SoFi is a surprising competitor to the more popular student loan lenders, despite many downsides
SoFi is a surprising competitor to the more popular student loan lenders, despite many downsides Our Verdict SoFi is a worthy choice for many borrowers with no hidden fees and generous repayment plans, but may not be for students who want to borrow less than $5,000 or who may anticipate needing to postpone payments for personal reasons. Generous repayment plans Absolutely no fees Beneficial perks like career coaching and networking events Against Minimum $5,000 loan Other private lenders likely have better rates Relatively stringent credit requirement Forbearance and deferment options are unclear No co-signer release option Top Ten Reviews Verdict SoFi is a worthy choice for many borrowers with no hidden fees and generous repayment plans, but may not be for students who want to borrow less than $5,000 or who may anticipate needing to postpone payments for personal reasons. SoFi Student Loans: What you need to know SoFi is an online personal finance company that provides several types of loans, including personal loans, mortgages, student loans, and student loan refinancing. SoFi – short for Social Finance – is also a significant online resource of tools to help people manage their money better, such as learn content and calculators. SoFi was established in 2011, and has served over 250,000 customers since. Best Student Loan Providers Best Debt Consolidation Companies SoFi Student Loans: Common questions Discounts: Loans are a eligible for a 0.25% interest rate discount if you sign up for automatic payments. Existing SoFi members (borrower or co-signer) can get an additional 0.125% interest rate reduction on student loans. Repayment options: Deferred (no payments until 6 months after leaving school), interest only (interest payments while in school), partial ($25 fixed monthly payment while in school), and immediate (principal and interest payments while in school)
