal student loans, there are many ways to think about taking them on. SoFi provides student debt refinancing, unsecured personal loans, mortgages, wealth management and more. The plan requires lower monthly payments than the 10-year Standard plan, though you will wind up paying more in interest for your loan than you would have over 10 years. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. An important thing to note is that SoFi didn’t use to offer cosigner releases. Get access to estate planning services and draft your will for free. A strategizer knows that there’s more to it than paying the lowest amount required every month on student loans. 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. Once you apply and are approved for a loan, you need to submit supporting documentation and sign your loan documents. With SoFi, you can borrow up to the total cost of attendance. You can learn more about the standards we follow in producing accurate, unbiased content in our, Undergraduate, Graduate, Parent, Professional, Refinance, By phone: 855-456-7634, M-Th 5am–7pm PT Fri–Sun 5am–5pm PT, Length of Time for Loan Approval and Disbursement, your cosigner may be removed from the loan, a good idea to complete the Free Application for Federal Student Aid (FAFSA), Private Student Loan Undergrad Rates & Terms. You can postpone payments for up to three months at a time, for up to 12 months over the life of your loan. SoFi is an online lender offering student loan refinancing, undergraduate, graduate, and parent loans in all 50 states. Investopedia uses cookies to provide you with a great user experience. We’re here to help! SoFi vs College Ave. College Ave is another popular lender that features a quick approval process. Select a product below and get your rate in just minutes. SoFi does have a loan prequalification tool. If you have solid credit and a stable income, among other personal financial attributes, it’s possible to qualify for a new loan at a lower interest rate. This can save you thousands of dollars over the life of the loan. We recommend that you review the privacy policy of the site you are entering. SoFi interest rates for loans are based on several factors, including credit score, income and debt. Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. If you’re a parent who wants to help your child pay for a degree, SoFi offers parent student loans, too. During your session, you can talk about paying down your debt, develop a plan for buying a home, or discuss saving for retirement as you start your career. Questions? We collected over 45 data points across more than 15 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their education needs. The LIBOR rate for December 2020 is 0.15%. 6054612. Here’s what you should know about SoFi student loans. External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement. SoFi student loans have no fees at all, meaning there are no origination fees, application fees, late fees, or prepayment penalties. Founded in 2011, SoFi began as a student loan refinancing lender, operating as an online-only private company. "Other than interest, is there a charge for this loan?" Meet our panel of SoFi Members who provide invaluable feedback across all our products and services. Licensed by the Department of Business Oversight under the California Financing Law License No. According to the Federal Student Aid office, for most student loans, there is a set period of time after a student graduates, leaves school, or drops below half-time enrollment before payments begin. A hard credit pull, which may impact your credit score, is required if you apply for a SoFi product after being pre-qualified. Once you find a loan that’s a good fit, you can complete the full application. SoFi is a leading student loan refinance lender. A Direct Consolidation Loan allows a borrower to consolidate multiple federal education loans into one loan at no cost. This deadline can dictate the rest of your actions. Accessed March 10, 2020. 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. We aim to break down complicated concepts, loop you in on the latest trends, and keep you up-to-date on the stuff you can use to help get your money right. SoFi goes beyond what traditional lenders would offer you. Accessed March 10, 2020. These are meant to further lighten the financial burden for individuals who have additional ongoing expenses or obstacles. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. If you need money to pay for college, SoFi allows you to borrow up to the total cost of attendance. SoFi loans are originated by SoFi Lending Corp., NMLS … Accessed March 10, 2020. SoFi is offering some existing users a $10 when they check their personal or student loan rate (offer varies by user and not all users have an offer) The Fine Print The Promotion is open to anyone who resides within the United States and is of the age of majority in the state in which they reside. For individual financial information, click here. It’s not usually a way to save money, as the new interest rate you get with a Direct Consolidation Loan is a weighted average of all your loans’ interest rates rounded up to the nearest eighth of a percentage point. While it might be tempting to view the grace period as a time when you can sink your extra money into other things you want or need, it’s probably smarter to save up for when those payments will start coming due. There are no origination fees, late fees, or prepayment penalties, and you can borrow up to the total cost of attendance for your program. "Eligibility Criteria." 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