Advantages and disadvantages
SoFi Elementary Student Loans
Variable – 1.11% – 11.22%, Fixed – 3.49% – 10.66%
SoFi charges relatively low fixed and variable interest rates for undergraduate student loans and is free of charge. The application process can be completed in just a few minutes.
SoFi offers a special feature called Unemployment Protection on Student Loans – Qualified borrowers can suspend payments on your student loan for up to 12 months if you lose your job. Sophie also provides payroll assistance. However, during this tolerance period, interest will continue to accumulate and will be added to your policy.
In addition, if you have your primary loan, you can receive a $ 200 bonus deposited in your SoFi Money account until August 21, 2021.
SoFi Graduate Student Loans
Variable – 1.09% – 11.33%, Fixed – 4.13% – 10.90%
The lender is a subsidiary of many similar companies with low and high APR. Sophie graduation loans are a very competitive option for graduate students. SoFi has no fees and different payment terms.
Graduated borrowers are also eligible for the company’s Unemployment Protection Program, which provides loan tolerance for up to 12 months in case you lose your job due to your own fault.
How SoFi Student Loans Work
SoFi offers student loans for a variety of degrees, including undergraduate, graduate, law school and MBA. You can spend as little as $ 5,000, up to 100% of the maximum price.
To qualify for a loan, you must meet the following requirements
- Be a US citizen or permanent resident or holder of a visa
- Be at least 18 years old
- Enroll in a school that offers a degree for half an hour or more
- Make satisfactory academic progress as described by your school
- Pass a loan check
- You or your co-worker must be employed or earn enough income from other sources
Since you can usually get better terms and protections from the government, give priority to your federal student loan options before applying for any private student loan with SoFi.
You can apply for a loan in just a few minutes, and you will need to provide the following information.
- Social Security Identification Number
- Expected Graduation Day
- Loan amount
- The financial support you expect to receive
- If you already have a private student loan with SoFi
Some borrowers may also need proof of income or government-issued identification.
You can contact SoFi Customer Support by phone from Monday to Thursday, 5:00 AM to 7:00 PM PT, or Friday to Sunday, 5:00 AM to 5:00 PTF. You can also contact the organization by mail or send it to them for assistance.
What options do I have to repay my SoFi student loans?
Once you have paid, you have four options to repay your student loan: probation, partial, interest only and immediate payment. Each option has benefits for different borrowers.
Delayed payments are a very expensive option because you will not pay anything during your school or leisure time, so your balance will continue to grow until you graduate and start paying.
Urgent payments are a very expensive option because you have less time to pay interest on your loan, paying off all your debts immediately.
Is Sophie trustworthy?
The best business office provides security for SoFi A +. The BBC assesses business reliability by measuring business responses to customer complaints, advertising honesty and transparency.
However, they may be worried about the scandal involving SoFi over the past few years. A.D. In 2019, the company was accused of defrauding consumers in terms of reimbursing SoFi. The Federal Trade Commission then barred SoFi from making any savings without credible evidence to support those claims.
Sophie has a high BBB score, but if you don’t like this scandal, you may decide that it would be better to choose another student loan.
How Sophie Student Loans Compete with Similar Lenders
SoFi Primary Student Loan Rates are just as good as those offered by similar lenders – although rates depend on your credit eligibility and other financial circumstances. Here’s how SoFi competes with the competition:
SoFi Review with College Ave Review
If you have good credit, you can get a slightly better fixed APR with College Ave than SoFi because it has a lower minimum.
However, if your credit is not in good condition, SoFi’s maximum interest rate is lower than you can pay with College Avenue. Sophie doesn’t charge late, College Ave can fine you up to $ 25. .
SoFi also comes with an unemployment protection program that allows eligible borrowers to stop paying off their loans for up to 12 months if they lose their job due to their own fault. College Ave does not have the same supply.
Sophie’s review with Sally Mai’s review
SoFi has a much lower and higher fixed APR than Salley May. Both companies have the same APR range for variable rates.
With SoFi Student Loan, you can start making payments right away on your entire loan balance (principal and interest), but Sally Mai only offers transfers, adjustments and interest-only plans.