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Where does SoFi do business?
SoFi is a marketplace lender based in San Francisco, CA. It was founded in 2011 and offers student loan refinancing in 50 states (and Washington, DC).
What APRs does SoFi offer on its student refinancing loans?
The range of APRs you qualify for when refinancing a student loan vary widely by lender and will depend on your creditworthiness and the type of loan you choose. Loans with fixed rates will typically have higher APRs than loans with a variable rate.
SoFi offers variable rate APRs that range from 2.47% to 7.24%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 3.899% to 8.229% APR.
How much can you borrow via SoFi?
Loan amounts start at $5,000 and go up to $1,000,000
Does SoFi charge an origination fee?
No, SoFi does not charge a loan origination fee.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does SoFi charge prepayment fees?
No, SoFi does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
What terms does SoFi offer?
SoFi provides refinancing loans of 5 to 20 years.
It also offers borrowers unemployment protection. This means that if you lose your job through no fault of your own your loan payments may qualify for a temporary hold.
What type of borrowers will SoFi consider?
SoFi considers loans applications from:
- undergraduate degree holders
- graduate degree holders
- parents of graduates
What do you need to qualify for a SoFi student loan refinance?
Applicants with a credit score of at least 650 can apply for a loan via SoFi.
Note that borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants must provide the following documentation:
- Proof of citizenship or residence permit
- Proof of income
- Proof of graduation
- Loan payoff statements
What is the estimated funding time for a student loan refinance via SoFi?
SoFi will typically fund loans within 1 and 7 days of approval.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Grace Period for Late Payment (Days)||6|
|No Origination Fee|
|No Prepayment Fee|
|Credit Score Range||
650 - 850
850 300 650
|Immigration Status Considered||
|Employment Statuses Considered||
|Verification Documents Required||
|Funding Time Range (in days)||1 - 7|
|Credit Bureau Reporting||
|Variable APR||2.47% - 7.24%|
|Loan Amount||$5K - $1M|
|Loan Term (Years)||5 - 20|
|Fixed APR||3.899% - 8.229%|