SoFi Student Loans Review: No Fees at All!
With multiple loan options, competitive rates, and transparency, SoFi student loans offer a fresh perspective on financing your academic dreams!
Get low APR student loans with autopay discounts!
College is expensive, but student loans can help. In this blog post, we’ll review SoFi Student Loans and help you make an informed decision.
From credit scores to borrowing limits, we’ll cover everything you need to know. Stay tuned to broaden your options and make the best decision for your future!
- APR: 8.99% to 25.81% (enjoy 0.25% autopay discount);
- Loan Purpose: Private loan and refinance loan;
- Loan Amounts: Up to 100% financing;
- Credit Needed: Private loan (640), and not disclosed for refinance loan;
- Origination Fee: None;
- Late Fee: None;
- Early Payoff Penalty: None.
SoFi Student Loans overview
SoFi offers private and refinance student loans with no hidden fees and competitive fixed or variable interest rates.
- Zero Fees: No fees for origination, prepayment, or late payment.
- Loan Variety: Undergraduate, graduate, law, MBA, health professional, and parent loans.
- Flexible Loan Amounts: Accessible loans start at $5,000. You can use it to cover 100% of educational costs, including tuition, books, supplies, and accommodations.
- Autopay Perks: Get a 0.25% point rate discount on your payments.
- Pre-Qualification Made Easy: Pre-qualify with a soft pull, no harm to your score.
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SoFi understands that everyone’s financial situation is unique. So they offer various repayment options to cater to your needs:
Firstly, you can defer payments and repay the principal and interest six months after graduation.
During your time in school, you can pay only the interest on your loan, reducing your immediate financial burden.
Make small $25 fixed monthly payments while you’re still in school.
Then after 24 consecutive payments, you can even add a cosigner if needed.
Finally, for those who prefer, you can start repaying immediately.
SoFi Student Loans: pros and cons
Every financial decision comes with its own set of advantages and disadvantages, especially when it comes to your education.
So, let’s review the pros and cons of SoFi Student Loans.
- Zero fees;
- Wide range of loan options;
- Flexible repayment options;
- Autopay discounts.
- No cosigner options for refinancing;
- The process can be slow ( about 4 to 6 weeks).
Minimum credit score
For private loans, the minimum score is 640. However, SoFi doesn’t disclose the minimum score for refinancing.
Want to apply for the SoFi Student Loans? We will help you!
Are you eager to dive into the application process for SoFi Student Loans? In our next post, we’ll guide you through the steps. So, stay tuned!
About the author / Suzana Brito
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