SoFi Blog

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for your financial moves.

Aug

2014

What’s the Difference Between Federal Student Loan Consolidation and a "Private Consolidation Loan"?

By SoFi General | Money, student_loan | 6 Comments

If there’s anything clear about student loans, it’s that the terminology associated with student loans is often far from clear. Take the words “consolidate” and “refinance,” for example. Both of these fall into the category of “things you can potentially do with your student loans” and as a result they’re often used interchangeably. But the terms can have different implications based on the context in which they’re being used.

So here’s the scoop:

Oct

2013

Raising the Bar: How SoFi Takes the Hassle out of Student Loan Repayment

By SoFi General | Money, student_loan | No Comments

Last Wednesday, the Consumer Financial Protection Bureau (CFPB) released a report summarizing complaints from 3,800 student loan borrowers. SoFi was not named in these borrower complaints, but as a private lender focused on refinancing existing student loans, we hear a lot about the challenges our customers have faced with their previous lenders.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 1121636. (www.nmlsconsumeraccess.org)

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

INVESTMENTS: NOT FDIC INSURED • HAVE NO GUARANTEE • MAY LOSE VALUE. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The SoFi Wealth platform is operated and maintained by SoFi Wealth LLC, an SEC Registered Investment Advisor. Brokerage services are provided to clients of SoFi Wealth LLC by SoFi Securities LLC, an affiliated broker-dealer registered with the Securities and Exchange Commission and a member of FINRA /SIPC . Clearing and custody of all securities are provided by APEX Clearing Corporation. For more information, please see SoFi Wealth LLC’s Form ADV Part 2 by clicking here for SoFi's Wealth Form ADV Part 2 A&B or by visiting www.adviserinfo.sec.gov .

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SoFi Blog

Tips and news—for your financial moves.

What’s the Difference Between Federal Student Loan Consolidation and a "Private Consolidation Loan"?

Raising the Bar: How SoFi Takes the Hassle out of Student Loan Repayment

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Tips and news—
for your financial moves.