Why It’s Considered to Be One of the Best
Members of SoFi are eligible for a multitude of benefits, such as a rate reduction of 0.125%, career guidance, protection against unemployment, and many more.
Sofi Private Student Loan Rates
Variable Rates
3.75% – 12.13% APR
Fixed Rates
3.99% – 13.50% APR
Loan Amounts
$5,000 – 100% of the school-certified cost of attendance
Sofi Private Student Loan Pros and Cons
Pros
- Rate discount if you or your cosigner are a SoFi member
- No fees
- Prequalify with no impact on your credit
- Career coaching
- Unemployment protection
- Covers up to the total cost of attendance
Cons
- High minimum loan amount
Sofi Private Student Loan Eligibility Requirements
Student loans are available for high school students, college students, and even parents who have graduated. According to the lending institution, the applicant’s chances of being approved are increased by a factor of seven when they have a creditworthy cosigner. The following criteria must be met in order to qualify for a student loan from SoFi:
Financial Requirements
- Minimum credit score: Not disclosed
- Minimum income: None
- Approval after prior bankruptcy: Yes
Educational Requirements
- School eligibility: Must be enrolled in a degree-granting program at an eligible school
- Enrolled half-time or more: Yes
Other Requirements
- Citizenship: U.S. citizen, permanent resident, or visa holder (E-2, E-3, H-1B, J-1, L-1, or O-1), and international or DACA students with a U.S. citizen or permanent resident as a cosigner
- State: Available in all 50 states
Sofi Private Student Loan in a Nutshell
SoFi is an online personal finance startup that prioritizes mobile access and is headquartered in San Francisco, California. It became the first company in 2012 to refinance both federal and private student loans, which catapulted it to the forefront of the industry. Since then, it has expanded into virtually every market for consumer lending, and it has funded loans totaling over $50 billion.
One of the most compelling arguments in favor of taking out a loan from SoFi is undeniably the extensive range of member perks that are made available to them. These advantages can be broken down into three categories: financial, social, and professional.
The financial perks offered by this membership include referral bonuses, member rate discounts, and financial planning guidance from qualified experts. Participating in community gatherings such as dinners, happy hours, and networking events can be beneficial. The professional advantages include resources that can assist you in earning a raise, tailored career guidance and a protection scheme in the event that you become unemployed.