Why should I choose SoFi Private Student Loans?

SoFi is different, and we’re not just saying that. Our loans offer competitive rates and flexible terms with no fees, an easy all-online application, flexible repayment plans, and U.S. based support when you need it. And you can check your rate in just 3 minutes.

Do I need a cosigner? WHat are the benefits to having a cosigner?

No, but rates for undergrads are typically higher without a cosigner. Most undergraduate students have limited credit history and income; having a cosigner with a solid financial history and good, established credit may help improve your chances of loan approval. It might even help you qualify for a lower interest rate. With SoFi’s online application process, you and your cosigner can see what rates and terms you pre-qualify for before submitting your full loan application—and it won’t impact your credit score.

What information do I need to apply?

Student: Social Security number, School information (estimated graduation date and academic term), Loan amount (how much you’d like to borrow), Financial aid you expect to receive, Proof of income (if applicable), Cosigner (if applicable:), Social Security number, Annual income & proof of income, Government-issued ID

Do I need to be a full-time student to obtain a SoFi Private Student Loan?

You do not need to be a full time student, but you must be enrolled in a degree-seeking program at an eligible school and be attending classes at least half-time. Check out our full eligibility requirements to learn more.

Do you require students to make Satisfactory Academic Progress (SAP) in order to receive the loan?

Yes, and we ask the school to verify SAP during the school certification process according to their own definition. In general, this means that you have to make good enough grades, and complete enough classes (credits, hours, etc.) to keep moving toward successfully completing your degree in a time period that’s acceptable to your school. Each school has an SAP policy for financial aid purposes—if you’re not sure what your school’s SAP policy is, check their website or ask someone in their financial aid office.

College Search - College Finder Tool

College Finder
Search Tool

It can be hard to know where to begin when it comes to finding the right college—there are so many schools with so many distinct considerations. The College Search tool is here to help break down your choices and make them more digestible.

How to Search for Colleges

SoFi’s college finder tool has 19 key data points on over 7,500 colleges, universities, and community colleges. You don’t need to fill out each field, but the more information you provide, the more customized your results will be. Here are some factors to consider as you build your college application list.

Already have a few “maybe” schools on your list? You can search for them by college name. There, you’ll get key data points such as a school’s selectivity, the cost of tuition, graduation rate, location, average SAT/ACT scores, and more.

What you see as the cost of tuition is often not what the average student ends up paying. The “sticker price” is the total cost of tuition, room and board, as well as other expenses, such as books and supplies. “Net price” is what most students actually pay after factoring in different types of financial aid.

Searching by location in the college finder tool allows you to either select specific states or a mileage range from where you live. While some in-state schools may be more affordable, it’s not always the case and it might be helpful to search colleges further afield. (And, as you check out options in your state, be sure to search for grants and scholarships—most states offer financial aid programs for residents.)

Public schools receive government funding which can help keep tuition more affordable. But that doesn’t mean private schools are out of reach. Some private schools offer competitive institutional aid, including scholarships which can put the sticker price at or below public options.

You can also search by school size. Smaller programs may have a greater sense of community, more access to professors, and intimate class sizes. They also may have fewer program choices. Larger institutions likely have a wide range of majors and opportunities, but they may have a less personal feel on campus. Exploring different sized schools can help you hone in on your preference.

There are a range of state scholarships that are earmarked for residents of a certain state, or for students who go to college there. It’s worth searching both the state that you reside in and also, depending on where you are in your college process, exploring scholarships in states where you’re applying to schools. Be sure to understand any residency requirements before you apply.

You may not know yet what you want to major in at college (and you’ll have plenty of time to figure it out), but if you know you’re interested in a certain field, you can search colleges by major through this feature. Some schools may have similar departments that could be a fit, and certain fields, such as medicine and law, require an additional graduate degree.

Selectivity—from most selective to not selective—refers to how competitive the admissions process may be. At a “moderately selective” school in SoFi’s college finder tool, for example, more than 75% of admitted freshmen were in the top 50% of their high school class and scored over a 1010 on their SAT or 18 on their ACT.

Graduation rate is the number of a school’s students who complete their degree in at least 150% of the time for the program—so within at least six years for a four-year program. It can be a helpful data point to measure the quality of a school.

Recommended: How College Financial Aid Works

A low graduation rate may mean that many students do not finish or transfer out to other programs. A high graduation rate may mean that there’s support available in the form of faculty and administration, who can help you stay on track to graduate.

Next Steps and Application Process

Keep working hard in school, take challenging classes if you’re able to, and start thinking about teachers you might like to reach out to for college references. You may begin taking standardized tests like the SAT and the ACT starting in your junior year, which can be a great time to start attending virtual or on-campus tours.

Senior year will get busy with applications, requesting teacher recommendations, finishing up your standardized testing and making sure that your financial aid applications, like the FAFSA and CSS profile, are complete. Application fee waivers are available for those who need them.

If you have a school that you fall in love with, consider whether it might be worth it to apply early decision or early action; some schools have more favorable admission rates for candidates who apply early.

Important College Application Deadlines