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SoFi is an excellent lender for borrowers who want competitive APRs and a safety net in the case of a job loss. It's also a great lender for those who don't want to worry about fees.
Details
Regular Annual Percentage Rate (APR)
Variable: 5.49% - 13.97%, Fixed: 4.44% - 14.70% with AutoPay
Origination Fee
0
Editor's Rating
4/5
4 out of
5 Stars
Pros & Cons
Pros
No origination fees, prepayment penalties, or late fees
Solid APR
Several options for repayment term length
Quick application process
Unemployment protection
Cons
Credit check required
$5,000 loan minimum
Highlights
More Information
Apply through your computer or mobile device
Customer service available via phone, mail, and social media
Five, seven, 10, or 15 year repayment terms available
Loan minimum of $5,000, maximum up to 100% cost of attendance
Unemployment Protection provides up to 12 months of loan forbearance for eligible borrowers who lose their job through no fault of their own
Loans are originated by SoFi Lending Corp. or an affiliate
Repayment options available:
Deferred: No payments until six months after leaving school
Interest only: Only make payments on the loan's interest while in school
Partial payments: Pay $25 per month while in school
Full repayment immediately: Start making full payments while still in school
SoFi is best for borrowers with great credit who are looking for top-notch APRs and protection in the case of unemployment. SoFi also doesn't charge any fees, so it's a good lender if you want to cut down on the overall cost of your loan.
SoFi's one major downside is that is has a minimum loan amount of $5,000, so if you only need to borrow a bit of money, it isn't the best choice.
Types of Student Loans Offered by SoFi
SoFi offers student loans for several types of degrees, including:
Undergraduate
Graduate
Law school
MBAs
Health professions
Parent loans
Loan refinancing
SoFi Student Loans Details
The minimum you can take out is $5,000, with a maximum of up to 100% of the cost of attendance.
You need to meet the following qualifications to get a loan:
Be a US citizen or permanent resident or visa holder
Be at least 18 years old
Be enrolled in a degree-granting school half-time or more
Be making satisfactory academic progress as defined by your school
Pass a credit check
You or your cosigner need to be employed or have enough income from other sources
You can contact SoFi's customer support by phone from Monday to Thursday, 5:00 a.m. to 7:00 p.m. PT, or from Friday to Sunday, 5:00 a.m. to 5:00 p.m. PT. You may also reach out to the company by mail, or tweet at them to get help.
SoFi is an excellent lender for borrowers who want competitive APRs and a safety net in the case of a job loss. It's also a great lender for those who don't want to worry about fees.
Details
Regular Annual Percentage Rate (APR)
Variable: 5.49% - 13.97%, Fixed: 4.44% - 14.70% with AutoPay
Origination Fee
0
Editor's Rating
4/5
4 out of
5 Stars
Pros & Cons
Pros
No origination fees, prepayment penalties, or late fees
Solid APR
Several options for repayment term length
Quick application process
Unemployment protection
Cons
Credit check required
$5,000 loan minimum
Highlights
More Information
Apply through your computer or mobile device
Customer service available via phone, mail, and social media
Five, seven, 10, or 15 year repayment terms available
Loan minimum of $5,000, maximum up to 100% cost of attendance
Unemployment Protection provides up to 12 months of loan forbearance for eligible borrowers who lose their job through no fault of their own
Loans are originated by SoFi Lending Corp. or an affiliate
Repayment options available:
Deferred: No payments until six months after leaving school
Interest only: Only make payments on the loan's interest while in school
Partial payments: Pay $25 per month while in school
Full repayment immediately: Start making full payments while still in school
SoFi charges relatively low fixed and variable interest rates on its undergraduate student loans and doesn't charge any fees. The application process can be done in as few as three minutes.
SoFi offers a unique feature called unemployment protection on your student loans: Eligible borrowers are able to suspend payments on your loans if you lose your job through no fault of your own, for up to 12 months. SoFi will also provide job payment assistance. However, interest will continue to accrue during this forbearance period and will be added to your principle.
SoFi's graduate student loans are an extremely competitive option for graduate students, as the lender has lower minimum and maximum APRs than many similar companies. SoFi has no fees and a variety of repayment term lengths.
Graduate borrowers are also eligible for the company's unemployment protection program, which provides up to 12 months of loan forbearance in the case you lose your job through no fault of your own.
Pros and Cons of SoFi Student Loans
How to Apply for SoFi Student Loans
1. Gather required information. This includes your Social Security number, your school of enrollment, your enrollment status, the loan amount you need, your address, and other financial documents.
2. Fill in the details of your online application. You're apply to complete the application in about 15 minutes, and after doing so you'll get your rates.
3. Send the required supplementary documents. SoFi may require certain financial documents including proof of income and residency.
4. Accept your loan offer. After you get all your documents in order, SoFi will send you a formal loan agreement. SoFi will fund your loan after you sign on the dotted line.
What Options Do I Have to Repay My SoFi Student Loans?
You have four options to repay your student loan after you've taken it out: deferred, partial, interest-only, and immediate payment. Each option has its advantages for different types of borrowers.
Deferred
Partial
Interest-only
Immediate
No payments while in school or during six-month grace period
Unpaid interest accrues
Highest overall cost
Pay $25 per month while in school
Unpaid interest accrues
Low in-school payments
Reduces some of overall cost
Pay loan's interest monthly while in school
Moderate in-school payments
Reduces overall cost
Repay principal plus interest right away
Lowest overall cost
Highest in-school payments
Deferred payments are the most expensive option because you're not paying off anything during your time in school or in your grace period, so your balance will continue to grow until you graduate and start making payments.
Immediate payments are the least expensive option because by paying down your debt in full monthly payments right away, there's less time for interest to accrue on your loan.
SoFi Student Loans Frequently Asked Questions
What credit score do you need for a SoFi student loan?
SoFi doesn't disclose its minimum credit score requirements.
How long does SoFi take to approve student loans?
After you submit your application, the lender may approve your student loan right away.
Is SoFi trustworthy?
The Better Business Bureau gives SoFi an A+ grade. The BBB evaluates companies by measuring a business' responses to consumer complaints, honesty in advertising, and clarity about business practices.
SoFi Student Loans Competitors
How SoFi undergradutestudent loans compare
SoFi Undergraduate Student Loans
College Ave Undergraduate Student Loans
Sallie Mae Undergraduate Student Loans
Editor's Rating
4/5
Regular Annual Percentage Rate (APR)
Variable: 5.49% - 13.97%, Fixed: 4.44% - 14.70% with AutoPay
If you have good credit, you may get a marginally better fixed APR with College Ave than with SoFi, as College Ave has a lower minimum rate.
However, if your credit isn't in the best shape, SoFi's maximum interest rate is lower than what you could pay with College Ave. SoFi won't charge any late fees, while College Ave may penalize you up to $25 for a delayed payment.
SoFi also comes with an unemployment protection program that allows eligible borrowers to suspend payments on their loans if they lose their job through no fault of their own, for up to 12 months. College Ave doesn't have a similar offering.
SoFi vs. Sallie Mae
SoFi has a significantly lower minimum and maximum fixed APR than Sallie Mae. Both companies have nearly identical APR ranges for variable rate loans.
You can start making immediate payments on your full loan balance (principal plus interest) with a SoFi student loan, but Sallie Mae only offers deferred, fixed, and interest-only repayment plans.
How we rated SoFi student loans
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
Interest rate (20% of rating)
Fees (20% of rating)
Term lengths (15% of rating)
Repayment options while in school (15% of rating)
Borrower accessibility (15% of rating)
Customer support (7.5% of rating)
Ethics (7.5% of rating)
Each category's weighting is determined based on its importance to your borrowing experience. Rates and fees have the most significant impact on the total cost of your loan, so we weigh those the most heavily. Customer support and ethics are still crucial parts of the borrowing experience, but do not directly tie to a student loan's terms, so they have less of an impact on the overall rating.
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>
Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City.Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions.The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate.He joined Insider in February 2022 as a fellow on the compliance team.Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends.
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