SoFi Student Loans Review – WHAT YOU SHOULD KNOW

SoFi Is a place you can borrow up to the cost of attendance, with competitive interest rates and flexible repayment options. It offers loans for undergraduate, graduate, and parent borrowers. Other packages include referral bonuses, career coaching, free financial planning to enable you to stand after graduation. The offer here is full of advantages because it offers loans with a high loan minimum. It may interest you to also know more about your lender before you proceed to the application stage. Check out the “what you should know” section for more details.

SoFi Student Loans

WHAT YOU SHOULD KNOW

  • Firstly, you not be deceived because there is no origination fee, application, or even late fees. You can save money with SoFi comparing it with lenders who charge origination, application, or late fees.
  • Also, the greatest advantage of a private loan over federal student loans is obtainable here, it the ability to borrow up to the total cost of attendance. There is always this problem of lenders setting limits to what you can borrow. But it is not so over SoFi because you can take as much as you can as long as your degree demands for payments.
  • Thirdly, it offers protection for unemployment and supports forbearance. SoFi considers borrowers in times of financial hardship or loss of a job, on their course of repayment. They may have to postpone you’re your payments until you get your stand again.
  • Fourthly, do you know that Loans here are offered with a high loan minimum? The minimum you can borrow from SoFi is quite high and this will not be the best alternative to a student loans especially when you needed something less than that. The minimum loan offered is $5,000.
  • Moreso, there is a limited loan term. There are just about three repayment options with SoFi. They are 5, 10, 15 years.

Student Loans Offered by SoFi

Undergraduate Student Loans

This serves a larges set of persons and they include a married student, a person whom parents are no more, and more an independent undergraduate. Of course, the federal direct subsidized loans and the unsubsidized loan will not offer you want private lenders to get to offer. So it is preferable to find a suitable private student lender who can lend you up to the total cost of attendance. There are no penalties, application fees, or origination fees. Check out the box for various rates available and loan terms obtainable.

LOAN TERMS FOR UNDERGRADUATE LOANS

Variable Rates1.90% – 11.66%
Fixed Rates4.23% – 11.76%
Loan Amounts$5,000 – a total cost of attendance
Loan Terms5, 10, or 15 years

Graduate Student Loans

Are you after your master’s degree and financial stranded? SoFi can help you pay for your education and you can borrow up to the total cost of attendance, bond with flexible repayment options. However, this category of loan is designed in such that the total cost of attendance varies by a school with the inclusion of tuition, room and board, books, supplies, transportation, and dependent care. A discount rate is available for autopay (0.25%).

LOAN TERMS FOR GRADUATE LOANS

Variable Rates1.80% – 11.73%
Fixed Rates4.13% – 11.83%
Loan Amounts$5,000 up to the total cost of attendance
Loan Terms5, 10, or 15 years

MBA and Law School Student Loans

Are you planning on completing an MBA from a business school? OR on the pursuit of law school, SoFi has a package of loans designed to help you complete your degree. However, there is no origination fee, late fees, or prepayment penalties.

You can equally borrow up to the total cost of attendance for your program, with discount rates of 0.25% on autopay.

LOAN TERMS FOR MBA AND LAW SCHOOL LOANS

Variable Rates1.78% – 11.72%
Fixed Rates4.41% – 11.81%
Loan Amounts$5,000 up to the total cost of attendance
Loan Terms5, 10, or 15 years

Parent Student Loans

There is a lot of flexibility attached to parent-student loans of SoFi. Parents can borrow to sponsor their child on a degree program. There are no origination fees or late fees, nor prepayment penalties. Some benefits that make it flexible include career counseling and free financial advisor sessions.

There are typically two repayment options obtainable under this category.

Immediate:

First, as the name implies, you can start making payment straight away as long as the money has been disbursed. The principal and interest are made right away even as though the child is school.

Interest Only:

Also, with interest-only repayment, it takes just only the interest payment while your child is in school. This option really helps to save while the full payment is made after graduation.

LOAN TERMS FOR PARENT LOANS

Variable Rates1.90% – 11.16%
Fixed Rates4.23% – 11.26%
Loan Amounts$5,000 up to the total cost of attendance
Loan Terms5, 10, or 15 years

Note: automatic payment discount leverages you with a 0.25% interest rate discount simply by signing up for automatic payments. The SoFi Membership Discount, this leverages you or your cosigner with interest rate deduction by 0.125%.

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