What's the difference between cosigning a loan for my student and taking out a parent student loan?

The key difference lies in who is taking responsibility for the loan. When you cosign, both parent and student are responsible for the loan. For a parent student loan, the parent takes full responsibility. Cosigning may help your student qualify for a lower rate and may help their chances of approval since they typically don’t have a credit history. On the other hand, a parent loan will have no impact on your student’s credit. Parent student loans also help reduce the debt burden on students.

What are the advantages of a private parent student loan versus a Parent PLUS loan?

Parent PLUS is a federal loan program with a generous deferment and forbearance availability and a less rigorous credit screen compared to most private loans. However, parents with strong credit and income may find much lower rates in the private loan market, especially after considering fees associated with Parent PLUS loans.

How much of my student's education costs can a SoFi Private Student Loan cover?

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. The minimum you can borrow is $1,000 (may be higher in specific states due to legal requirements—learn more here).

What information do I need to apply?

Social Security number, Proof of income, Government-issued ID, Student’s school information (student’s estimated graduation date and academic term), Loan amount (how much you’d like to borrow), Financial aid you expect to receive

Does my student have to attend full-time to obtain a SoFi Private Student Loan?

No they don’t, but they 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.

When do my payments begin for the parent student loan?

If you choose the interest-only repayment option, your interest-only payments will begin 30-45 days after the loan is fully disbursed. Your full principal and interest payments will begin 30-45 days after the student has graduated or left school. If you choose the immediate repayment option, your full principal and interest payments will begin 30-45 days after the loan is fully disbursed. The school determines the number of disbursements. The school may disburse the loan all at once, or they may divide the loan into multiple disbursements.

MBA Student Loans | Low Interest Rates With SoFi

You could save on funding upcoming college expenses with a 0.25% rate discount¹ on a SoFi Private Student Loan. View your rate

Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

✝ 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.

SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). Terms and conditions apply.

SoFi Member Rewards: All terms and conditions applicable to the use of SoFi Member Rewards apply. To learn more about SoFi Member Rewards, please see the Rewards page. No points will be earned with respect to reversed transactions, returned purchases, or other similar transactions. When you elect to redeem rewards points toward active SoFi accounts, including but not limited to, your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Credit Card account, SoFi Personal Loan, Private Student Loan, Student Loan Refinance, or toward SoFi Travel purchases, your rewards points will redeem at a rate of 1 cent per every point. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA /SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A.

³ Signed offer letters for employment may be accepted as proof of income for applicants enrolled in their final year of eligible MBA programs or law school (JD or LLM). All offer letters are subject to SoFi’s verification and approval process, terms subject to change. Start date must be within 12 months of the date on the signed offer letter and SoFi will require written or verbal confirmation of employment from the employer.

Awards or rankings from (insert award or company name) are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

¹Terms and conditions apply. Offer good for new and repeat borrowers that apply for and are approved for a SoFi Private Student Loan. To receive the offer, you must: (1) complete a loan application with SoFi between 11/11/24 12:01AM PT to 01/30/25 11:59PM PT; and (2) meet SoFi’s underwriting criteria. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. Offer cannot be combined with any other rate discounts, with the exception of the 0.25% AutoPay rate discount. SoFi reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice.

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