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.

Undergraduate 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.

5 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.

SoFi does not offer a cosigner release program for Refinanced Student Loans or In-School Student Loans disbursed prior to May 1, 2019.

‡ SoFi does not offer a cosigner release program for Refinanced Student Loans or In-School Student Loans disbursed prior to May 1, 2019.

For In-School Student Loans disbursed after May 1, 2019 the borrower may apply for cosigner release after making 24 consecutive on-time full principal and interest payments, unless fewer payments are required in accordance with applicable law. Borrowers still must pass an underwriting review and meet all other requirements. Requirements subject to change.

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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