SoFi Private Student Loan Review – Undergraduate

SoFi private student loan can help cover extra expenses here and there. In this review, we’ll cover some important information about it and help you decide if it’s right for you to finance your education with.

Please note: All variable rates are current as of 10/25/2021. We are not compensated by SoFi at this time if you take out a new, private undergraduate student loan with them through this article.  See how This College Life makes money here.

Snapshot:

  • Everything is done online
  • No origination fees
  • No late fees
  • Cosigner option available
  • Only takes 3 minutes to get a rate quote
  • 4 Different ways to repay
  • No payments while in school
  • Partial payment option
  • Interest-only option

Check Your Private Student Loan Rate with SoFi

What Makes the SoFi Private Student Loan Unique?

The wide variety of different repayment methods makes this loan unique. You have four total options with them. The first is the Deferred payment method.

Using that one, you start paying principle + interest payments six months after you leave school. This method is in-line with the usual federal loan repayment structure. There’s no payments while in school and it’s the highest overall cost option.

Then there’s the Interest only option. Under that method, you only make payments on the interest while you’re in school. That means a small payment while you’re in school and it reduces your overall cost.

After that you’ve got the Partial payment method. This means that you pay a $25 fixed monthly payment while you’re in school. It’s the lowest-cost payment option while in school. That will reduce some of your overall cost!

Lastly, you’ve got the Immediate payment option. This means that you’ll start paying the principle and interest payments right away. It’s the most expensive payment option while in school but the overall lowest cost option long-term.

To Qualify for the SoFi Private Student Loan

There are a few different pieces for SoFi’s eligibility criteria. In addition to the following points, you will also need to meet their underwriting criteria to qualify and get a loan from them.

  • You need to be employed or have an income from some other source (or your cosigner does).
  • You must be the age of majority in your state of residence or have a cosigner who is
  • Must live in a state where SoFi Lending Corporation can lend. That’s all 50 + the District of Columbia now
  • Your grades need to be good – the official term is that you must be making “Satisfactory Academic Progress” or SAP for short.
  • Must be enrolled at least half-time in a degree granting program at an Eligible institution
  • Your loan must be at least $5000 and potentially higher depending on the state

Check out their additional requirements here.

Unemployment Protection

Something nice about the SoFi private student loan is that if you lose your job (through no fault of your own) you can apply for unemployment protection. You can qualify for that if your loan or loans is/are in good standing when the request is made.

If you get approved for that, SoFi will suspend your monthly loan payments and give you assistance for job placement during your forbearance period. Interest will continue to accrue during your forbearance period and be added to the loan’s principle at the end of each forbearance period for your SoFi private student loan.

The Rates

*Fixed rates are currently between 2.99% APR and 10.66% APR (with autopay).

*Variable rates are currently between .99% APR – 11.22% APR (with autopay).

The variable rate loan is derived from the one-month LIBOR rate plus a margin of between 1.72% – 12.15%.

You’ll get a .25% autopay discount if you make payments by ACH transfer.

Any drawbacks?

Taking out a private student loan will cause you to miss out on various perks that federal loans carry. These include the ability to enroll in various federal student loan forgiveness programs like income-driven repayment.

What People Are Saying

Out of 2,488 reviews on Trustpilot, SoFi as a company scores a 3.3/5. About 80% of those reviews are “Excellent,” too.

Their BBB rating is an A+, they are not accredited there.

Their current rating on Glassdoor is 3.6/5 with 70% approval of CEO Anthony Noto.

Sound like a SoFi private student loan is the right fit for you? Check your rate with them here.

*Disclaimer:

Fixed rates from 4.99% APR to 19.63% APR include a 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 10/25/21 and are subject to change based on market conditions and borrower eligibility. SoFi Personal Loans are not available to residents of MS. Additional state restrictions may apply. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings, checking, or other account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings, checking, or SoFi Money account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To qualify for an additional 0.25% APR direct deposit discount you must: (1) set up autopay with SoFi Money within 20 days of the funding of your loan, AND (2) setup payroll direct deposits of at least $1,000/mo to SoFi Money within 35 days of the funding of your loan. If you do not set up autopay with SoFi Money within 20 days of the funding of your loan, AND set up payroll direct deposits to SoFi Money within 35 days of the funding of your loan you will not be qualified for this additional 0.25% direct deposit discount. Once qualified, you will receive this additional 0.25% direct deposit discount during periods in which you have direct deposits of at least $1,000/mo turned on with your SoFi Money account.  This additional direct deposit discount will be lost during periods in which you have turned off direct deposits for your SoFi Money account. You are not required to enroll in autopay or direct deposits to receive a loan from SoFi. The Direct Deposit Rate Reduction excludes members from receiving the $100 SoFi Money┬« direct deposit promotional program. SoFi Money┬« is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA. Neither SoFi nor its affiliates are a bank. SoFi Money Debit Card issued by The Bancorp Bank.

Bob Buckley

Bob Buckley writes about food and business.