Private Student Loans

Your student loan rate may be
lower than you think.

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Checking won’t affect your credit score.†︎.

When you’re choosing a student
loan provider, you want to
be sure
you’re covered during undergrad
and postgrad.

Don’t worry, SoFi’s got your back.
✓ Flexible repayment terms.
✓ Competitive rates.
✓ 100% of school-certified costs covered.

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Checking won’t affect your credit score.†︎.

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Choose a private student loan with great rates.

With private student loan interest rates, it’s good to have options. That’s why SoFi offers low fixed or variable interest rates. Here’s more about our private student loans:

  • Use our student loans for living expenses, books, food, and more. There’s no limit if your school certifies the cost.

  • Our student loans apply to bachelor’s degrees or higher. And we cover graduate certificate programs, too.

  • We have loans for students entering fall, spring, and summer terms.

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SoFi has private student loans
for your education.

We offer loans for college students at all stages of their academic career. Whether you’re just starting undergrad or going for a medical degree, we have you covered.

Why choose a SoFi private student loan?

Easy online application process.

Prequalify for a SoFi Private Student Loan in minutes. And if you add a cosigner, you might improve your chances of getting approved for a low interest student loan.

No origination or late fees.

What you see is what you pay back with a private education loan from SoFi.

Rewards points to help pay down your student loan.

Easily earn rewards points* by checking your credit score and more. Then, redeem them toward your student loan.

Good grades bonus.

With a SoFi Private Student Loan, you could earn rewards for good grades after each term—up to a $250 cash bonus to your SoFi Checking and Savings account for a 3.0 or higher GPA.2

Repay your way.

Select private education loan interest rates and monthly payments to fit your budget.

%

Rate discounts.

Returning in-school borrowers are eligible for additional 0.125% rate discounts.^‡

We’re here to slay myths about paying for college.

The truth is a mighty weapon. And we’ll help you use it to strike down the myths that block your ultimate quest: paying for college.

Learn the truth

SoFi student loans versus other private education loans.

It doesn’t take a Ph.D. to see the advantages of SoFi Private Student Loans when compared to other private student loan lenders. Secure funding with no fees, flexible repayment options, and more on your variable- or fixed-rate student loan today.

  • Time to get a rate quote
  • Fees
  • Ways to repay
  • Financial planning services
  • Multiple Repayment Term Options
  • Interest rate discount opportunities

  • 3 minutes

  • No fees

  • 4

  • Yes

  • Yes (5-, 7-, 10-, 15-year terms)

  • Automated payments‡ and subsequent loans^

Sallie Mae

  • 15 minutes

  • Late fee + returned check

  • 3

  • No

  • No (terms assigned by lender)

  • Automated payments

College Ave

  • 3 minutes

  • Late fee

  • 4

  • No

  • Yes

  • Automated payments

Discover

  • No longer accepting applications after January 31, 2024.

Sallie Mae

  • 15 minutes

  • Late fee + returned check

  • 3

  • No

  • No (terms assigned by lender)

  • Automated payments

Comparisons based on information obtained on lenders’ websites as of January 9, 2024.

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How do SoFi Private Student Loans work?

  • Enter info.

    Apply for your student loan online by providing basic info and inviting a cosigner to the application (we recommend it!)

  • Check out rates and terms.

    View your rate options and estimated monthly payment, then select your loan terms.

  • Fund your private student loan.

    Sign your loan, wait for your school’s approval, and then it’s time to hit the books! Getting online student loans couldn’t be easier.

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Bottom line: Help starts with a phone call at 855-456-SOFI (7634) Mon.–Thu. 5am–7pm PT, and Fri.–Sun. 5am–5pm PT. An agent with safe and secure screen-share capabilities can answer questions and walk you through the process.

Student loan eligibility requirements

To qualify for private student loan financing, you’ll need to pursue at least a BA/BS degree or higher. For more information please see eligibility criteria.

When you can apply for SoFi private student loans

Upcoming full academic year (fall and spring): April 5
Upcoming fall terms: April 5
Upcoming spring terms: September 1
Upcoming summer terms: February 13

Understanding student loans: tools,
tips, resources, and more.

Want to learn more about private student loans? Our online resource center is filled with over 5,000 articles, budgeting tools, guides, and more.

Visit SoFi Learn

FAQs

A private student loan is taken out by students or their parents to pay for college or graduate school. Private student loans are different from federal student loans in that they are meant to fill the gap between financial aid and what your family can afford to pay. Private student loans are funded by private companies (like banks), require a credit check, and have different repayment options and terms.

Learn More: How Do Student Loans Work? Guide to Student Loans.
Federal student loans are funded by the federal government. Interest rates are fixed and typically lower than interest rates of private student loans. If you run into difficulty repaying your federal student loans after graduation, or if you drop below half-time enrollment, deferment and forbearance options are available, and you may be eligible for federal forgiveness programs. Private student loans are funded by banks, credit unions, and online lenders—SoFi falls into this category. When applying for a private loan, you can choose between fixed or variable interest rates, and the lender typically reviews your financial history and credit score, which means it may be beneficial to have a cosigner. And unlike federal loans, private loans do not come with origination fees. Be sure to check out this article for more details while weighing the pros and cons of private vs federal student loans.
We offer four different term options so you can choose a repayment timetable that works for you: 5, 7, 10, and 15 year terms.
There is a range of interest rates on SoFi’s private student loans. Check each product page to see the current rate range.
SoFi Private Student Loans can cover up to 100% of the school-certified cost of attendance, which typically includes things like tuition and food, books and supplies, room and board, transportation, and personal expenses. It can also cover things like computers, study abroad programs (through US institutions), fees for athletics, labs, or even art equipment. Check with your school’s financial aid office if you have questions about what they include in their cost of attendance. The minimum you can borrow is $1,000.
SoFi loans for students have a borrowing minimum of $1,000. There is no maximum limit for a SoFi Private Student Loan.
SoFi offers private loans for college, graduate school, law school, medical school, and business school students. There are many factors that can affect your specific eligibility, including your school, degree type, loan amount, credit score, and more.

To qualify for private student loans, you’ll need to pursue at least a bachelor’s degree or higher. For more information, please see eligibility criteria.

Learn More: Understanding Student Loan Requirements.
  • The faster you pay, the more you can save.
  • Making payments while in school and picking shorter loan terms can help you pay the loan off as quickly as possible. Even if you choose to defer during school, you still have the option to make payments when you can.
  • Paying off early can help you save on your overall interest charges, which helps reduce your total payments on your loan.
  • With a SoFi Private Student Loan, you can also get a 0.25% interest rate reduction when you sign up to make automated payments from your checking or savings account.‡
There are no fees for SoFi Private Student Loans. Zero. That means no late fees, no origination fees, no application fees, no insufficient fund fees, no prepayment penalty, no fees of any kind. When we say zero fees, we mean zero fees.
You can get a 0.25% interest rate reduction when you sign up to make automated payments from your checking or savings account. If you've taken out a private student loan with us before, you can also qualify for a 0.125% interest rate discount on subsequent loans with the Continuing Scholar Discount.^‡
You can apply for a student loan online and get a credit decision in just three minutes. If approved, you’ll need to select your loan terms (how long you want to repay your loan and what type of repayment you’d like to enter into) and then accept your terms and electronically sign your loan documents.

Once you’ve signed your loan, we send the student loan application information to your school for certification. During this process, schools verify your enrollment status, academic progress, and your financial aid package. Every school has their own processes and timelines, so certification can take several days or sometimes weeks. Once we receive the certification back from the school, you’re all set! We then schedule your student loan funds to be sent to your college’s financial aid office according to your school’s requested timeline.

The entire process from application to actually sending the money to the school typically takes at least 4-6 weeks, but it can be shorter or longer than that depending on the school and time of year. Need your loan sooner? Our team is here to help. Call us anytime at (855) 456-7634.
No, you don’t need a cosigner, but we encourage you to consider one.

Most students have limited credit history and income. Having a cosigner with a solid financial history, strong income and good, established credit may help improve your chances of student loan approval.

Adding a cosigner 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 prequalify for before submitting your full loan application—and it won’t impact your credit score.†

Learn More: Do I Need a Student Loan Cosigner
Fixed-rate private student loans have an interest rate that won’t change over the life of the loan, which means you pay the same amount each month. Variable-rate loans have an interest rate that fluctuates over time in line with prevailing interest rates. They generally have lower starting interest rates than fixed-rate loans, but the rate and payment amounts can change over time.

Learn More: Choosing Between Variable And Fixed Rate Student Loans.
Federal student loans are funded by the federal government and, in order to qualify, you must fill out the Free Application for Federal Student Aid (FAFSA®) every year that you want to receive federal student loans. Private student loans are not funded by the government. To apply for them, you can check with individual lenders (banks, credit unions, and the like), with the college or university you’ll be attending, or with state loan agencies. There are unique benefits, protections, and risks associated with both private student loans and federal student loans.

Learn More: Private vs Federal Student Loans.
MOHELA services all of SoFi’s private student loans. Check your account and email for information regarding loan servicing once your loan has been disbursed.
When you’re searching for a private student loans, look for a student loan rate and monthly payment that you can afford, with no fees and great benefits. Whether you need loans for private colleges or public universities, compare your options and make a choice. When applying for a private student loan, plan to think through how much money you need to borrow in advance and talk to a parent or other adult about the process. Many students don’t have much credit and will need a parent or other established adult to cosign their loan. Have questions? You can always call us with any questions at (855) 456-7634.
You can either chat with a representative or call us during our working hours.
(855) 456-SOFI (7634)
Monday–Thursday 5am–7pm PT
Friday–Sunday 5am–5pm PT
For more information, please Chat with Student Loans Support.

See more FAQs

2 Interest Rates: Eligibility and Important Details. Fixed rates range from 3.54% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.64% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 6/1/23 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.