How to apply for the SoFi Private Student loans?
SoFi Private Student loans offer competitive rates, many repayment term options, and some exclusive benefits other lenders don’t. Check out how to apply for a loan!
by Aline Augusto
Applying for SoFi Private Student loans: online and straightforward
SoFi Private Student loans features an application process fast and easy. But it is not only that. This lender is known for its competitive rates, zero fees, and flexible repayment options.
It offers an autopay option for those who want a 0.25% discount on their variable or fixed APR.
Also, it provides you with some exclusive benefits, like perks and access to educational and resourceful tools worth $266, a six-month grace period, and an online resource center filled with over 5,000 articles, guides, budgeting tools, and more.
Although it doesn’t disclose all eligibility criteria, you can pre-qualify without impacting your credit score. Plus, if you have a limited credit history or if you are an international student, you can pre-qualify with a cosigner.
Learn how to apply for a loan below.
Access the SoFi website and click on View my Rate.
Fill in the forms and pre-qualify.
Then, provide basic and personal information like first and last name, school information, degree type, loan terms, etc.
Finally, view your rates and repayment options. Sign your loan and wait for your school’s approval.
Apply using the app
As described above, you can only pre-qualify or submit the complete application using the website.
SoFi Private Student loan vs. College Ave Student Loans
SoFi Private Student Loans offer loans for educational purposes with competitive rates, zero fees, and flexible repayment options.
On the other side, College Ave Student Loans feature amounts from $1,000, even though it charges a late fee.
Find out more about these two lenders in the comparison table below.
|SoFi Private Student Loans||College Ave Student Loans|
|APR||Fixed and variable ranging from 1.74% to 6.94%. 0.25% discount for automatic payments||Undergraduate Student Loans: rates from 0.94% to 12.99%;|
Graduate Student Loans: rates from 1.99% to 11.98%;
Parent Loans: rates from 1.04% to 12.99%
|Loan Purpose||Educational (undergraduate, graduate, law & MBA, parent loans)|
|Personal, for students who want to make payments|
|Loan Amounts||Minimum of $5,000||Minimum of $1,000|
|Credit Needed||Undisclosed||Approximately 600|
|Terms||5, 7, 10, 15 years||5, 8, 10, and 15 years|
|Late Fee||None||5% of the amount due, or $25, whichever is less|
|Early Payoff Penalty||None||None|
Preapprove Capital One full review: preapproval with no credit score harm
Do you ever wonder which can be the best Capital One card for you? Read our Preapprove Capital One review to learn how to use this platform!Keep Reading
How to apply for the Chase Freedom® Student credit card?
The Chase Freedom® Student credit card rewards you in every possible way. There is cash back, welcome bonus, and more. See how to apply!Keep Reading
You may also like
The most common myths about your credit score
Do you know what affects your credit score? Here are the most common credit score myths debunked to help you understand it and deal better with it. Keep reading!Keep Reading
Deserve® EDU Mastercard for Students application: how does it work?
The Deserve® EDU Mastercard for Students comes with a range of benefits that can help you manage your finances and build your credit history. In this post, we'll tell you how to apply for it. Keep reading to learn more!Keep Reading
The Business Platinum Card® from American Express application: how does it work?
The Business Platinum Card® from American Express offers online management and credit statements for many top brands that will help you boost your company. Read on to learn how to apply!Keep Reading