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SoFi Student Loan Refinancing Review
SoFi Student Loan Refinancing is a student loan refinance offering by SoFi, . Founded in 2011, SoFi offers student loan refinancing in 50 states (and Washington, DC).
What APRs does SoFi Student Loan Refinancing 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 Student Loan Refinancing offers variable rate APRs that range from 2.31% to 7.362%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 3.46% to 5.98% APR.
Rate is quoted with autopay discount*.
How much can you borrow via SoFi Student Loan Refinancing?
Loan amounts start at $5,000 and go up to $1,000,000
Does SoFi Student Loan Refinancing charge an origination fee?
No, SoFi Student Loan Refinancing 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 Student Loan Refinancing charge prepayment fees?
No, SoFi Student Loan Refinancing 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 Student Loan Refinancing offer?
SoFi Student Loan Refinancing 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 Student Loan Refinancing consider?
SoFi Student Loan Refinancing considers loans applications from:
- undergraduate degree holders
- graduate degree holders
- parents of graduates
What do you need to qualify for SoFi Student Loan Refinancing?
Applicants with a credit score of at least 650 and up to 850 are eligible for SoFi Student Loan Refinancing.
SoFi Student Loan Refinancing does not have or does not disclose a minimum annual income eligibility requirement. SoFi Student Loan Refinancing only considers borrowers who are employed. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via SoFi Student Loan Refinancing. Their rates fall within the limits of The Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by SoFi Student Loan Refinancing. Permanent resident / green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Proof of graduation
- Loan payoff statements
- Proof of income
- Proof of identity
- Proof of citizenship or residence permit
What is the estimated funding time for a student loan refinance via SoFi Student Loan Refinancing?
SoFi Student Loan Refinancing will typically fund loans within 1 and 7 days of approval.
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- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Interest Grace Period for Late Payment||6|
|No Origination Fee|
|No Prepayment Fee|
|Origination Fee (%)||0%|
|Employment Statuses Considered||
|Immigration Status Considered||
|Verification Documents Required||
|Funding Time Range (in days)||1 - 7|
|Credit Bureau Reporting||
|Fixed APR||3.46% - 5.98%|
|Loan Amount||$5K - $1M|
|Variable APR||2.31% - 7.362%|
|Loan Term||5 - 20 years|