SoFi is not affiliated with colleges and universities listed on SoFi.com. Colleges and universities listed on SoFi.com do not endorse, promote or recommend SoFi loan products.
Borrowing
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 permanent resident and meet SoFi's underwriting requirements. Lowest rates are reserved for the best borrowers. This information is current as of June 2, 2014 and is subject to change. SoFi loans are originated by SoFi Lending Corp (dba SoFi) California Finance Lender #6054612. NMLS #1121636. NMLS Consumer Access
Investing
The information contained herein does not constitute an offer to sell securities or a solicitation of an offer to buy securities. Purchases or sales of securities privately offered by SoFi or its affiliates (the "Securities") can only be made by private placement memorandum and related subscription documents, which will be provided to accredited investors on a confidential basis at their request for their consideration in connection with such offering. Investment in the Securities will involve significant risks, including loss of principal. The Securities will have limited liquidity options, as there is a limited secondary market for the Securities. None of the information contained in this website release is a recommendation for investment in any securities. SoFi is not affiliated with or officially endorsed by any listed universities.
Refinance loans
1. Fixed rates from 3.50% APR to 7.24% (with AutoPay). Variable rates from 1.93% APR to 5.18% (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 1.93% APR assumes current 1 month LIBOR rate of 0.18% plus 1.75% margin. If approved for a loan, the fixed or variable interest rate offered will depend on your credit history and the term of the loan and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR 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. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
2. Savings calculation is based on SoFi borrowers who refinanced between 5/21/14 and 7/2/14. Prior to refinancing, these borrowers had on average a $71,000 loan balance, a rate of 7.07% and a lifetime payment of $99,239, assuming the standard Direct Loan term. After refinancing, these borrowers have an average lifetime payment of $87,456 based on a weighted average of new rates received across both types (fixed and variable) and all terms offered by SoFi with AutoPay. Savings calculations assumes borrowers make all payments in a timely manner and do not prepay.
Testimonials
Some of the individuals quoted on this site were paid up to $100 in connection with the testimonials they provided.
3. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our career services department to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.