We also reference original research from other reputable publishers where appropriate. Like SoFi’s other student loans, there are no origination fees or late fees, and no prepayment penalties. The lender has served more than 300,000 borrowers with $18 billion in refinanced student loans. Exclusive member events to build your future, community, and career. As outlined in the CARES Act, and extended by executive order, both the suspension of loan payments and the 0% interest rate on loans owned by the Department of Education are to expire on December 31, 2020. SoFi student loans have no fees at all, meaning there are no origination fees, application fees, late fees, or prepayment penalties. SoFi goes beyond what traditional lenders would offer you. That privilege isn’t exactly bragworthy, so it’s smart to make more than the minimum payment—however little more it might be. Student loan refinance companies like SoFi are becoming useless, due to shifts in the market and in federal loan interest rates. However, SoFi has a high loan minimum, so it may not be the best lender for you. Generally speaking, the most popular repayment plan for federal student loans is the Standard Repayment Plan. Meet our panel of SoFi Members who provide invaluable feedback across all our products and services. SoFi student loans are serviced by MOHELA or the Missouri Higher Education Loan Authority. SoFi does have a loan prequalification tool. Members get exclusive SoFi Stadium perks like expedited entry, access to the SoFi Member Lounge, and more. With the Extended Repayment Plan, a borrower can take up to 25 years to pay the loan. Once you apply and are approved for a loan, you need to submit supporting documentation and sign your loan documents. SoFi student loan refinancing is a good fit for borrowers with an associate’s degree or higher who are seeking a lower interest rate on their debt while maintaining access to a bevy of loan repayment options, including deferment and forbearance. Federal student loans come with many options for repayment. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. 6054612. After making 24 consecutive on-time full principal and interest payments, you can apply for a cosigner release. It also provides extra perks, such as career coaching, referral bonuses, and free financial planning to help you after graduation. You can apply and get a credit decision within a few minutes. Even if you think a SoFi private student loan is right for you, it’s a good idea to complete the Free Application for Federal Student Aid (FAFSA). Licensed by the Department of Business Oversight under the California Financing Law License No. Neither SoFi nor MOHELA are included in the Annual Report of the Consumer Financial Protection Bureau Private Education Loan Ombudsman. On TrustPilot, SoFi has more than 2,400 reviews and a four-star rating. Customer support is available by emailing [email protected] or by calling 855-456-7634. You should always consider their appropriateness given your own circumstances. Get no-cost access to Edmit Plus—a tool that helps you compare the true cost of colleges. (Income tax may still be owed on the amount that was forgiven.) Sometimes, that content may include information about products, features, or services that SoFi does not provide. Expected Financial Aid (including federal financial aid and scholarships). Accessed March 10, 2020. You can find out if you qualify for a loan online and get a rate estimate without affecting your credit score. SoFi is an online lender offering student loan refinancing, undergraduate, graduate, and parent loans in all 50 states. For example, Grad PLUS Loans—federal student loans for graduate and professional borrowers—have a disbursement fee of 4.236%. If you borrowed $10,000, that means you’d pay $423.60 just to get the money you borrowed. Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. A Direct Consolidation Loan allows a borrower to consolidate multiple federal education loans into one loan at no cost. SoFi student loan refinancing offers flexible terms and low fixed or variable rates. There are four repayment options for undergraduate, graduate, MBA, and law school student loans: Parent student loans are only eligible for immediate repayment and interest only repayment. Borrowers can also learn to harness momentum to pay off student loans faster. Just want to talk? SoFi loans issued before May 1, 2019, aren’t eligible for cosigner release. Are you the calculating sort? SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. The lender offers competitive interest rates and flexible repayment options and has loans for undergraduate, graduate, and parent borrowers. PLEASE CAREFULLY CONSIDER THESE CHANGES BEFORE REFINANCING FEDERALLY HELD LOANS WITH SOFI, SINCE IN DOING SO YOU WILL NO LONGER QUALIFY FOR THE FEDERAL LOAN PAYMENT SUSPENSION, INTEREST WAIVER, OR ANY OTHER CURRENT OR FUTURE BENEFITS APPLICABLE TO FEDERAL LOANS. "Annual Report of the CFPB Private Education Loan Ombudsman." sofi student loan refinance if you are looking to refinance federal student loans please be aware of recent legislative changes that have suspended all federal student loan payments and waived interest charges on federally held loans until the end of december due to covid-19. You’ll need the following information: SoFi student loans are a good option if you exhausted federal aid. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. (The Education Department also has a calculator if you want to play around with your numbers.). Get personalized advice from a credentialed financial planner–at no cost. President Trump recently announced that interest will be waived for all student loans held by Federal Government Agencies. 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