To Grad Students Applying for Private Student Loans: SoFi Now Accepts Offer Letters As Proof of Income
Today we’re excited to announce a new feature for grad school students: they can now use their job offer letter as proof of income1 when applying for a SoFi Graduate Student Loan. We are thrilled to be the only company to accept an offer letter as a form of income for private student loans for eligible borrowers.
Empowering Students With Offer Letters
We know that our members are full of ambitions on their path to financial independence and if a graduate, MBA, or law degree is part of that path, it often requires a co-signer to be eligible to secure a student loan. Our hope is that we’re able to empower students to pursue their education ambitions, but on their own terms.
The process is very simple. As an applicant begins the application process they’ll input their information. When prompted to provide information pertaining to the applicant’s income, the applicant will be asked if he or she has an offer letter.
Submitting Your Offer Letter as Proof of Income
From there the applicant uploads a copy of their offer letter and provides the anticipated start date and annual income before taxes. The start date on offer letters must be within 90 days of the application date for graduate students or one year for MBA and Law students.
Learning More About Using Offer Letters as Proof of Income
Gearing up to head back to school can be overwhelming as you factor in all of the costs involved, getting your finances in order and beginning the application process for both school itself and a student loan. Using an offer letter as proof of income, a practice that SoFi pioneered in the private graduate student loan space, can help your application. To get started on the process visit https://www.sofi.com/private-student-loans/graduate-loans/.
1MBA/JD/LLM: 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. GRADUATE: Signed offer letters for employment may be accepted as proof of income for applicants enrolled in their final year of eligible graduate programs. Offer letters may be accepted for Graduate Student Loans and Parent Student Loans. All offer letters are subject to SoFi’s verification and approval process, terms subject to change. Start date must be within 90 days of the date on the signed offer letter and SoFi will require written or verbal confirmation of employment from the employer.
SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.