SoFi was founded in 2011, when four graduates from Stanford Graduate School of Business committed to helping people pay down their student debts in a timely manner. Their dedication to lowering customers’ student debt payments have made them one of the most popular and fastest growing companies in the industry.
SoFi is dedicated to providing top quality services to one of the most underserved communities in the debt industry, people with high outstanding student loans. SoFi provides debt consolidation loans with interest rates significantly lower than many student loan issuers, saving customers an average of $22,359 on their student loan repayments. Their flexibility of terms and rate options coupled with low interest rates makes them a standout and favorite amongst recent graduates.
SoFi customers can refinance both secured and unsecured debt. Therefore, SoFi customers can refinance their student loans whether they were issued privately or by the government. Please note that for Federal loan refinancing, you will lose access to benefits such income-based repayment and pay-as-you earn programs.
SoFi is one of the most innovative and flexible lenders in the industry and as a result is an excellent resource for employed recent graduates who want to put their student loans behind them as quickly as possible. Best for people who want to refinance secured student and home debt. SoFi’s approval process is forward looking and takes into account a potential borrower’s education history. For that reason, SoFi believes in its customers throughout the whole loan term. If a customer becomes unemployed, SoFi will pause payments and help with job placement. The interest accrued during this period, would be added to your loan, but this gives borrowers a sense of power when faced with unexpected life challenges. SoFi also offers an entrepreneur program to help graduates who dream of owning their own business. Under this program, loans can be deferred for 6 months so you can focus on growing your business.
Getting a rate quote from SoFi requires an application form that takes approximately 10 minutes to complete. Potential borrowers must give the same basic information they would for any loan. In addition, prospective customers must enter detailed education and employment information, as this information is critical for SoFi’s creditworthiness assessment. If a borrower does not meet the lending qualifications on their own, SoFi offers them a co-signing option.
SoFi does not place a cap on its student loan refinancing limit. It provides coverage for the total cost of your education. Student loans are available for both undergraduate and graduate school. However, there is a required minimum of $5000 in student loan debt to qualify for refinancing.
- Offers some of the most competitive loan rates in the industry
Qualifying borrowers who are refinancing their student loan can get fixed rates as low as 3.350% APR and variable rates as low as 2.795% APR.
- Members save an average of $22,359 on their student loan payments
By refinancing student loans at a lower interest rate, even at just 1% less, borrowers can significantly reduce their total student debt payments.
- Provides unemployment protection
If a customer loses their job, SoFi will temporarily pause payments and offer interview coaching, resume reviews, and training related to negotiating tactics.