SoFi offers several student loan options that can cover up to the total cost of your higher education. MoneyGeek created this SoFi student loan review to break down loan terms, offers and requirements to help you decide whether a SoFi student loan is the best option for you.
2024 SoFi Student Loans Review
Updated: November 6, 2024
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At a Glance: SoFi Student Loans
- SoFi
- 3.22%–11.16%Fixed APR Range
- 1.10%–11.68%Variable APR Range
- $5,000 minimum, no maximumLoan Amounts
- Deferment until six months after graduationGrace Period
- OptionalCo-signer
SoFi, founded in 2011, started offering student loan refinancing in 2012. It was the first company to offer the refinancing of both federal and private student loans. Since then, it has funded over $50 billion in loans.
SoFi offers several different financial products, including student loans. Depending on your needs, you can choose an undergraduate, graduate, law or MBA loan. SoFi also offers student loan refinancing. Parents and sponsors can also take out a loan to finance their student’s education.
If you choose to make automated payments, you can get a 0.25% discount on your interest rate. If you or your co-signer is already a SoFi member, you can also enjoy a 0.13% interest rate reduction. Additionally, you can earn and redeem rewards points by using the SoFi app. Student loans in good standing that are at least nine months old may also apply for unemployment protection assistance, which may lower monthly payments in the event of unemployment.
SoFi is a great option for individuals looking to finance the total cost of attendance in school. That said, there is a minimum loan amount of $5,000. If you need a lower amount, you may want to explore other options.
Pros
- No origination fees
- No fees for insufficient funds or late payments
- No prepayment penalties
- Borrow up to the total cost of your education
- Offers several discounts and rewards
Cons
- Minimum loan amount of $5,000
- APR can be as high as 11.68%
- Funding may take four to six weeks
- Fixed APR Range: 3.22%–11.16%
- Variable APR Range: 1.10%–11.68%
- Loan Amounts: $5,000 minimum, no maximum
- Grace Period: Deferment until six months after graduation
- Co-Signer: Optional
MoneyGeek Breakdown: SoFi Student Loan Details and Requirements
SoFi Details
Fixed APR | 3.22%–11.16% |
Variable APR | 1.10%–11.68% |
Loan Types | Undergraduate, Graduate, Law, MBA, Parent and Refinancing |
Loan Amounts | $5,000 minimum, no maximum |
Repayment Terms | 5, 7, 10 and 15 years |
Grace Period | Deferment until six months after graduation |
Co-signer Required | No |
Time to Receive Funds | Four to six weeks |
Late Fees | No |
Prepayment Penalty Fees | No |
Perks |
|
Mobile Application | Yes |
SoFi Student Loan Application Requirements
- 1
Must be the age of majority in the state of residence (otherwise, an age of majority co-signer is required)
- 2
Must be a U.S. citizen, permanent resident or visa holder
- 3
Non-permanent residents or DACA recipients will need a creditworthy co-signer who is a U.S. citizen or permanent resident
- 4
Borrower or co-signer must have sufficient income or be employed (proof of income may be necessary for some)
- 5
Must use loan for qualified education expenses at an eligible school or institution
- 6
Must be enrolled at least half-time
- 7
Social Security number
- 8
Government-issued ID
- 9
Student’s school information (including estimated date of graduation and academic term)
Is SoFi Right for You?
The best student loan may vary per person. Check the terms, rates, fees and offers of other lenders and compare them with SoFi to find the right lender for you.
Type of Student SoFi Is Perfect For
When choosing a student loan, you have to make sure that it caters to your needs. Weigh your options carefully and determine which lender has the best offer.
SoFi student loans are a great option for individuals looking for a way to finance the total cost of an undergraduate, graduate, law or MBA education. Parents or sponsors who need help financing their student’s education may also apply.
Additionally, you can opt to defer your payments until six months after your graduation. Individuals looking for a way to refinance their student loans may also find SoFi a good option.
Who Should Not Choose SoFi
MoneyGeek’s SoFi student loan review shows that the release of funds may take four to six weeks. Depending on the school, the timeline may be shorter or even longer. If you need funds immediately, SoFi may not be right for you.
SoFi only offers four loan terms (five, seven, 10 or 15 years). If you are looking for a longer term, you’ll have to find another lender.
Additionally, SoFi has a minimum loan amount of $5,000. If you need a smaller amount, this will not be the right lender for your needs.
How to Apply for a SoFi Student Loan
Getting a student loan requires you to complete an application process. MoneyGeek breaks down the steps you have to take to apply for a SoFi student loan.
- 1
Prequalify
Check if you qualify for SoFi’s Fast Track Application. The lender offers this service to borrowers who have borrowed from SoFi or cosigned for a SoFi borrower in the past. If you are eligible for the Fast Track Application, the company will pre-fill most of your application using information from your previous SoFi application.
- 2
Fill Out Application Form
If you are not qualified for the Fast Track Application, proceed with filling out the application form. Prepare the following:
- Social Security number
- School information (estimated graduation date and academic term)
- Loan amount
- Financial aid you expect to receive
- Proof of income (for some)
- Government-issued ID (for some)
- 3
Wait for Approval
After submitting a completed application form, you will be subject to approval. According to the lender, most borrowers get a decision in three minutes.
- 4
Review Loan Agreement
If your application is approved, SoFi will send you a loan agreement. Review the document. Make sure you check all details and understand the terms and conditions of the loan.
- 5
Sign Loan Agreement
If all details of the loan agreement are clear to you and you think that the SoFi student loan is the best option for you, sign the loan agreement. You can electronically sign the documents.
Once SoFi receives your signed loan agreement, it will send your application information to your school to get a certification. Your school will then verify your academic progress, enrollment status and financial aid package. The processing time depends on your school.
- 6
Receive or Direct Funds
The borrower’s school will send a certification back to SoFi. Then, the lender will schedule when to send the funds to the school. Your school will determine the timeline.
- 7
Make Payments
How you make payments depends on the repayment option you choose. Generally, SoFi offers four options. The availability of each repayment option depends on the type of student loan.
- Deferred: Pay principal and interest six months after graduation
- Interest-only: Start paying interest while in school and make full payments after graduation
- Partial: Pay $25 every month while in school and make full payments after graduation
- Immediate: Start paying the principal amount and interest right away
What to Do if You Are Rejected by SoFi
In some cases, SoFi denies student loan applications. If that happens, your first step is to figure out why you were denied a loan. There are various possible reasons, including low credit scores, not enough income and not enough credit history. It is best to find this information out before you apply for another loan. Then, ask the lender if there is a possible way to modify your application so that it becomes acceptable to them.
You can also talk to your school’s financial aid advisors or office for additional information and resources. It would also help to research other options that may be available to you. Compare different lenders and loan offers to find one suitable for your needs.
If you think a SoFi student loan is the best option for you, but you do not qualify, consider getting an eligible co-signer. Clarify the specific qualification requirements for a co-signer with SoFi.
Frequently Asked Questions About Student Loans
MoneyGeek created this SoFi student loan review to help determine whether a SoFi student loan is the right option for you. To further help you make a well-informed decision, MoneyGeek answers some of the most commonly asked questions about SoFi student loans.
What can I use a SoFi student loan for?
SoFi student loans can be used to cover up to the total cost of attendance at an eligible institution. Depending on your needs, you can get a loan to finance your undergraduate, graduate, law or MBA studies. Parents and sponsors can also take out a loan to finance their student’s education.
What credit score do I need for a SoFi student loan?
SoFi does not disclose the minimum credit score required for student loans. That said, having a good credit score can help increase the possibility of getting an approved loan application. If you think your score is not good enough, you can have a co-signer with a strong credit score and history.
How long does SoFi take to approve a student loan?
After submitting an application form, you can expect to receive a decision on whether your loan is approved or not within three minutes. That said, the time it would take for fund release will depend on the timeline set by the school. It usually takes around four to six weeks.
Does SoFi have a mobile app?
Yes, SoFi allows borrowers to manage their loans through its mobile app. Additionally, you can earn and redeem points through the mobile app.
What is the maximum amount I can borrow from SoFi?
SoFi does not have a set maximum amount you can borrow. It allows borrowers to get a student loan that would cover the total cost of attendance at an eligible institution.
Will applying for a SoFi student loan affect my credit score?
SoFi does a soft credit inquiry first, which does not affect your credit score. However, once you push through with the application, the company will request a full credit report. This hard credit check will have an impact on your credit score.
Does SoFi accept co-signers on student loans?
Yes, SoFi allows borrowers to have co-signers on student loans.
Can I use SoFi student loans at my college?
SoFi student loans can be used to cover the total cost of attendance at an eligible institution. Generally, this includes most colleges. SoFi has two main criteria to determine whether your school is eligible for its student loans. First, it must be a Title IV not-for-profit college or university. Second, at least 25% of your school’s students must graduate with either a Bachelor’s or a higher degree.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.