SoFi refinancing and private student loan: 2021 report
SoFi started offering private student loans to undergraduates in April 2019. It is a solid option for borrowers who have exhausted their federal student loan options and need the extra cash to fund tuition. . It also offers benefits such as career coaching, community events, and investments at no cost.
Compared to the largest private student loan companies in the industry, SoFi sets itself apart by offering personalized rate estimates without affecting your credit. This allows you to shop at the best rate without penalty. SoFi is also a good option for borrowers who want to pay off their student loan quickly. You can make payments above the minimum through automatic payment.
SoFi private student loans at a glance
You can see if you will qualify and what rate you will get without a credit check.
Several school repayment options available, including interest only, partial and deferred.
How SoFi could improve
SoFi, like other five-star lenders, isn’t perfect. SoFi could improve its private student loan product by:
Loan to international students.
Provide more repayment options for borrowers in difficulty.
SoFi Private Student Loan Details
Before applying for a SoFi student loan
Before taking out a SoFi student loan or any other private student loan, first exhaust your federal student loan options. Submit the Free Federal Student Aid Application, known as FAFSA, to apply.
Compare your private student loan options to make sure you get the best rate you qualify for. In addition to interest rates, consider lenders’ repayment alternatives and the flexibility they offer to borrowers who are struggling to make payments.
If you are not eligible for the SoFi student loan
If SoFi denies your student loan application, the lender tell you why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.
STUDENT LOAN RATING METHODOLOGY
NerdWallet believes that the best student loan is one that you can pay off at the lowest possible interest rate. That’s why NerdWallet’s student loan ratings reward lenders who offer a variety of loan terms, limit their fees and penalties, and give borrowers multiple options to avoid default. Points are also awarded for flexible credit checks, underwriting transparency, and other user-friendly features. Use these ratings as a guide, but we encourage you to research the lowest interest rate you can qualify for. NerdWallet does not receive any compensation for its reviews. Read our editorial guidelines.