Frequently Asked Questions

Yes.  Whether you previously consolidated federal loans through the government’s Direct or FFEL consolidation programs or you did a “consolidation loan” with a private lender, you can still apply to refinance the consolidated loan through SoFi just the way you could with any other federal or private loan.

The earlier you refinance to a lower loan rate, the more money you will save. Even if you are in your grace period, interest accrues for unsubsidized federal loans. SoFi will honor any existing grace period of the loans you refinance with us.

Refinancing is a great solution for working graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private loans. Federal loans do carry some special benefits, for example, public service forgiveness and economic hardship programs, that may not be accessible to you after you refinance. Check out these two blog posts that provide more information: Still in School? Choose Federal over Private and Refinance When You Graduate and When to Consolidate Federal and Private Loans by Refinancing. Or, call us for a free consultation about your particular situation.

To be eligible for a SoFi loan, you must be a U.S. citizen or permanent resident 18 years or older and reside in one of our eligible states. Loan eligibility also depends on a number of additional factors, such as your credit score, your income and employment status. Please review our Eligibility Criteria or call us for further details.

SoFi aims to revolutionize financial services- ultimately improving the system for everyone. Today, we’re able to offer significant savings and flexibility to US citizens or permanent residents who have graduated from a selection of Title IV accredited university or graduate program, are employed or hold a job offer with a start date within 90 days, and a strong monthly cash flow. We take a number of dimensions into consideration, and credit score is only one of many factors.

We recently expanded our school eligibility list. If you believe you are a good candidate for refinancing, we encourage you to apply. Loan eligibility also depends on a number of additional factors, such as your credit score, your income and employment status. Please review our Eligibility Criteria or call us for further details.

No. A consolidated SoFi loan can only be comprised of loans that were previously in one person’s name. However, you and your spouse can apply separately for refinancing.

Yes, SoFi will consolidate all qualified education loans.

When you consolidate federal loans through the federal loan consolidation program, you’re combining multiple loans together with a resulting interest rate that’s the weighted average of your original loans’ rates.  When you refinance loans with a private lender, you’re also consolidating (i.e. combining) them, but the lender will use your financial information to give you a new, hopefully lower, interest rate.

SoFi will honor any existing grace periods on the loans that you refinance with us.

The interest rate is the percentage of the loan amount that is charged for borrowing money. The APR includes not only the interest rate, but also certain other fees charged by the lender, and represents the total cost of borrowing.

Yes, we have a variable rate product. Please visit our Rates page for more information about our interest rate options.

Whether you choose a fixed or variable interest rate really depends on your particular financial situation. You might find the following blog post helpful: Evaluating a Variable Rate Student Loan. Feel free to give us a call to talk with a customer care consultant about which product may be right for you.

The minimum amount is $10,000. Graduates may refinance all qualified education loans.

While SoFi aims to ultimately improve financial services for everyone, today we’re able to offer student loan refinancing to highly qualified applicants who meet a number of criteria. We determine eligibility on a number of factors, not limited to: 1. A US citizen or permanent resident 2. Hold a degree 4-year undergraduate or graduate degree from a a Title IV accredited institution. 3. Good employment history. Currently employed or hold a confirmed offer of employment 4. In good standing on current student loans 5. Strong monthly cash flow 6. An excellent FICO score If one of the above factors changes, such as your employment or monthly cash flow, we encourage you to apply again in the future.

No, there are no origination or prepayment fees on SoFi Student Refi loans.

We do occasionally accept co-signers. Please call us at 855.456.7634 to discuss your specific situation.

SoFi loans are considered student loans for federal and state tax consideration. Note that you may or may not be eligible for interest deduction depending on your individual tax situation. You should consult your tax advisor for more information.

Yes, you can refinance a Parent PLUS loan provided you meet the Eligibility Criteria.

While we are unable to refinance a Parent PLUS loan into your child’s name at this time, we expect to be able to offer this option later this year.

Mohela is one of SoFi’s third-party loan servicers.

TruStudent is one of SoFi’s third-party loan servicers.

The Entrepreneurship Program is available to SoFi members who have already refinanced with us and have entered repayment. Qualified applicants may receive 6-month deferment and will have access to networking and professional mentorship opportunities. Visit our Entrepreneur Program page for more information.

Yes and we would love your help in spreading the word to help your friends save money. Check out our Referral Program, which rewards you with cash for new applicants you refer. You may also follow us in social media.

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.

You should contact your loan servicer. Your loan may be serviced by Mohela, TruStudent or Cology. Check your loan statement for the contact information.

Please call Aspire Resources customer service at (855) 475-3335 between 7:00AM and 7:30PM (Central time) Monday through Friday.

Please call CITI call customer service at 1-877-362-9100 and ask the representative to calculate yourten (10) day pay-off rate.

For assistance, please contact your service provider or SoFi Customer Service at customerservice@sofi.org or 866-357-6342.

Please contact COSTEP customer service at 1-877-292-8639.

Please contact ACS customer service Monday through Friday 8:00AM – 11:00PM EST at 1-800-835-4611.

Please call Discover customer service directly to determine how much you owe.

For assistance, please contact your service provider or SoFi Customer Service at customerservice@sofi.org or 866-357-6342.

For assistance, please contact your service provider or SoFi Customer Service at customerservice@sofi.org or 866-357-6342.

For assistance, please contact your service provider or SoFi Customer Service at customerservice@sofi.org or 866-357-6342.

Please call Firstmark customer service at 1(888) 538-7378.

1. Login to your GSMR account: https://gsmr.myloanmanager.com/
2. View current outstanding balance
3. If in repayment, take 10 days worth of daily interest payments and add to current outstanding balance to calculate ten (10) day pay-off amount.

Alternatively, you can speak with a customer service representative who can tell you the ten (10) day pay-off amount.

• For government loans call: 1 (888) 556 0022
• For private loans call: 1 (800) 719 0708

For assistance, please contact your service provider or SoFi Customer Service at customerservice@sofi.org or 866-357-6342.

For assistance, please contact your service provider or SoFi Customer Service at customerservice@sofi.org or 866-357-6342.

Please call New Mexico Student Loans Customer Service at (800)279-5063.

Ten (10) day pay-off amount is available by calling OSLA customer service on (866) 264-9762

Call VSAC customer service at 888-932-5626 or login to your account at: http://services.vsac.org/wps/wcm/connect/direct/vsac/vsac+federal+loan+borrower+portal

Please call UASI customer service at 800-999-6227 and ask the representative to calculate your ten (10) day pay-off rate

For assistance, please contact your service provider or SoFi Customer Service at customerservice@sofi.org or 866-357-6342.

Wachovia student loans are serviced by ACS.  Please refer to ACS Servicer Instructions.

Please call WELLS customer service at 800-658-3567 and ask the representative for your ten (10) day pay-off information

It is SoFi’s intent to get your loans paid-off as quickly as possible. If you believe that the 10-day pay-off information you submitted needs to be updated while your loan application is in a status other than “Ready for Funding,” please contact SoFi Customer Service at customerservice@sofi.org or 866-357-6342. Once your loan application status states “Ready for Funding,” we recommend that you allow us to move forward with your original loan pay-off request and address the differences or overpayments after disbursement. SoFi regularly works with borrowers to reconcile differences and overpayments after disbursement. Interest accrues daily on the loans you are refinancing with us, and you are strongly encouraged to continue making payments on these loans as we move to pay them off.

Our mortgage is available for primary residences including single-family homes, condos or multi-unit dwellings (up to three units without special approval), in which borrower(s) is the primary tenant. Vacation homes, rental properties, Tenancies in Common (TICs) and co-ops are not eligible.

Yes, qualified applicants may apply for refinancing.

No, we do not require PMI on any of our loans.

SoFi may grant requests for a 30-day rate lock after receipt of a signed purchase contract or a fully completed refinance application. Otherwise, please note that mortgage rates may change on a daily basis.

No, we do not charge origination fees on our mortgage products. We do pass along industry standard third party costs that we incur such as appraisal fees, flood report fees and title/escrow fees.

No, there are no prepayment penalties.

Closing costs is money paid by the buyer or on behalf of the buyer in connection with closing a mortgage loan. Typical closing costs include fees required for third party services such as title insurance and attorney fees plus escrow deposits, taxes, and government recording fees. These fees vary depending on the transaction amount and location of the property.

We evaluate your application based on a number of factors, including, but not limited to your credit history, your debt obligations, your assets, your debt-to-income ratio (DTI), the loan amount relative to the price of the home you want to purchase (loan-to-value), and your income. FICO score is just one of many factors used to evaluate an application.

Yes. However, co-borrowers must live in the property as a primary residence as well.

We do require an in-person property inspection. However, in most circumstances we are able to use an Automatic Valuation Model (AVM) to conduct an instant appraisal and approve the property before you submit an offer.

For qualified SoFi member applicants, we will accept a minimum of 10% for down payment on loans up to $2,500,000. (Loan amounts may be higher with special approval from SoFi.)

A pre-qualification is an estimate of how much you can borrow and the rates you are eligible for (based on todays pricing), based on a preliminary review of your credit report and information you provided to us. With SoFi, there is no fee to get pre-qualified and we do a soft credit pull, which means it won’t affect your credit score. A pre-approval is a more formal offer, based on a complete credit check and the completion of the automated appraisal. This allows you to submit an offer with confidence that you are personally approved for a loan. There is a $17 fee for the automated appraisal.

The SoFi mortgage is available for existing SoFi members and graduates of eligible universities for the purchase or refinance of primary residences in California. There are multiple ways to become a SoFi member: you may apply for a student loan refinance loan, a personal loan or become an investor (accredited investors only). Please review our Eligibility Criteria for further details.

To be considered, you must be the parent or legal guardian of a Stanford student for the 2014-2015 academic year. You must also be a US citizen or permanent resident with a permanent address in one of the states where we are authorized to lend. Our Refinance Loan state eligibility criteria applies to our Parent Loan too.

We are piloting the SoFi Parent Loan as a brand new offer for the 2014-2015 academic year and have partnered with Stanford to build out the program and processes. We may be able to open the SoFi Parent Loan up to other schools in future academic years, but we cannot promise availability at this time.

Interest rate depends upon whether you choose a fixed or variable loan, the term of the loan, and your credit history. You can view sample calculations prior to starting an application.

There are no application, origination, or pre-payment fees of any kind for the SoFi Parent Loan.

Minimum is $10,000 and the maximum loan amount is up to the Cost of Attendance, which is $62,801 for Stanford for the 2014-2015 academic year.

Unfortunately, the Parent Loan is only available to parents and legal guardians of eligible students.

The parent or legal guardian must be the borrower of this loan. Another parent or legal guardian may co-sign the loan.

If the application is approved prior to the tuition deadline, the loan will disbursed 7-10 days prior to the tuition deadline. There will only be one disbursement for SoFi Parent Loans.

Yes. There are never pre-payment penalties of any kind.

No. The loan will be in your name.

No. The SoFi Parent Loan is only for the 2014-2015 academic year.

The SoFi Parent Loan can be used for IRS approved educational expenses for the student. This includes room and board, books, orientation fees, health care, and other personal expenses. Stanford provides an estimated budget.

Yes.  You must have filled out the FAFSA in order to receive your financial aid award letter from Stanford.

Yes.  If you take out a SoFi Parent Loan, your child is welcome to schedule an appointment with SoFi’s Career Services Team.

We use a variety of underwriting criteria to determine eligibility. If you are not approved for the loan, a customer care consultant will answer your questions. We encourage you to check out all options including the Federal PLUS Loan program.

Whether you choose a fixed or variable interest rate really depends on your particular financial situation. You might find the following blog post helpful: Evaluating a Variable Rate Student Loan. Feel free to give us a call to talk with a customer care consultant about which product may be right for you.

TruStudent is one of SoFi’s third-party loan servicers.

A personal loan is money you borrow for any kind of personal use such as paying off credit card debt, investing in home improvements, taking a special vacation, or paying for an engagement ring or wedding expenses. Taking a personal loan can be a smart way to consolidate high-interest rate balances under one monthly rate. To repay the loan, you make monthly payments of principal plus interest.  A personal loan gives you the flexibility to make big purchases, then pay it off at a pace that makes sense for you.

You can use a SoFi Personal Loan for any personal, family, or household purpose. Unlike SoFi student loans, this loan is not intended to pay for educational expenses.

To be eligible for a SoFi loan, you must be a U.S. citizen or permanent resident 18 years or older and reside in one of our eligible states. Loan eligibility also depends on a number of additional factors, such as your income, professional experience, and credit score. Please review our Eligibility Criteria for further details.

SoFi aims to revolutionize financial services, ultimately improving the system for everyone. Today, we’re able to offer significant savings and flexibility to US citizens or permanent residents who are employed or hold a job offer with a start date within 90 days, and a strong monthly cash flow. We take a number of dimensions into consideration, and credit score is only one of many factors.

The SoFi Personal Loan is an unsecured loan. This means that you do not need to provide collateral for the loan.

With the SoFi Personal Loan, the minimum amount you can borrow is $10,000 in most states and the maximum is $100,000.

No. We want to make things simple for our members, so we have no origination fees, closing costs, or prepayment penalties.

SoFi Personal Loans have a fixed repayment term. Credit cards often have high variable rates and no set repayment term.

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.

Once your application is complete and verified, if you are approved for a loan, you will receive a Loan Agreement for electronic signature.  Once you’ve signed the document electronically, your funds should generally be available in a few business days.

The easiest way to pay is to log in to SoFi.com and make payments electronically via ACH, the same secure way most people get paid by their employers. Even better, paying by ACH earns you a 0.25% discount on your rate. You can also set up online bill pay to SoFi through your bank, or you can send in a paper check. Note that we do not currently accept payment via credit card.

We do not accept co-signers for SoFi Personal Loans.

We encourage you to contact us as early as possible if you become unemployed. As a SoFi member and part of our community, we have tools and resources to help you land on your feet, including Unemployment Protection and Career Services. For more information, click here to learn about our career services program.

If you lose your job through no fault of your own, you may apply for SoFi Unemployment Protection. To do so, contact Customer Service at SoFi. 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.

Timely payment of your SoFi loans helps ensure we can continue to deliver great products and services to the SoFi community. A late fee applies if a payment is more than 15 days late. The late fee is the lesser of 4% of the payment due or $5.

To be considered, you must be a student for the 2014-2015 academic year attending one of our eligible schools at least half-time. You must be enrolled in an MBA or joint MBA/MD, MBA/JD, or similar program. In addition, you must be a US citizen or permanent resident. Please see our complete list of eligibility criteria.

The SoFi MBA Loan is a brand new offer for the 2014-2015 academic year and we’re piloting it in selected schools first. We may open the SoFi MBA Loan up to other schools in future academic years, but we cannot promise availability at this time. If your school is not listed, we encourage you to check out Federal Direct Graduate PLUS Loans and similar programs.

Yes. You can be eligible for a SoFi MBA Loan if you satisfy our underwriting criteria, regardless of whether or not you have other loans, provided that your total financial aid – including loans and grants – does not exceed the Cost of Attendance at your school.

Interest rate depends upon whether you choose a fixed or variable loan and the term of the loan. You can view sample calculations prior to starting an application.

There are no application or pre-payment fees of any kind for the SoFi MBA Loan. Origination fees range from zero to 2%.

The SoFi MBA Loan provides three repayment options: immediate payment, interest-only payment, and deferred payment. With the deferred payment option, you may make the first payment at the conclusion of the grace period, six months after graduation. Please note that full deferred payment is not an option for co-signed loans. View the Application Disclosure under the Truth in Lending Act.

Yes. With the deferred payment option, you may make the first payment at the conclusion of the six-month grace period following graduation. However, please note that full deferred payment is not an option for co-signed loans.

SoFi MBA Loans are disbursed prior to the tuition deadline each academic period, provided that the application is approved before that time.

The minimum loan amount is $10,000 and the maximum loan amount is your school’s Cost of Attendance, which includes tuition, books, and certain qualifying expenses. Schools typically publish their Cost of Attendance.

Yes, you may apply with a co-signer. Interest rates are the same; however, we only offer the immediate payment and interest-only payment options for the co-signed MBA Loan.

Yes. There are never pre-payment penalties of any kind.

No. You can only apply for the 2014-2015 academic year in this application cycle.

It depends. Most loans, including loans from the government, have a “give back period” of up to 120 days. We welcome you to speak with a customer care consultant about your unique situation.

The SoFi MBA Loan can be used for IRS-approved educational expenses. This includes room and board, books, orientation fees, health care, and other personal expenses.

We use a variety of underwriting criteria to determine eligibility. If you are not approved as an individual, you can re-apply with a co-signer. If you are not approved for the loan, a customer care consultant will answer your questions. We encourage you to check out all options including the Federal Direct PLUS Loan program.

CampusDoor is a vendor who helps us process SoFi MBA Loan applications. CampusDoor can be reached at 717-254-1183.

Yes. If you take out a SoFi MBA Loan, you are welcome to schedule an appointment with SoFi’s Career Services Team.

Whether you choose a fixed or variable interest rate really depends on your particular financial situation. You might find the following blog post helpful: Evaluating a Variable Rate Student Loan. Feel free to give us a call to talk with a customer care consultant about which product may be right for you.

TruStudent is one of SoFi’s third-party loan servicers.

The SoFi ReFi Referral Program only applies to student loan refinancing (“ReFi”). MBA loans, personal loans, mortgages, and all other types of SoFi products are ineligible for the Referral Program.

You may refer friends, family members, coworkers, and direct acquaintances. Only brand new SoFi customers are eligible for a welcome bonus under our referral program.

Referral rewards come from SoFi through ACH transfer. When you first create your referral program account, please confirm your ACH information.  You will receive notification about a payment after your referred friend’s loan has been funded and your referral reward is sent.

Reasons for this may vary. Possible reasons include:

1. Your friend did not apply using your unique referral URL, in which case it has not been linked to your referral account.
2. Your friend’s loan has not been approved or funded.
3. You have not added your ACH information to your referral account.
4. Your friend’s application was not eligible for a referral bonus.  Please see the eligibility criteria above.

In order for us to send your payment, you need to add your ACH information to your referral account profile at sofi.com/b/. Click on “Get Started” on the Referral Program section. You will then be prompted to enter or confirm your information.

Referral rewards come through SoFi through ACH transfer. You will receive a notification about the welcome bonus after your loan has been funded, and you will be asked to add your ACH information to your referral account profile if you have not already done so. Once that’s done, we can send the payment via ACH.

Reasons for this may vary.  Possible reasons include:

1. You did not apply using your friend’s unique referral URL, in which case it has not been linked to your friend’s referral account.
2. Your loan has not yet been funded.
3. You have not added or confirmed ACH information to your referral account.
4. Your application was not eligible for a referral bonus. Exclusions include if you’re already a SoFi member, if you started an account/application before receiving your friend’s referral link, or if you tried to refer yourself.  Clicking on a friend’s referral link after you registered and created a SoFi application will not work retroactively.

In order for us to send your payment, you need to add your ACH information to your referral account profile at sofi.com/b/. Log in to your sofi.com account and click on “Get Started” on the Referral Program section. You will then be prompted to enter or confirm your information.