SoFi is an online lender founded by Stanford Business School students in 2011. Initially focused on refinancing student loans, the company added private student loans in 2019. Its student loans for undergraduates , graduates and parents start at $ 5,000 and charge no fees.
Under a new SoFi program, federal student loan borrowers can lock in current interest rates but delay loan disbursements until September 2021. This would allow borrowers to continue to take advantage of the federal payment freeze. student loans, which currently expire after September. 30. The first installment would be due in October. This offer will expire in September.
- Zero fees: You won’t have to pay assembly costs, administration fees, prepayment penalties, late fees or charges for insufficient funds.
- Flexible repayment options: SoFi offers co-signer release options, so borrowers facing financial difficulties can access programs and benefits.
- Prequalified: Whether you are looking for undergraduate, graduate, or parenting loans, you and your co-signer can check rates and terms before submitting a full loan application without hurting your credit rating.
- Does not disclose all loan requirements: This means that deciding if the right lender is right for you can be difficult, but screening is available online.
- Potentially slow funding: The entire application process, including school loan certification, can take four to six weeks, depending on the school. Borrowers who need funds faster should contact SoFi at 855-456-7634.