SoFi Private Student Loans review
SoFi private student loans offer perks like free career coaching and no-fee investing, as well as flexible loan terms and no fees. Check our full review to learn more!
SoFi Private Student Loans: Get the funding you need without worrying about fees!
SoFi offers students a great way to pay for school without breaking the bank. With competitive interest rates and flexible terms, SoFi loans can help you get the education you need without putting your future at risk. In this SoFi Private Student Loans review, we’ll show you how they can help you finance your studies and why SoFi is one of the top lenders on the market.
Keep reading for an overview of how SoFi private student loans work, including eligibility requirements and interest rates. You’ll also learn about some of the benefits that come with borrowing from SoFi, including deferment and forbearance options.
- APR: The variable APR ranges from 1.74 to 7.99%. The fixed rate falls between 3.49 – 7.99%.
- Loan Purpose: Education.
- Loan Amount: Minimum of $1,000 with no maximum amount.
- Credit Score Needed: At least 650. Less if you have a cosigner with excellent credit.
- Terms: 5, 7, 10 or 15 years.
- Origination Fee: There is no origination fee.
- Late Fee: $5 if your loan is 15 days past due.
- Early Payoff Penalty: There is no early payoff penalty to this loan.
SoFi Private Student Loans: is it a good student loan?
SoFi is one of the top lenders in the country when it comes to student loans. Why? Because unlike many other lenders, the institution waives some of the pesky fees that keep most students up at night. With SoFi you won’t have to worry about hidden charges and you’ll only pay back what you owe.
They offer loans for undergraduate and graduate students and they make it easy for who needs school financing to borrow money. The minimum amount is $1,000 and there’s no maximum. What that means is that they can cover all of your school-certified expenses like tuition, books, housing, food and more.
You can choose between a fixed or variable APR and there’s a 0.25 discount for autopay. SoFi allows new customers to check for their rate estimates without harming their credit scores. Therefore, you’ll know exactly what you’re in for before you even apply for a loan.
With its flexible loan terms, you can choose to repay in a way that best fits your budget and you can even have a 6 month grace period after you graduate to start the repayment plan. The online application is easy and you can request a loan with a cosigner within minutes.
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SoFi Private Student Loans: should you get one?
There’s a reason why SoFi is one of the top lenders in the country. However, getting a student loan requires great commitment and you should know all the pros and cons before applying for one. Check below for the advantages and disadvantages in our SoFi Private Student Loans review.
- You can check your rates estimates without it impacting your score;
- There are flexible repayment terms;
- You won’t have to worry about hidden fees – what you see is what you get;
- Reasonable minimum amount at $1,000;
- You can get 100% of your school-certified expenses covered;
- There’s a discount for autopay;
- Cosigners are encouraged.
- SoFi could do a better job at explaining the eligibility requirements.
What is the required credit score?
The institution asks that the minimum score for applicants is 650. However, SoFi understands that during college, most people have a limited history and income. So if you’re able to apply with a cosigner with a good credit rating and solid financial history, your chances of getting the loan increase significantly.
SoFi Private Student Loans application
If after reading our SoFi Private Student Loans review you think this is the right loan for you, check the following link. In it, we’ll give you more details about the application process and how you can easily request your rates estimate.
About the author / Aline Barbosa
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