SoFi Lending Corp, better known as SoFi, is a digital lender specializing in private student loans and various other lending products. Its tech-powered underwriting process assesses borrowers on their financial health, including credit history. SoFi offers four ways to repay your loan while in school: full principal and interest, interest-only, partial, or full deferment.
Loan types: Undergraduate, graduate, law, MBA, parent
APRs: 4.99% - 13.07% variable, 4.49% - 13.80% fixed
Repayment terms: 5-15 years
Loan amount: Up to 100% of cost of attendance
Origination fees: No
SoFi offers competitive rates on undergraduate loans and among the lowest rates on the market for graduate, law school, MBA, and parent loans. All SoFi borrowers have a choice between fixed and variable rates. Like other lenders, the lowest rates are reserved for borrowers and co-signers with excellent credit. An automatic 0.25% rate discount applies when using autopay to make monthly payments. The rates below include the autopay discount.
Loan type |
Variable APRs |
Fixed APRs |
Undergraduate loans |
4.99% - 13.07% |
4.49% - 13.80% |
Graduate loans |
5.12% - 13.07% |
5.25% - 13.60% |
Law & MBA loans |
5.12% - 12.63% |
5.25% - 13.15% |
Parent loans |
5.74% - 13.13% |
6.50% - 13.98% |
SoFi offers a choice of four repayment terms: 5, 7, 10, or 15 years. The longer your loan, the smaller your monthly payments, but the more you will pay in interest overall.
SoFi offers a choice of four repayment options while you’re still in school.
It only takes three minutes to find out if you pre-qualify without any impact to your credit, followed by an additional 15 minutes to fill out an application. Once you lock in your loan, SoFi will contact your school to confirm your enrollment. The entire process, from application to actually sending the money to the school, typically takes 4-6 weeks, but it can be shorter or longer than that, depending on the school.
To qualify, borrowers must:
According to SoFi, having a co-signer with a solid financial history and good, established credit makes approval seven times more likely. Borrowers may apply for co-signer release after 24 consecutive on-time full principal and interest payments.
SoFi offers digital applications only. To get support from a SoFi representative, call 855-456-SOFI (7634) from Mon-Thu, 5am-7pm PT or Fri-Sun 5am-5pm PT.
Social Finance, Inc., also doing business as SoFi Lending Corp or SoFi, is a tech-powered personal finance company based in San Francisco. It was founded in 2011 with the goal of providing affordable student loan options. Today, its products include student loans, home loans, personal loans, and wealth management products.
SoFi has earned a reputation as one of the top digital lenders for private student loans and other lending products. If it has one advantage over competitors, it is the lowest rates on offer for graduate, MBA, and law school loans. If you or your co-signer have excellent credit, then SoFi may be able to offer you a loan with interest as low as 4.49% to 5.12% APR.