6054612. Also be aware that some federal student loan programs can have an up-front interest rate reduction, which requires making a number of monthly payments on time to prevent the rate from increasing. 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). Sometimes, that content may include information about products, features, or services that SoFi does not provide. This deadline can dictate the rest of your actions. 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. Learn more about how we review products and read our advertiser disclosure for how we make money. All it takes is a little planning and a willingness to adapt those plans to the ways your life unfolds after you have that degree. Borrowers can also learn to harness momentum to pay off student loans faster. 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!). There’s also the Graduated Repayment Plan, which starts with lower payments that increase every two years. Nobody really enjoys thinking about student loans, but the upshot of that is the pain points associated with them are well known—and there are proven strategies to ease the pain and manage the process of repaying government student loans, whether going for a special payment program, consolidating, or refinancing. An important thing to note is that SoFi didn’t use to offer cosigner releases. SoFi student loans are serviced by MOHELA or the Missouri Higher Education Loan Authority. 6054612. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. Read about how SoFi works—and how we can help you reach your financial goals. 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 Student Loan Refinancing Interest Rates, Fees, and Terms. With SoFi, you can borrow up to the total cost of attendance. We also reference original research from other reputable publishers where appropriate. 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. However, the company says that rates for undergraduate borrowers are typically higher without a cosigner because they usually have limited credit histories and income. SoFi offers a wide range of lending products, from student loan refinancing to mortgages, personal loans and more. If you’re a parent who wants to help your child pay for a degree, SoFi offers parent student loans, too. SoFi offers student loan refinancing for both federal and private student loans. 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. Generally speaking, the most popular repayment plan for federal student loans is the Standard Repayment Plan. We develop content that covers a variety of financial topics. 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. 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. Read through the latest SoFi news coverage. 6054612. Not only that but you may also have a lower interest rate when you refinance with SoFi. Amid evolving news + uncertainty surrounding COVID-19, your financial needs are our top priority. The LIBOR rate for December 2020 is 0.15%. Part of the reason it’s the most popular is—wait for it—is that it’s the default plan borrowers will be designated for unless they request otherwise. Even if you have both federal and private loans, they will consolidate both. The options that might be open to you will depend on the type of loan you took out. SoFi student loans have no application, origination, or late fees, and there are no penalties if you decide to pay off your loan early. 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. 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. Refinancing loans is something else to consider. Yes. This allows you to refinance and only pay $100 minimum per month for up to 54 months (the length of a standard residency program). Select a product below and get your rate in just minutes. With the Extended Repayment Plan, a borrower can take up to 25 years to pay the loan. Federal student loans come with many options for repayment. 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. Read more SoFi.com. Not all borrowers receive the lowest rate. 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. Accessed March 10, 2020. Here’s what you should know about SoFi student loans. Once you find a loan that’s a good fit, you can complete the full application. If you have an unsubsidized federal student loan, interest has been accruing since the loan was disbursed, so you could consider taking the time when you do not have to make principal payments to pay down some of the interest that accrued. Our guide on fast ways to pay off debt makes a good addition to everything discussed so far. SoFi - short for Social Finance - is also a significant online resource of tools to help people manage … However, SoFi has a high loan minimum, so it may not be the best lender for you. Neither SoFi nor MOHELA are included in the Annual Report of the Consumer Financial Protection Bureau Private Education Loan Ombudsman. On TrustPilot, SoFi has more than 2,400 reviews and a four-star rating. Customer support is available by emailing customerservice@sofi.com or by calling 855-456-7634. It’s just a way to minimize the headaches—and ulcers—that can stem from the obligation to make monthly payments on different loans. You or your cosigner must be employed or have income from other sources. It’s normal to feel a little confused with so many numbers being thrown around. SoFi vs College Ave. College Ave is another popular lender that features a quick approval process. Learn more about … We’re here to help! Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. Learn more about our mission and values, how we started, and what we’ve accomplished since then. 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. Expected Financial Aid (including federal financial aid and scholarships). 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. That privilege isn’t exactly bragworthy, so it’s smart to make more than the minimum payment—however little more it might be. TrustPilot.com. 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. 6054612. Under the plan, a borrower makes payments for up to 10 years. We develop content that covers a variety of financial topics. It’s smart to make more than the minimum payment—however little more it might be. SoFi student loans have no fees at all, meaning there are no origination fees, application fees, late fees, or prepayment penalties. 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. In 2019, SoFi began offering private student loans to those currently in school, boasting low, competitive rates. (Income tax may still be owed on the amount that was forgiven.) Get access to estate planning services and draft your will for free. 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. Get personalized advice from a credentialed financial planner–at no cost. Licensed by the Department of Business Oversight under the California Financing Law License No. SoFi offers student loan refinancing on a variety of student loan products, including unsubsidized Direct Loans, Graduate PLUS loans, and private student loans. The lender has served more than 300,000 borrowers with $18 billion in refinanced student loans. This grace period could be six to nine months, depending on the program a student received a loan through. 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. Accessed March 10, 2020. Get no-cost access to Edmit Plus—a tool that helps you compare the true cost of colleges. For Small Businesses, including the Paycheck Protection Program (PPP), click here. Meet the SoFi leadership team and board members. 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. SoFi student loan refinancing is a good fit for borrowers with an associate’s degree or higher who are seeking a lower interest rate on their debt while maintaining access to a bevy of loan repayment options, including deferment and forbearance. SoFi personal and student loans are covered by unemployment protection, which allows you to put your loan in forbearance and stop making payments for three-month periods and up to 12 months over the loan’s lifetime. In fact, they were the first lender to refinance both federal and private student loans. In 2012, it became the first company to refinance federal and private student loans together. So here’s a guide that offers tips for repaying federal student loans. 6054612. As a result, you will end up with a single payment you’ll need to make every month. Once you’ve considered all of your financial aid options, you can move forward with your SoFi student loan application. Get access to experienced career coaches—complimentary for all SoFi members. 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. Interest will continue to accrue on your loan balance and will be added to the principal. We recommend that you review the privacy policy of the site you are entering. "Simple student loans that work for you." 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. 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 student loan refinancing offers flexible terms and low fixed or variable rates. Opting for a private student loan instead could help you save money. Licensed by the Department of Business Oversight under the California Financing Law License No. Forbearance may be available in other circumstances, such as medical issues, damage to your home, or a natural disaster. LIBOR Rate. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation. Questions? These are meant to further lighten the financial burden for individuals who have additional ongoing expenses or obstacles. Accessed March 10, 2020. Accessed March 10, 2020. By using Investopedia, you accept our, Investopedia requires writers to use primary sources to support their work. SoFi is one of the clear leaders in the space but not only in regards to student loans.From personal finance loans, wealth management, mortgages, and life insurance you name it and Sofi has some hand in each of the fields mentioned above. The lender offers competitive interest rates and doesn’t charge added fees. 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. Accessed March 10, 2020. And getting prequalified online is easy. Consumer Finance Protection Bureau. 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. From the time your application is submitted to loan disbursal can take four to six weeks. Get in touch with us via phone or email. 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. SoFi will review your information, and if you meet its underwriting and credit requirements, your cosigner may be removed from the loan. You must be enrolled at least half-time in a degree-granting program at an eligible institution. SoFi is an online personal finance company that provides several types of loans, including personal loans, mortgages, student loans, and student loan refinancing. You can borrow up to the total cost of attendance, and SoFi charges no origination, application, or late fees. SoFi is an online lender offering student loan refinancing, undergraduate, graduate, and parent loans in all 50 states. SoFi.com. 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. U.S. Department of Education. ©2020 Social Finance, Inc. All rights reserved. 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. On top of the lower interest rate, your interest doesn't compound during your residency. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. 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. The average income among approved borrowers is … 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 student loans have no fees at all, meaning there are no origination fees, application fees, late fees, or prepayment penalties. If you plan on obtaining an MBA from a business school or attending law school, you may be eligible for a SoFi student loan to complete your degree. Plus, it offers unemployment protection and forbearance options, giving you an added layer of protection that some other private loan lenders do not. (www.nmlsconsumeraccess.org). 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. When it comes to repaying federal student loans, there are many ways to think about taking them on. 6054612. 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. 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