Loans (US)

SoFi Private Student loans review

This SoFi Private Student loans review will show you the best private student loan for those who want flexible repayment options and zero fees. Check it out!

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by Aline Augusto

Published on 01/20/2022

SoFi Private Student loans: flexible repayment options with zero fees

Read our SoFi Private Student loans review. Source: SoFi.
Read our SoFi Private Student loans review. Source: SoFi.

The SoFi Private Student loans are outstanding for those who look for flexible repayment options with zero fees, and you’ll learn all about it in this review!

Also, it offers low fixed and variable rates with autopay discounts. 

Even though it doesn’t disclose the credit score required for the application, you can pre-qualify with a cosigner before submitting the complete process if you have a limited credit history. And it doesn’t impact your credit.

Keep reading to learn how it works.

APRFixed and variable ranging from 1.74% to 6.94%. 0.25% discount for automatic payments
Loan PurposeEducational (undergraduate, graduate, law & MBA, parent loans)
Refinancing
Loan AmountsMinimum of $5,000
Credit NeededUndisclosed 
Terms5, 7, 10, 15 years
Origination FeeNone
Late FeeNone
Early Payoff PenaltyNone
SoFi Private Student Loans

How to apply for SoFi Private Student Loans?

Flexible repayment options and no fees. Learn how to apply for SoFi Private Student Loans and get the benefits!

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How does the SoFi Private Student loans work?

SoFi is a lender that provides loans for undergraduate, graduate, Law & MBA students and their parents and sponsors.

These loans can cover up to 100% of school-certified expenses, including tuition, food, books, supplies, room, and other education costs. And the minimum you can borrow is $5,000.

You can choose between a fixed or a variable APR, ranging from 4.23% to 11.91% and 1.15% to 12.24%, respectively. Note that these rates include autopay discounts.

Furthermore, the best feature of its loans remains in the fact that there are no fees at all. So, no application fees, no origination fees, no late fees, no early payoff penalty, no insufficient fund fees, or any fees of any kind.

Another great feature is that it offers many repayment term options, ranging from 5 to 15 years, unlike many other lenders in the market.

Finally, the process is online and straightforward, and SoFi gives some perks for borrowers like exclusive access to Evernote, Grammarly, and Coursera. And a six-month grace period that lets you breathe after graduation.

SoFi Private Student loans benefits

See what are the benefits of the SoFi Private Student loans. Source: Unsplash.
See what are the benefits of the SoFi Private Student loans. Source: Unsplash.

There is a lot to love about SoFi Private Student loans. First of all, there are no fees of any kind. Second of all, it provides you with flexible repayment options.

Third of all, both fixed and variable rates are competitive, and you can choose an autopay option with a 0.25% discount on APR.

Unlike other lenders, this one offers some perks, such as exclusive access to educational and resourceful tools and a six-month grace period.

Check out the list of pros and cons right below before applying for a loan. 

Pros

  • It doesn’t charge any fees of any kind;
  • It offers flexible repayment options;
  • You can pre-qualify with or without a cosigner without impacting your credit score;
  • It provides discounts for those who assign for automatic payments;
  • You can cover up to 100% of school-certified expenses;
  • The process is online and straightforward;
  • It features some benefits like perks worth $266 and a six-month grace period.

Cons

  • It doesn’t disclose all eligibility requirements.

Should you apply for the SoFi Private Student loans? 

If you look for a loan with many repayment term options and zero fees, you have just found one. SoFi also offers competitive rates and some exclusive benefits other lenders don’t.

Can anyone apply for a loan at SoFi Private Student?

Even though it doesn’t disclose all eligibility requirements, SoFi offers the possibility to pre-qualify with or without a consigner before submitting the application.

But see right below what you need to apply for a loan:

  • Personal documentation, such as a valid SSN;
  • Attending an eligible school;
  • Being enrolled in a degree or certified program and attending at least half-time.

What credit score do you need for SoFi Private Student loans?

Unfortunately, SoFi doesn’t disclose this information. However, if you have a limited credit history or if you are an international student, you can qualify with a cosigner.

How to apply for a SoFi Private Student loan?

Do you want to find out more about SoFi Private Student loans? Then, check out our next post and decide if it fits your educational and career goals and needs.

SoFi Private Student Loans

How to apply for SoFi Private Student Loans?

Flexible repayment options and no fees. Learn how to apply for SoFi Private Student Loans and get the benefits!

About the author

Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by

Aline Barbosa

Senior Editor

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