SoFi Student Loans Reviews

Student loans are one of the main sources for financing higher studies. Whether you are an undergraduate or a graduate, there is a good chance that you will be among the 44+ million, as of July 2019, student loan borrowers.

Getting a student loan is not bad at all. It has helped many students achieve their careers from their dream schools. The federal government offers direct student loans at low-interest rates with many protection benefits for borrowers. However, these loans are not always sufficient to fund the entirety of college expenditures.

The next best option is Private student loans. Many lenders in the market offer loans with varying features and terms. Among the private student loans today, we will be looking into details on the SoFi student loans.

List of contents

SoFi Student Loans Reviews
Overview of Sofi
Eligibility Criteria for Student Loans
Undergraduate Loans
Graduate Loans
Parent Loans
Repayment Options for Student Loans
Unemployment Protection Program
SoFi Refinancing
Contact

SoFi Reviews

SoFi is a student loan lender who offers private student loans for undergraduates and graduates. They also provide parent loans and student loan refinancing. Sofi has an "A-" score provided by the Better Business Bureau which is measured considering their history of complaints. Below is the list of advantages and disadvantages to consider. SoFi provides repayment options and no origination fees that attract several students to borrow or refinance student loans with them. Refinancing with Sofi is beneficial as they provide employee protection acts which not many private lenders provide. Apart from student loans, they provide personal loans, mortgages, which are processed fee-free.

Advantages	Disadvantages
A reduction of 0.25% is provided if you choose Auto payment option	The discharge caused by death or disability is approved only on a case-by-case basis.
No application, origination fees to borrow loan from SoFi	Not supported for the international students
All loan transactions are performed completely online with a user-friendly interface.
Career coaches, financial advisors, are provided for borrowers with Graduate loans and/or Parent PLUS loans

Weigh all the pros and cons before we decide to choose your private lender. SoFi can improve its service by extending its aid to international students for their studies.

Overview of SoFi

Social Finance, Inc., commonly known as SoFi has been making itself known in the student loan refinancing market. They are an online finance company that was founded in 2011. They offer personal loans, student loans, refinancing, mortgages, and insurances.

SoFi started with the aim to provide finance to college students at affordable rates. At the start, they were backed by 40 alumni with a $2 million pilot program at Stanford. In May 2019, SoFi closed $500 million in a single funding round.

Types of student loans offered

Below are the types of loans offered to students and parents supporting their kids with their education.

Undergraduate Student Loans
Graduate Student Loans
Parent Loans

Apart from the traditional private student loans, SoFi also offers a Student loan refinancing program. Sofi also provides student loan options for - Medical school refinancing, Parent Direct PLUS Loan refinancing, Graduate refinancing, Undergraduate refinancing, Dental school refinancing, Law school refinancing, MBA refinancing.

Eligibility Criteria for SoFi Student Loans

If you plan to apply for the Sofi undergraduate loan, you must qualify, but not limited to, the following criteria.

Must be a U.S citizen
Must be over the age of majority in the state of residence or have a cosigner who is
Enrolled at least as a half-time student in an eligible school
Employed or with significant income or cosigner must qualify as such

Eligibility for this loan may also depend on many other factors. This factor includes financial history, credit score, academic progress, experiences, etc. The above criteria may also change depending on the state laws governing each borrower or cosigner.

SoFi Undergraduate Loans

SoFi offers Private Undergraduate Loans to students who are enrolled at least half-time in an accredited Title IV schools. All applications are processed online with fast and simple steps. Borrowers with a low credit score may opt to add cosigners. This may increase the chances of approval and lower the interest rate of the loan at the same time.

One of the best features of SoFi Graduate Loans is the absence of a loan limit. The amount of the loan covers 100% of the certified cost of attendance. However, there is a minimum amount of loan that can be taken. This amount may vary from state to state depending on the individual laws of each state.

Loan Details

Minimum Loan Amount: $5,000 ($10,000 in California)

Maximum Loan Amount: Entire Cost of Attendance

Interest Rates: 4.23% – 11.76% Fixed APR with autopay, 1.87% – 11.66% APR Variable APR with autopay

Fees: No origination fees, No late fees, and No insufficient funds fees

Unemployment Protection Program: Yes

SoFi Graduate Loans

SoFi also offers graduate loans to students enrolled at least half-time in an eligible school/institution. This SoFi loan comes with several benefits that are not found in other private student loans.

You may apply for this SoFi loan with or without a cosigner. An existing member of SoFi may avail of an additional reduction of the interest rate of 0.125%. On top of that, they offer several benefits such as career coaching, financial advice, exclusive networking events, etc.

SoFi Graduate Loan Details

Minimum Loan Amount: $5,000

Maximum Loan Amount: Entire Cost of Attendance

Interest Rates: 4.13% – 11.83% Fixed APR with autopay, 1.77% – 11.73% Variable APR with autopay

Fees: No origination fees, No late fees, and No insufficient funds fees

Unemployment Protection Program: Yes

SoFi Parent Loans

SoFi has a special parent loan which is meant for parents or guardians of students who are enrolled in eligible schools. One of the special features of their Parent Loans is that the borrower need not be a legal guardian of the student.

This loan also comes with the additional benefit of the unemployment protection program.

Loan Details

Minimum Loan Amount: $5,000

Maximum Loan Amount: Entire Cost of Attendance

Interest Rates: 4.60% – 11.26% Fixed APR with autopay, 1.87% – 11.16% Variable APR with autopay

Fees: No origination fees, No late fees, and No insufficient funds fees

Unemployment Protection Program: Yes

Repayment Options for Student Loans

The repayment options available for undergraduate loans and graduate loans are given below.

1 - Deferred

The repayment of the loan will start six months after leaving school. The overall cost of the loan will be the highest under this option since every unpaid interest will be capitalized. This option can help you postpone your student loans when in a financial crisis. Deferment and forbearance options are usually provided for federal loans but during a national emergency like an epidemic across the globe or natural calamities, even the private lenders provide these options to help their customers.

2 - Interest Only

Only the interest amount has to be paid while in school. The loan amount does not change while in school. However, making payments on the interest will reduce the overall cost of the loan. You can make interest-only payments by enrolling yourself for work at your college or a part-time job and make an interest-only payment that can reduce the loan burden in the long run.

3 - Partial

A fixed monthly payment of $25 will be made while in school. This will reduce some of the loan amounts with manageable monthly payments while in school. As mentioned above partial payments can be made by opting to work while at school. This gradually decreases the loan amount you owe back.

4 - Immediate

Standard payment on principal and interest will start while in school. This requires a higher monthly payment even while in school. However, it is the most effective way of repaying your loan. The earlier you start your payments the faster you pay them back. But not every student can afford to make immediate payments when in school. Therefore, try to choose any options for your repayments to pay off your loans faster.

Looking for a college fee? Learn about the best student loans

Unemployment Protection Program

One of the unique features that SoFi Loans come with, that is not very common from the other bigger players in the market, is their Unemployment Protection Program. Under this program, if you lose your job for reasons which are not your fault, you may be eligible to put a hold on to your SoFi loan repayment and take forbearance on your loan.

When your SoFi loan is in forbearance, you can either pay only the interest or pay nothing at all. However, if you choose not to make any payments during this period, the interest will accrue and be capitalized.

Your SoFi loan must be in a good standing position with no recent late payment to be eligible. Your forbearance will also be reported to the credit bureaus.

SoFi Student Loan Refinancing

SoFi offers Student Loan Refinancing to all eligible candidates for their private student loans, federal student loans, or both kinds of loans at the same time. They also provide a special program for medical loan refinancing and Parent PLUS loan refinancing.

When you refinance your loans under SoFi, you have a chance to combine all your eligible loans into one loan with a much lower interest rate, better loan terms, and several benefits such as career coaching, financial advisors, etc.

Even refinanced SoFi student loans are also eligible for the Unemployment protection program. We have an in-depth review of the SoFi Student Loan Refinancing in another article. Please refer to it if you wish to know more.

Learn more about SoFi Student Loan Refinancing Review

Who can choose SoFi?

If you're looking for more options for repayment, low-interest rates, you can choose soFi. They also provide refinancing with low-interest rates.
More than 250,000 have refinanced with soFi. SoFi provides discounts, career coaching, financial advice, unemployment protection to its customers. After considering this option, you can come to a conclusion to choose Sofi loans. SoFi is a well-trusted organization since 2011 and has many customers taking student loans and refinancing with them.

Worried about paying for your college? check the best private student loans

Contact Information

Better Business Bureau provides an A+ rating for SoFi.
They can be reached via phone by

Phone# (855) 456-7634
Monday–Thursday 4 am–9 pm PT
Friday–Sunday 4 am–5 pm PT

Fax: 866.222.7060 toll-free
636.787.2790 (International)
Email for customer support - Email

SoFi started as a student loan refinancing company has made a name for themselves in the student loan market. They offer unique features along with their student loan programs which cannot be found in other big players in the market. The interest rates are competitive but borrowers with a credit score on the lower side may find it difficult to get approval.

If you plan to finance your higher education with SoFi, we recommend that you go through their loan terms and conditions thoroughly before making a decision.