Student Loan Refinancing SoFi is popular for providing student loan refinancing services
On top, 98% of students who refinanced student loans recommended this platform to a friend which is a big achievement for a new startup in the complex lending industry.
The platform offers both variable and fixed interest rate loans. Its fixed-rate loans begin at 3.69% with the maximum potential rate of 8.074%. It offers 5, 7, 10, 15, and 20-year repayment plans to borrowers.
payday loans Belvidere payday loans direct lender
The variable rate loans are presently set at 2.49% to 6.650%, and they are tied to the LIBOR rate. The interest rate is capped at 8.95% or 9.95% depending upon the loans. The firm provides long-term fixed-rate loans on 15-year and 20-year repayment plan.
Like other lenders, SoFi consolidates private loans with federal loans. It has set the minimum credit score at 650 for student loan refinancing. It uses MOHELA or (the Missouri Higher Education Loan Authority) for serving loans.
It’s always essential to check the eligibility criteria before you decide to fill the form. Below are the eligibility criteria for SoFi Student Loan Refinancing:
You must be 18 years old to get student loan refinancing facility from SoFi or you must be of the age to make binding contracts.You should be a US citizen or permanent resident. They do not grant a loan to a permanent resident if the visa living status expires within 2 years or less.It’s also necessary to live in a state where SoFi is authorized to operate.You must be employed as well as have adequate income from other sources.You must be graduated with an associates’ degree or higher from a Title IV school.
Undergraduate Student Loans Though SoFi is planning to offer graduate and parent loans in the coming days, it currently only offers undergraduate loans. It helps undergraduates to pay their college fee without any hassle. The firm offers student loans on both variable and fixed long-term rates. It charges no fee on loan origination and they also don’t charge fees on late payments, and insufficient funds.
One can apply for SoFi personal loan in a few minutes
The variable rates stand around 4.99% % APR while the fixed rate is between 5.99% % ount and length of the loan.
Above all, the company offers fixable repayments options. The student is allowed to make deferred payments, which means the student is liable to pay principal and interest payments six months after they leave school. Other choices include interest only, Partial and Immediate.
It has refinanced $18 billion of student loans since it was founded in 2011
The loan should only be used for Higher Education Expenses at an Eligible Institution.The student must be enrolled at least half-time in a degree-granting program at an Eligible Institution.The student must be showing Satisfactory Academic Progress (SAP) to get a loan.
Personal Loans SoFi is basically looking to offer personal loans to recent college graduates with a decent income. Its personal loans are 100% fee-free with flexible payments and lower rates. They will transfer funds to your account in a few days once your loan is approved. The borrower can also get discounted .
The platform claims to offers the best rates. Your APR depends on various factors, such as income, professional experience, and credit history. You can choose a loan on both fixed and variable terms according to your requirement.
With the autoplay discount, variable rates are standing between 5.74% to % while fixed rates are ranging between 5.99% to %. The lending platform does not charge any origination fees, early repayment fees or closing fees.
