Frequently Asked Questions
What can we help you with? Answers to some of our most commonly asked questions are below.
FAQs by Category
Student Loan Refinance
Who will service my loan?
MOHELA will service the student loan refinance. Once your refinance goes into repayment, MOHELA can be contacted to answer any questions appropriately. Their contact number is 877-292-7470.
Does SoFi charge fees for the student loan refinance?
SoFi does not charge application fees, origination fees, or prepayment penalties for the student loan refinance.
Can I add a Cosigner?
Adding a cosigner may help to strengthen your profile, but the application must first go through the review process to accurately process the information. In order to add a cosigner, we ask that you log into your SoFi.com account and enter their name and email address in the application so that we can send them an invitation. They will then have to enter their information and consent to being added, as well as supply some documents. Based on the information that was input and what we are able to validate, we will reach out to you with all updates.
What does my loan statement have to include?
Your loan statement has to include your name, the account or loan/token numbers of the loans, the interest rate, current principal balance, and name of the current servicer.
How do I follow the repayment of my refinance?
After final documents have been signed and a three (3) day rescission period has passed, we will send the funds to your current loan servicers. Within 7-10 days from signing, a welcome email will be sent to you and will explain the process for setting up your online account to begin and follow the repayment of your loan. If you have already completed the AutoPay form, your account will be set up to automatically deduct your payments from your designated bank account. If you have not yet set up AutoPay and would like to, you can do so once you have set up your MOHELA account.
How do I obtain the Final Disclosure documents?
You can obtain the final disclosure after signing your approval packet. The final disclosure will be available within 24 hours.
I have a payment coming up with my previous servicers. Should I make the payment?
If you have a payment coming up soon, it’s recommended that you make the payment. If the amount we send to your existing servicers is greater than the current balance of your loan, the existing servicer will, in most cases, return the overpayment to SoFi. Once the overpayment is received, SoFi will apply the overpayment retroactively to your existing SoFi principal balance.
How do I change my due date for my student loan refinance?
You can change your due date on www.SoFi.Mohela.com, by clicking on “Forms” under “Online Services.” You will need to download and complete a form for changing your due date. Once you have completed the form, upload it using the “Upload Form” button. You must be in repayment in order to make this change.
When will my previous loans be paid off? My previous loans still have a balance.
The funding process takes about 7 to 10 business days. The funds are sent to your servicer, via ACH, USPS, or FedEx, to pay off your loans. Your payment with us won’t be due for 30 to 45 days from the date we sent the funds those previous loan(s). You will receive a welcome packet from our servicing partner MOHELA, within two weeks for repayment.
How can I have the minimum monthly payments of my refinance recalculated?
If you have made more than the minimum monthly payments or made additional payments to your refinance, MOHELA will recalculate your minimum monthly payment to reflect the updated balance. Note, this is upon request, which you will have to do by calling MOHELA. Their contact number is 877-292-7470.
Who do I contact with questions regarding my loan?
MOHELA will service the student loan refinance and can be contacted to answer any questions appropriately. Their contact number is 877-292-7470.
How do I obtain my loan interest notification including 1098-Es?
Depending on the amount that you have paid in interest over the course of the year, you will be sent your documentation by MOHELA. You can also access these documents through www.SoFi.Mohela.com. Choose “Tax Documents” under “My Account”. If you have any questions, their contact number is 877-292-7470.
How can I obtain my Signed Documents and Final Disclosure?
You can obtain the final disclosure after signing your approval packet. Please allow up to three days for your dashboard to be updated. On SoFi.com under “What you Owe”, your product line will be updated to show that your loan has been funded where you can then download either “View Signed Documents” and or “View Final Disclosure”.
What will happen with the overpayment made to my previous servicer?
This issue of overpayment is frequently brought to our attention. The following is how we address such situations: 1) If the amount we send to your existing servicers is greater than the current balance of your loan, the existing servicer will in most cases, return the overpayment to SoFi. 2) Once the overpayment is received, SoFi will apply the overpayment retroactively to your existing SoFi principal balance. Overpayment refund can take 6-8 weeks to be applied. Department of Education Servicer will take 10-12 weeks. You may also choose to contact your servicer to inquire about their processing and posting times.
What is the AutoPay discount?
The AutoPay discount is a 0.25% interest rate reduction on loans in which you authorize the loan servicer to automatically deduct monthly payments from any bank account you choose.
Does SoFi offer loan deferment if I go back to school?
SoFi does offer loan deferment for borrowers who return to graduate school on a half- or full-time basis, undergo disability rehabilitation, or serve on active military duty. At the end of any deferment, the total loan balance will be reamortized over the remaining term of the loan. A borrower may request deferment by completing and signing a deferment request form and providing the appropriate documentation requested on the form. Restrictions apply. Please contact Customer Support for details.
What is a direct consolidation loan?
A Direct Consolidation Loan is a government program that allows you to combine multiple federal education loans into a single loan. The resulting interest rate is a weighted average of your prior loan rates. Refer to https://www.sofi.com/
Will applying for a student loan refinancing affect my credit?
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.
Will checking the rates and terms that I qualify for affect my credit?
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.
Can I refinance previously consolidated loans with SoFi?
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.
When is the best time to refinance?
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 the first six months of any existing grace period of the loans you refinance with us.
Who should refinance?
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 this blog post that provide more information: When to Consolidate Federal and Private Loans by Refinancing. Or, call us for a free consultation about your particular situation.
Am I eligible for a SoFi Refinance loan?
To be eligible for a SoFi loan, you must be a U.S. citizen or permanent resident, and you must reside in one of our eligible states. If you are a permanent resident, you have more than 2 years until your status expires, or you have filed an extension. Loan eligibility also depends on a number of additional factors, such as a responsible financial history, credit score, your income vs. expenses, and employment status. Please review our Eligibility Criteria or call us for further details.
Am I a good candidate to refinance my student loans with SoFi?
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 programs, are employed, has a sufficient income from other sources, or hold a job offer with a start date within 90 days, have a responsible financial history, and a strong monthly cash flow.
Is my school and/or program eligible?
Today we’re able to refinance graduates with an Associates’ degree or higher from Title IV accredited universities and graduate programs. 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 financial history, credit score, your income sources and your employment. Please review our Eligibility Criteria or call us for further details.
Can my spouse and I refinance and consolidate all of our loans into one?
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.
Is it possible to refinance both federal and private student loans?
Yes, SoFi will consolidate all qualified education loans.
What is the difference between consolidation and refinancing?
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.
Does SoFi offer a grace period?
SoFi will honor the first six months of any existing grace period of the loans you refinance with us.
What is the difference between interest rate and APR?
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.
Does SoFi have a variable rate product?
Yes, we have a variable rate product. Please visit our Rates page for more information about our interest rate options.
Should I choose a fixed interest rate or variable interest rate loan?
Whether you choose a fixed or variable interest rate really depends on your particular financial situation. Find out more information on our Fixed vs. Variable Rate Loans resource page. Feel free to give us a call at 855-456-7634 to talk with a customer care consultant about which product may be right for you.
What is the minimum and maximum amount I can borrow with SoFi?
The minimum amount is $5,000 (and may be higher in certain states due to legal requirements). The maximum amount is the full balance of your qualified education loans.
Why was my application to refinance my student loans rejected?
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 4-year undergraduate or graduate degree from a Title IV accredited institution.
- 3. Good employment history. Currently employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
- 4. In good standing on current student loans.
- 5. Strong monthly cash flow.
- 6. A responsible financial history.
Are there origination or prepayment fees for SoFi loans?
No, there are no origination or prepayment fees on SoFi Student Refi loans.
Do you require or accept co-signers for Student Loans?
Yes. While adding a co-signer is not required, it may help you qualify for a loan or a lower interest rate.
How do I add a co-signer to my loan?
For guidance on how to add a co-signer, contact us via phone at (855) 456-7634, email (customerservice@sofi.org) or chat once you’ve logged in.
How long will adding a co-signer to my loan take?
Adding a co-signer is quick—it’s just an email invitation. Depending on your co-signer’s financial situation, the review process for an application with a co-signer may take one to two weeks longer.
What are the advantages and disadvantages of adding a co-signer to my loan?
If you are pre-qualified for a loan, adding a co-signer may lower your rate—but the review process with a co-signer takes one to two weeks longer.
If I default on my loan, is my co-signer responsible for repaying my loan?
Yes. If you default on your loan, your co-signer will be liable to pay it.
If I build a good payment history for an extended period of time, can my co-signer be removed?
No. The cosigner can only be removed if they pass away, or if you chose to refinance your SoFi loan and qualify on your own.
Why does my co-signer have to sign the agreement without seeing the rates?
In short, they consent to your loan before you see your rates so that we can factor in your co-signer when we show your rates.
SoFi provides you the option of adding a co-signer as an opportunity to help you qualify for a loan. Once you request a co-signer, we will instruct your co-signer to complete the application and consent to co-signing your loan. Since adding a co-signer to your application introduces additional effort for our review team, we want to ensure your co-signer is committed to helping you reduce your student debt and ask for their consent to co-sign at the beginning of the process. We will notify you if you are pre-qualified with a co-signer; from that point, you will be able to see your rates and select a loan.
Once you have been presented with your offer, SoFi recommends that you discuss the rates and loan terms with your co-signer before proceeding with your application. Your co-signer is not obligated, in any way, if you do not accept the terms.
Will making a large payment or additional payments change my monthly due amount?
Making a large payment or additional payment on a Student Loan Refinance can adjust your payment. Each month we work with our servicing partner Mohela to review the amortization schedule of each student loan to ensure it has been properly followed. If we find your loan payment may be significantly affected, the loan will be reamortized. This is done to prevent a balloon payment at the end of your term. If you make a large payment, your monthly payment amount can decrease, but the remaining time to pay off your loan will remain the same.
Are SoFi Loans considered “student loans” for tax purposes?
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.
Can I refinance a Parent PLUS loan?
Yes, you can refinance a Parent PLUS loan provided you meet the Eligibility Criteria.
Can my child on whose behalf I took out a Parent PLUS loan refinance my loan in his or her name?
It is possible to refinance a Parent PLUS loan into your child’s name, but your child must apply. Please contact Customer Support to learn more.
Who is MOHELA?
MOHELA is SoFi’s third-party loan servicer for student loans. Once your loan is funded, servicing will be provided by our partner MOHELA, who will contact you to set up an account and collect your monthly payments. While your loan will be serviced by MOHELA after it has been funded, you will still be a SoFi member and be able to take advantage of our unique member benefits.
Do you have a Referral Program?
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.
Mortgages
Will applying for a mortgage or mortgage refinancing affect my credit?
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.
Will checking the rates and terms that I qualify for affect my credit?
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.
What types of properties are eligible?
Mortgages are available for owner-occupied primary residences and second homes. This includes single family homes, condos, 2-units, co-ops and planned unit developments. Rental properties and tenancies-in-common (TICs) are not eligible.
Who can apply for a SoFi mortgage?
Applicants must be U.S. citizens or permanent residents, and be the age of majority in their state of residence. SoFi also offers loans to certain non-permanent resident aliens on eligible visas. All applicants must reside in one of our eligible states. Moreover, mortgage eligibility also depends on a number of additional factors, such as credit scores, income, employment status, and property eligibility. Please review SoFi’s mortgage eligibility criteria for further details.
What is the minimum down payment SoFi will accept?
We may require as little as a 10% down payment for well-qualified applicants. Maximum loan amount and program requirements apply.
Can I refinance an existing mortgage?
Yes, qualified applicants may apply for refinancing and a minimum of 20% equity is required.
Do you require private mortgage insurance (PMI)?
No, we do not require PMI on any of our jumbo loans. We offer Lender-Paid Mortgage Insurance (LPMI) for our agency loans with a Loan-to-Value ratio greater than 80%.
What is the difference between a pre-qualification and a pre-approval?
A pre-qualification is an estimate of how much you can borrow and the rates you may be eligible for (as determined using today’s rates), 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, evaluation of your employment history, income and assets. A pre-approval allows you to submit an offer with confidence that you are personally approved for a loan. Once you have identified a property to purchase, it must meet SoFi property eligibility standards.
Does SoFi require a property appraisal?
Yes, for the majority of transactions a property appraisal is required with the exception of those that are eligible for a Fannie Mae Property Inspection Waiver.
What is your rate lock policy?
SoFi may grant requests for a 45-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.
Do you charge loan origination fees?
No, we do not charge origination fees on our mortgage products. However, you will still be responsible for standard third-party closing costs as well as other fees like credit report and flood certification.
What are standard third-party closing costs?
Closing costs are costs associated with a new mortgage or a refinance of an existing mortgage. Typical closing costs include fees for appraisal, title insurance, title search, transfer taxes, settlement services, property taxes and hazard insurance premiums and government recording fees. These fees vary depending on the transaction type and the geographic location of the property.
Are there prepayment penalties?
No, you can pay off your loan early without incurring a prepayment penalty.
Personal Loans
What is a personal loan?
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.
Should I choose a fixed interest rate or variable interest rate loan?
Whether you choose a fixed or variable interest rate really depends on your particular financial situation. Find out more information on our Fixed vs. Variable Rate Loans resource page. Feel free to give us a call at 855-456-7634 to talk with a customer care consultant about which product may be right for you.
What can I use a SoFi Personal Loan for?
SoFi Personal Loans are solely for personal, family, or household purposes and are not permitted to be used for real estate, business purposes, investments, purchases of securities, post-secondary education and short-term bridge financing.
Am I eligible for a SoFi Personal Loan?
To be eligible for a SoFi loan, you must be a US citizen, permanent resident or visa holder (J-1, H-1B, E-2, O-1, or TN) 18 years or older, and reside in one of our eligible states. If you are a permanent resident, you have more than 2 years until your status expires, or you have filed an extension. If you are a visa holder, you have at least 2 years remaining until your status expires or you have filed for a renewal, or an application for permanent residency. Loan eligibility also depends on a number of additional factors, such as a responsible financial history, credit score, your monthly income vs. expenses, and professional experience. Please review our Eligibility Criteria for further details.
Am I a good candidate for a SoFi Personal Loan?
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 and/or has a sufficient income from other sources with a responsible financial history and have a strong monthly cash flow.
Is the SoFi Personal Loan secured or unsecured?
The SoFi Personal Loan is an unsecured loan. This means that you do not need to provide collateral for the loan.
If interest rates rise and I have a variable rate loan, what is the highest rate I could pay?
Interest rates on SoFi variable rate personal loans only change by the amount that LIBOR changes. Interest rates on SoFi variable rate personal loans are capped at 14.95%.
What is the minimum and maximum I can borrow?
With the SoFi Personal Loan, the minimum amount you can borrow is $5,000 in most states and the maximum is $100,000.
Are there any origination or prepayment fees?
No. We want to make things simple for our members, so we have no origination fees, closing costs, or prepayment penalties. Note that any additional payments will be paid first toward the accrued interest, then toward the principal balance on your account. You’re only responsible for the interest on the principal balance on the time that you have it. If you pay it off earlier, you have less interest charged.
How is a SoFi Personal Loan different from credit card debt?
SoFi Personal Loans have a fixed repayment term. Credit cards often have high variable rates and no set repayment term.
Will applying for a personal loan affect my credit?
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.
How long does it take to receive the funds?
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, we will give you a call to confirm your address and welcome you to the SoFi Community, and then your funds should generally be available within a few days.
What if I am laid off and can’t pay my monthly installments?
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 Strategy. For more information, click here to learn about our career strategy program.
What if I’m late in making a payment?
Timely payment of your SoFi loans helps ensure we can continue to deliver great products and services to the SoFi community. As of April 18, 2018, SoFi doesn’t charge late fees on Personal Loans.
How can I make my loan payments?
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, setting up automatic payment 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.
For payments by check or bill pay, please mail utilize the below address:
SoFi Lending Corp Personal Loan
PO Box 654158
Dallas, TX 75265-4158
For payments requiring a delivery signature (e.g. Fed-Ex), please utilize the below address:
SoFi Lending Corp Personal Loan
Attn: Lockbox Operations 654158
2701 East Grauwyler Rd., BLDG 1
Irving, TX 75061
For payments by check or bill pay, please mail utilize the below address:
SoFi Lending Corp Personal Loan
PO Box 654158
Dallas, TX 75265-4158
For payments requiring a delivery signature (e.g. Fed-Ex), please utilize the below address:
SoFi Lending Corp Personal Loan
Attn: Lockbox Operations 654158
2701 East Grauwyler Rd., BLDG 1
Irving, TX 75061
What is the AutoPay discount?
The AutoPay discount is a 0.25% interest rate reduction on loans in which you authorize the loan servicer to automatically deduct monthly payments from any bank account you choose.
When will my first payment be due?
Your first personal loan payment will be due no sooner than 15 days after funds are disbursed, and no later than 45 days after disbursement. Payments on fixed rate loans are typically due on the 1st of each month, and payments on variable rate loans are due on the 10th of each month. Payment dates on fixed rate loans may be changed to any day between the 1st and 25th of the month by logging in and selecting “View Details” in the SoFi Personal Loan section. From there, select “Loan Details” then click the “Change” link next to the Payment Due Date. Payment dates on variable rate loans are unable to be changed because of the timing of possible variable rate changes each month.
Can I change my monthly payment date?
Yes, if you have a fixed rate personal loan in good standing, you may change your payment date to any date between the 1st and 25th of the month. Simply log in and select “Loan Details” for your Personal Loan, then click the “Change” link next to the Payment Due Date. Please note, your payment date can only be changed after your loan has been funded. Your new statement will be available in your account once complete, which usually takes about 5 days. You can only change your payment date once per year. Your loan must be current, and at least the first payment must be processed for it to take effect. Payments on variable rate loans are due on the 10th of each month and are unable to be changed because of the timing of possible variable rate changes each month.
Will making a large payment or additional payments change my monthly due amount?
Making a large payment or additional payment on a Personal Loan will not automatically reduce your monthly payment. If you make a large or additional payment, the first part of the payment goes toward any interest accrued. The remainder goes toward the principal balance. Your monthly payment amount will stay the same, but you will be on track to pay your loan off early. After making a substantial payment you are welcome to reach out to our Servicing Staff at 855-456-7634 or email us to at customerservice@sofi.com and request to reamortize your loan, which may bring your payment down.
Can I refinance my current SoFi Personal Loan?
At this time we do not offer a refinancing option for your personal loan. You do have the option of applying for an additional SoFi Personal Loan, which you can then use to pay off your existing SoFi loan or consolidate your debt. However, note that a new loan is considered additional debt, which may impact your ability to get approved or the amount you may be able to borrow. To qualify for a second SoFi Personal Loan, the applicant must have made at least three payments, as well as the most recent three payments on-time (not late), on each loan in order to be considered eligible for an additional personal loan.
How are funds disbursed?
Funds are sent directly to your personal bank account under your name. You are responsible for paying toward the purpose of this loan thereafter.
How can I amortize my personal loan?
The re-amortization process is simple and just needs your request in writing by sending an email from you via the email address you have with us on file to customerservice@sofi.com stating that you would like to re-amortize. We will then be able to start the process of re-amortization and will reach out to you with any questions or updates.
How can I obtain my final loan documents?
You can obtain your final loan documents after signing your approval packet. Please allow a day after your loan has been funded for your documents to show up in your member dashboard on SoFi.com. Your account will be updated to show that your loan has been funded, where you can view and download your signed loan documents and final disclosure if you would like an extra copy.
Can I have multiple Personal Loans with SoFi?
To qualify for a second SoFi Personal Loan, you must have made three consecutive scheduled payments on an existing SoFi Personal Loan. Note that Michigan residents can only have one SoFi Personal Loan at any given time.
Do you accept co-applicants for Personal Loans?
Yes, as of April 2018, you can now apply with a co-applicant for a SoFi Personal Loan. While adding a co-applicant is not required, it may help you qualify for a loan or qualify for a lower interest rate. However, both applicants will be jointly responsible for repaying the loan. In addition, the review process with a co-applicant may take an extra one to two weeks. Note that co-applicants must live at the same address as the primary applicant.
What’s the difference between a co-applicant, co-borrower, and co-signer?
A co-applicant and co-borrower are the same thing, just at different points in the loan process; once a loan is funded, a co-applicant becomes a co-borrower. In this case, both the primary applicant and co-applicant sign the loan agreement and are jointly liable for the loan. A co-applicant also must live at the same address as the primary applicant. On the other hand, a co-signer on a student loan or mortgage is jointly liable but does not have the same interest in the loan and does not sign the loan agreement (only the co-signer addendum). SoFi does not offer co-signers on Personal Loans.
How do I add a co-applicant to my loan?
When you start an application and check your rate, the application includes a question asking if you would like to include a co-applicant. Simply check yes and you will be prompted with instructions for how to add your co-applicant. Please note that you will be asked to provide information about your co-applicant’s employment, income, and education. We encourage you to be with your co-applicant when you co-apply. For further guidance on how to add a co-applicant, contact us via phone at (855) 456-7634, email customerservice@sofi.org or chat once you’ve logged in.
How long will adding a co-applicant to my loan application take?
Adding a co-applicant is quick and takes just a couple of extra minutes while filling out your application. Once you’ve completed the application, depending on your co-applicant’s financial situation, the review process for an application with a co-applicant may take one to two weeks longer.
Does it make any difference who is the primary applicant and who is the secondary applicant?
No, it does not make any difference in what loan amount or interest rate SoFi can offer you.
If my loan application is denied, can I apply again with a co-applicant?
Yes, you can apply again, but keep in mind that the co-applicant must be living at the same address as you. Also, loans issued to two individuals (primary borrower and co-borrower) will make both individuals jointly liable for the obligations in the terms of the loan.
Why was I denied with a co-applicant?
If you and your co-applicant were denied for a Personal Loan, a decline notice known as an “adverse action” will be sent within 30 days of your application date. The adverse action notice will provide an overview of the reasons for denial of credit.
If I cannot make payments on my loan, is my co-borrower responsible for repaying my loan?
Yes. You and your co-borrower are jointly liable for making your loan payments.
If I build a good payment history for an extended period of time, can my co-borrower be removed?
No. The co-borrower can only be removed if they pass away, or if you pay off your SoFi loan and qualify on your own for a new loan.
In School MBA Loans
Why can’t I locate MBA In-School Loans on the website?
In an effort to better serve our members, SoFi is no longer offering in-school MBA loans, effective July 15, 2016. Applications will not be accepted after this date.
Who do I contact if I currently have questions about my current MBA In-School Loan?
If you are currently applying for an MBA Loan you can reach out to our partner Campus Door at (717)254-1183 or email at answers@campusdoor.com. If you have a past or current MBA loan, you can contact our customer service team via email at MBAloans@SoFi.com.Once a SoFi member, always a SoFi member, so you’ll continue to have access to our fantastic community events and career strategy team — and of course you’ll always have the option to refinance your loans with us after graduation.
I’ve already started an application, how do I login to the Campus Door system?
You can login to an existing application using the following URL.
Am I eligible for a SoFi MBA Loan?
To be considered, you must be a student for the 2015-2016 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.
Why is the SoFi MBA Loan only offered at some schools?
The SoFi MBA Loan is a new offer 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.
If I have other student loans, am I still eligible for a SoFi MBA Loan?
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.
What are the fees?
There are no application, origination, or prepayment fees of any kind for the SoFi MBA Loan.
What are the repayment options?
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.
Does the SoFi MBA Loan honor deferment or grace period?
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.
When are SoFi MBA Loans disbursed?
SoFi MBA Loans are disbursed prior to the tuition deadline each academic period, provided that the application is approved before that time.
How much can I borrow with the SoFi MBA Loan?
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.
Can I apply for a SoFi MBA Loan with a co-signer?
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.
Can I pay my SoFi MBA Loan off early?
Yes. There are never pre-payment penalties of any kind.
Can I apply for multiple school years?
No. You can only apply for the 2015-2016 academic year in this application cycle.
If I already applied for another loan, is it too late to take a SoFi MBA Loan?
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.
Can I use the SoFi MBA Loan for additional expenses besides tuition?
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.
What if I am not approved for the SoFi MBA Loan?
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.
Who is CampusDoor?
CampusDoor is a vendor who helps us process SoFi MBA Loan applications. CampusDoor can be reached at 717-254-1183.
Can I utilize SoFi Career Services?
Yes. If you take out a SoFi MBA Loan, you are welcome to schedule an appointment with SoFi’s Career Strategy Team.
Will applying for a MBA loan affect my credit?
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.
Will checking the rates and terms that I qualify for affect my credit?
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.
Should I choose a fixed interest rate or variable interest rate loan?
Whether you choose a fixed or variable interest rate really depends on your particular financial situation. Find out more information on our Fixed vs. Variable Rate Loans resource page. Feel free to give us a call at 855-456-7634 to talk with a customer care consultant about which product may be right for you.
Who is MOHELA?
MOHELA is SoFis’ third-party loan servicer for student loans.
ReFi Referral Program - General
How does the SoFi Referral Program work?
To earn rewards for referring friends to SoFi, users must register for a SoFi.com account and sign up for the internal Referral Program to generate their unique invite links.
So long as the referred borrower correctly uses their friend’s unique invite link immediately before registration, both the referrer and the referred borrower will earn a reward automatically after the referred borrower’s loan has been funded.
Who is eligible for the SoFi Referral Program?
All individuals, regardless of whether they are current SoFi borrowers, can sign up for a referral account to refer their friends to SoFi.
However, not everyone is eligible for a welcome bonus. Only brand new SoFi customers are eligible to receive a welcome bonus (or generate a referral reward for the friend who referred them). If the referred applicant already has a SoFi account, does not use their friend’s unique referral link when first creating their SoFi account, or has an account associated with another promotion, their application will not earn a welcome bonus, and their referring friend will not earn a referral reward.
Referrers will never receive credit for referring themselves or for refinancing their existing SoFi loan. Each referred SoFi Refinance Community Member is eligible for at most one welcome bonus. SoFi reserves the right to disqualify anyone from this program at any time.
Which SoFi products are eligible for SoFi Referral Program rewards?
The SoFi Referral Program only applies to student loan refinancing (“ReFi”), Parent Plus loans and personal loans. MBA loans, mortgages, and all other types of SoFi products are ineligible for the Referral Program.
ReFi Referral Program - For Referrers
Whom can I refer to SoFi through the SoFi 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.
How do I ensure that my friend’s application will be linked to my referral account?
Send your friend your unique invite link before they first register for their SoFi account and create an application. Your friend should use your invite link just prior to registering for their SoFi account and starting the application process.
Please note that only brand new applicants for SoFi student loan refinancing are eligible to generate a referral reward for you or a welcome bonus for themselves.
How do I know if my friend’s application was linked to my referral account?
For privacy reasons, we cannot disclose the names or contact information of people who have used your unique referral link, but your referral account dashboard at sofi.com/b/ will allow you to see the number of people who have used your link correctly to register or refinance.
Your referred friend will also be able to see their association with your referral account after their refinance application has been approved. If they correctly used your referral link when first registering for their SoFi account they will see a little tag on the right-hand sidebar of their approved loan application letting them know that their application has been associated with your referral account, and they can expect the a welcome bonus.
How do I get my referral reward?
Referral rewards come from SoFi through ACH transfer. When you first create your referral program account, please confirm your ACH information and complete your W-9 form. You will receive notification about a payment after your referred friend’s loan has been funded and your referral reward is sent.
When do I get my referral reward?
After your referred friend’s loan has been funded, you’ll both receive an email about the referral reward. Those rewards will come through ACH (based on the information you submitted when registering for the Program).
After a loan is funded, it takes up to 30 days to approve and fund referral rewards.
You must have confirmed your ACH account and routing number to collect your reward.
Why haven’t I received my referral reward yet?
Reasons for this may vary. Possible reasons include:
Your friend did not apply using your unique referral invite link, in which case it has not been linked to your referral account.
Your friend’s loan has not been approved or funded.
You have not added your ACH information to your referral account.
You have not completed your W-9 form.
Your friend’s application was not eligible for a referral bonus. Please see the eligibility criteria above.
How do I complete my W-9 for my referral account or welcome bonus?
In order for us to send your reward, you need to complete a W-9 form. You can complete your W-9 by clicking on the “Click Here” shown on the banner at the top of your SoFi account dashboard.
How do I add my ACH information to my referral account?
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.
My friend didn’t use my unique referral link when creating their SoFi account or application. Am I still eligible for a reward?
Have your friend email refer@sofi.com from the email address they used in their SoFi application with the following information to see if you may still be eligible:
Your friend’s full name and the email address used in their SoFi application.
Your full name, email address, and unique invite link.
Details of how and when you referred them to SoFi.
Exceptions are not guaranteed and will be determined on a case-by-case basis.
ReFi Referral Program - For Referred Borrowers
How do I ensure that my friend and I earn the referral bonus?
You must use your friend’s unique URL immediately prior to registering for your SoFi account and starting your loan application.
Please note that only new applicants for personal loans and student loan refinancing are eligible for a welcome bonus.
How do I get my welcome bonus?
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, and you will need to complete a W-9 form. Once that’s done, we can send the payment via ACH.
When do I get my welcome bonus?
After your loan has been funded, you’ll receive an email about the welcome bonus. You will be asked to add your ACH account and routing number to your referral account profile if you have not already done so. Once that’s done, we can send the payment via ACH.
After a loan is funded, it takes up to 30 days to approve and fund referral rewards.
Why haven’t I received my welcome bonus yet?
Reasons for this may vary. Possible reasons include:
You did not apply using your friend’s unique referral invite link, in which case it has not been linked to your friend’s referral account.
Your loan has not yet been funded.
You have not added or confirmed ACH information to your referral account.
You have not completed your W-9 form.
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.
How do I add my ACH information to my referral account?
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.
I didn’t use my friend’s unique referral link when creating my SoFi account or application. Am I still eligible for a reward?
Please email refer@sofi.com from the email address you used in your SoFi application with the following information to see if you may still be eligible:
Your full name and the email address used in your SoFi application.
Your friend’s full name, email address, and unique referral URL.
Details of how and when your friend referred you to SoFi.
Unemployment Protection Program
What is SoFi’s Unemployment Protection Program?
If you lose your job through no fault of your own, you may apply for the Unemployment Protection Program. Your loan(s) must be in good standing at the time you request enrollment in the Unemployment Protection program. If approved for the program, SoFi will put your loans into forbearance, suspending your monthly SoFi loan payments. Unemployment Protection is offered in three month increments, and is capped at 12 months, in aggregate, over the life of the loan.
During each three-month forbearance period, unpaid interest will continue to accrue and will be capitalized (added) onto your principal balance. You do have the option to make interest-only payments during this period in order to prevent the interest from increasing your principal balance.
Who is eligible for Unemployment Protection?
SoFi student loans and personal loans are eligible for Unemployment Protection, provided the loans are in good standing. “Good standing” means that you are currently and have been historically abiding by the terms of your loan agreement. Mortgage loans are not eligible for Unemployment Protection.
To apply for this assistance you must:
- – Be a current SoFi member
- – Have an eligible loan that is in good standing
- – Certify that you have lost your job through no fault of your own (involuntarily)
- – Actively work with our Career Team to look for new employment
What does working with the Career Coaching team involve?
The SoFi Career Team is committed to our members’ professional success and we look forward to helping you accelerate your job search. The minimum requirement to be considered “engaged” with the Career Team is to complete at least one of the career offerings outlined under Step 2 during each forbearance period.
Step 1: Sign up with KornFerry Advance!
Step 2: Choose a career related activity:
How do I apply for Unemployment Protection?
You can apply for Unemployment Protection via your SoFi account if you have a funded Personal Loan or Student Loan in good standing and have lost your job through no fault of your own:
- 1. Log into your SoFi account
- 2. Click on ‘Learn More’ on the Unemployment Protection Program button in the lower-left corner of the page
- 3. Review the definition and requirements for the program; if you’d like to apply for the program, you’ll indicate your date of unemployment and certify several statements before moving to the next page to ‘Begin Application’
- 4. You’ll be asked to update your SoFi profile with your most recent employment information, so our career coaches can best-support your job search before moving to the final page
Our team may request additional documentation (such as proof of eligibility for governmental unemployment benefits or separation/severance letter) to verify the nature of your unemployment.
IMPORTANT NOTE: While your application is pending approval, you are still required to make payments on your loan(s).
Will my approval in the Unemployment Protection Program affect my credit score?
When approved for Unemployment Protection, your loan is placed into forbearance. This status is reported to the credit bureaus, and may be a factor in credit-based decisions from other institutions.
How will my loan payments be affected after Unemployment Protection ends?
Each forbearance period lasts for three months. You can re-apply to extend this in three-month increments, up to 12 months in aggregate over the life of the loan.
During the forbearance period, interest will continue to accrue. Unpaid interest will be capitalized (added) to your principal balance at the end of each three-month forbearance period. For student loans, we recommend making interest-only payments during this time in order to prevent the interest from being capitalized to the loan principal, if you’re able.
For student loans, forbearance does not extend the loan repayment term.
-If interest-only payments are made during the forbearance period, the amount of the principal balance will not increase. Monthly loan payments will increase due to the same loan amount needing to be paid over the same repayment term.
-If no payments are made during the forbearance period, the amount of the principal balance will increase. The increase to monthly payments will be more significant than if interest payments were made during the forbearance period.
For personal loans, forbearance does extend the loan repayment term.
-Unpaid interest will increase the principal balance, and will increase the monthly payment.
I’ve been denied for Unemployment Protection / forbearance. Why?
To be eligible for Unemployment Protection, you must be a current SoFi member, have a loan (or loans) in good standing, and have proof that you are eligible for unemployment benefits or have proof of involuntary severance with an employer.
Denial for Unemployment Protection may happen because one or more of the eligibility requirements have not been met. For example:
-Involuntary job loss is an eligibility requirement for Unemployment Protection, so members who have voluntarily quit their jobs are not eligible
-You’ve made a late payment at some point over the life of your loan, which would mean your loan is not in good standing
-You are self-employed and therefore ineligible for unemployment benefits
Regardless of your enrollment in Unemployment Protection, all members can request job search assistance from the Career Team, who can advise on job search and interview techniques, networking, and offer negotiation.
If I accept a job before the end date of my approved forbearance, do my loan payments get reinstated and become due immediately?
No. Becoming employed would not revoke the approved forbearance benefit during the forbearance period. Members can choose to resume payments if they’d like by submitting a request in writing; however, they can wait until the forbearance period officially ends to begin making payments.
Note that interest will continue to accrue and be capitalized onto the loan’s principal balance during your forbearance period. Please read the How will my loan payments be affected after Unemployment Protection ends? section for more information.
Automated Investing
Are there fees for SoFi Invest?
Nope! Isn’t that great? There are no SoFi management fees. Our goal as a company is to enable ambitious people to meet their financial goals. We want you to get your money right on the path toward achieving financial independence and that includes not charging you to invest your own money.
What’s the minimum amount to invest?
You can start with a $100 one-time deposit or set up an auto-deposit for as little as $20 per month. Most everyone can benefit from the magical (math) of compounding returns, and we want to make it available to as many people as possible. The most important thing is to get started! Also, there’s no minimum holding period and you can withdraw your money at any time.
What is rebalancing? How often will my portfolio be rebalanced?
Rebalancing is when we sell some of the ETFs that have gone up in value and buy more of the ones that went down, in order to keep your portfolio close to its original mix of investments. It’s important to do this periodically. We will look at portfolios at least quarterly to see if any one asset is more than 5 percentage points off its original allocation. If so, we’ll rebalance the account. We might do it more often if, for example, there is a big move in one asset class, or if we decide to change the mix of the funds in the portfolio. The end goal is to automatically keep your portfolio on track for your stated goals.
Does SoFi Invest support joint accounts?
Absolutely. Once you create your joint account during on-boarding, the secondary account holder will receive an email to the email address you provide for them with instructions on how to complete their profile and how to accept the account agreement. This will be required for the account to be approved. If the secondary account holder cannot locate the email, have them go to SoFi.com and then select “Create Account.” Then, they’ll just need to enter the email address provided for them to finish setting up their profile.
Does SoFi offer any promotions to customers to open automated investing accounts?
Sometimes! You would receive a bonus for opening a taxable account (not a retirement account).
How long will it take for a promotional bonus to appear in my account?
The bonus will post to your account in 10 business days after you open it. Hang tight! If you don’t receive your bonus within 10 business days, feel free to email the team at investsupport@sofi.com.
Can I get help from a person if I have a question?
Of course! SoFi offers multiple forms of support including credentialed advisors to help through email, chat or phone.
What’s a fiduciary?
We want the advice you get from SoFi to be in your best interest, which is why we hold our credentialed financial advisors to a fiduciary standard — a higher level of service and loyalty. We employ fiduciaries because we want any advice that you get from a SoFi advisor to be truly in your best interest. In addition, none of the advisors earn commissions, so their interests are always aligned with yours.
Are there management fees for Automated Investing?
Nope! Isn’t that great? There are no SoFi management fees. Our goal as a company is to enable ambitious people to meet their financial goals. We want you to get your money right on the path toward achieving financial independence and that includes not charging you to invest your own money.
What’s the minimum amount to invest?
You can start with a $100 one-time deposit or set up an auto-deposit for as little as $20 per month. We want to make investing available to as many people as possible. The most important thing is to get started! Also, there’s no minimum holding period and you can withdraw your money at any time.
What is rebalancing? How often will my portfolio be rebalanced?
Rebalancing is when we sell some of the ETFs that have gone up in value and buy more of the ones that went down, in order to keep your portfolio close to its original mix of investments. It’s important to do this periodically. We will look at portfolios at least quarterly to see if any one asset is more than 5 percentage points off its original allocation. If so, we’ll rebalance the account. We might do it more often if, for example, there is a big move in one asset class, or if we decide to change the mix of the funds in the portfolio. The end goal is to automatically keep your portfolio on track for your stated goals.
Can I change my investment strategy?
Yes. When you onboard automated investing, you can choose from 5 different investment strategies, ranging from conservative to aggressive. Members can have separate portfolios for different financial goals, such as retirement versus a down payment in the next 5 years. You can change your strategy at any time. If you have questions, you can consult a financial planner at no cost.
Can I have a joint account in automated investing?
Absolutely. Once you create your joint account during onboarding, the secondary account holder will receive an email at an email address you provide with instructions on how to complete their profile and how to accept the account agreement. This will be required for the account to be approved. If the secondary account holder cannot locate the email, have them go to SoFi.com and then select “Create Account.” Then, they’ll just need to enter the email address provided for them to finish setting up their profile.
Does SoFi offer any promotions to customers to open automated investing accounts?
Sometimes we offer a bonus for opening a taxable account (not a retirement account).
How long will it take for a promotional bonus to appear in my account?
The bonus will post to your account in 10 business days after you open it. Hang tight! If you don’t receive your bonus within 10 business days, feel free to email the team investsupport@sofi.com.
Can I get help from a person if I have a question?
Of course! SoFi offers multiple forms of support including credentialed advisors to help through email investsupport@sofi.com, chat or phone.
Are your Financial Advisors credentialed?
Yes! All SoFi Financial Advisors are registered as investment adviser representatives and hold the Series 65 or another qualifying examination or designation. We hold them to a fiduciary standard, meaning they are required to act in our clients’ best interests. We also have a team of planning professionals available to answer more complex questions and to help develop a personalized financial plan.
What’s a fiduciary?
We want the advice you get from SoFi to be in your best interest, which is why we hold our credentialed financial advisors to a fiduciary standard–a higher level of service and loyalty. We employ fiduciaries because we want any advice that you get from a SoFi advisor to be truly in your best interest. In addition, none of the advisors earn commissions, so their interests are always aligned with yours.
Can I withdraw money from SoFi Invest accounts?
Yes. One of the benefits of having an account, especially a taxable investment account, is that its a liquid asset. If you need to access your money, you can initiate a withdrawal at any time by selecting Withdraw Money under Settings. Transactions will settle two business days after the trades occur. Once trades settle, we’ll send the money to your specified account. This can take a few days after your trades settle.
Who is eligible for automated investing? Do I have to be a US Citizen or Permanent Resident?
SoFi Invest is open to all US citizens and most permanent residents. We are unable to open accounts for permanent residents that maintain citizenship in certain countries that are considered “high risk”.
Does opening an account impact my credit score?
No. The Federal Government requires all custodians for investment advisors to verify the identity of investors for anti-money laundering purposes, but it does not impact your credit.
Can I transfer an existing IRA or 401(k) to SoFi?
Absolutely! SoFi Invest can accommodate a range of retirement accounts and rollover options. We offer Traditional, Roth, and SEP IRAs. If you have an old 401K with a former employer, we can help you find out how much you’re paying in management fees to see what impact rolling over will have on your retirement funds, too. If you’d like to do that, set up some time with an advisor and they can help you get started https://www.sofi.com/calendaring-ui/#/topic/.
Can I pick individual ETFs or buy single stocks through SoFi?
Not yet, but we’re working on it! SoFi offers automated investing accounts based on risk tolerance. Each portfolio (account) is composed of 3-7 different ETFs and is managed on a discretionary basis by our portfolio investment team. In the coming months we will be offering stock trading, sign up here to be the first to know.
Does SoFi invest my money in SoFi loans?
No, they are separate offerings. The funds in your automated investing account go into a mix of ETFs determined by your investment strategy.
How long will it take for my money to be invested?
Creating an account and scheduling a deposit takes just a few minutes. Once the account and bank information is approved, it takes 1 -2 business days for funds to post to the account. Once the deposit is received, the funds will be invested in the target portfolio as quickly as possible.
Are your Advisors licensed?
Yes, all SoFi Invest advisors are registered as investment adviser representatives and hold the Series 65 or another qualifying examination or designation. This means they are held to a fiduciary standard and are required to act in our clients’ best interests. In addition, none of the Advisors earn commission, so the incentive to “upsell” is minimized.
Are your accounts insured?
Your account is invested in assets that may lose value. However, SoFi Securities LLC, and the custodian of securities, Apex Clearing, are members of the Securities Investor Protection Corporation (SIPC). SIPC protects the securities in your brokerage account up to $500,000, including $250,000 for claims for cash. For more details, visit www.sipc.org .
Is SoFi Wealth a Broker Dealer or Registered Investment Advisor?
Your investment advice relationship is with SoFi Wealth, LLC, a Registered Investment Advisor that is registered with the Securities and Exchange Commission. Transactions in your account are introduced (as “agent for custody”) to an independent custodian, Apex Clearing, by SoFi Securities, an affiliated company that is a FINRA registered Broker Dealer. Your securities and money are held by a third party clearing firm (or “custodian”), Apex Clearing, who is also a FINRA registered Broker Dealer.
What is the minimum amount to invest?
We believe that investing should be available to all that can afford to do so, so we’ve kept the minimum low—just $100. There is no minimum holding period and you can withdraw your money at any time. Of course, if you have a retirement account there may be tax consequences for withdrawing your money, so be sure to talk to your tax advisor.
What are ETFs?
ETF stands for exchange-traded fund. An ETF is a collection of investments that trades as a single security, and they commonly offer a simplified, low-cost way to invest in a diversified portfolio of stocks and/or bonds. They are similar to mutual funds, but whereas mutual funds can only be bought and sold at the end of the day for one price, ETFs trade continuously throughout the day and investors can buy or sell them at prevailing market prices. ETFs are generally also lower cost and provide greater tax benefits then mutual funds.
How often will my portfolio be rebalanced?
Rebalancing is when we sell some the ETFs that have gone up in value and buy more of the ones that went down in order to keep your portfolio close to its original mix of investments (called the “neutral allocation”). It is important to do this periodically. We will look at portfolios at least quarterly to see if any one asset is more than 5 percentage points off its neutral allocation (called a “tolerance band”). If so, we’ll rebalance the account. We might do it more often if, for example, there is a big move in one asset class, or if we decide to change the mix of the funds in the portfolio.
Will your financial advisors try to upsell me?
No. We believe the best advice is unbiased advice, so SoFi’s financial advisors are not compensated on commission. They’re accessible when you have questions or need some help, but they won’t cold call you with aggressive upselling like other advisors might do. We think it’s important to make sure our incentives are aligned with yours, and we believe this is the best way to do it.
What kinds of accounts can I have?
We currently offer individual investment accounts, owned by one person and joint accounts that can be held by two people. You can also have tax-advantaged retirement accounts, such as traditional IRAs, Roth IRAs, and Simplified Employee Pensions (SEP-IRA). We also allow you to roll over your 401(k) from a previous employer into an IRA.
Can I roll over an existing retirement account?
Yes! Existing retirement accounts like a 401(k) or IRA can be rolled over to a SoFi retirement account. You’ll need to contact your existing broker to facilitate the money movement. If you’re not sure where to get started, our credentialed financial advisors can help. Give us a call at 1-855-525-7634 (SOFI) or email at investsupport@sofi.com.
What is a SEP IRA?
A SEP IRA (Simplified Employee Pension) is a retirement plan that is popular with many small business owners and self-employed individuals because it’s low-cost, flexible, and offers potential tax savings. Contributions are made by you as the “employer.” They may be tax-deductible from your business income and grow tax-deferred. Note that withdrawals in retirement are taxed as ordinary income and penalties for early withdrawals may apply.
Who is eligible for a SEP IRA?
Any employer–sole proprietorship, partnership, corporation, and nonprofit organization – with one or more employees can establish a SEP plan. Contributions an employer can make to an employee’s SEP-IRA cannot exceed the lesser of $55,000 or 25% of the employee’s compensation. Compensation is limited to $275,000 in 2018. There are not Roth versions of SEP IRAs. A SEP won’t prevent you from contributing to either a Roth IRA or a Traditional IRA. However, your ability to deduct the Traditional IRA contributions may be reduced depending on your income (MA GI) if you open a SEP IRA.
How much can I contribute?
Contributions an employer can make to an employee’s SEP-IRA cannot exceed the lesser of $54,000 or 25% of the employee’s compensation. Compensation is limited to $270,000 in 2017.
Are there Roth versions of SEP IRAs?
No.
Does contributing to a SEP affect my ability to make annual IRA contributions?
It won’t prevent you from contributing to either a Roth IRA or a Traditional IRA. However, your ability to deduct the Traditional IRA contributions may be reduced depending on your income (MAGI) if you open a SEP IRA.
Life Insurance
What is term life insurance, exactly?
Term life insurance is life insurance that provides coverage at a fixed price for a specific period of time. As such, it is often less expensive than permanent life insurance products that typically cover you for the entirety of your life.
To find out more about term life insurance and other helpful articles, visit Ladder’s Knowledge Center. You can also reach out to their helpful experts with any questions at 1-855-622-0299.
Who is Ladder, and why has SoFi teamed up with them as a life insurance provider?
Ladder is our trusted partner for term life insurance. Ladder is for people who value a streamlined process and who want to be able to easily adjust their coverage as their needs change over time. We’re excited to be combining innovative technology with industry expertise to provide top quality products for our members.
How much life insurance can I qualify for?
Determine your needs using this calculator and then apply online in about 5 minutes for an instant decision.
Will I need a medical test in order to obtain a policy?
No medical test is required if you meet certain eligibility requirements. Apply online in about 5 minutes for an instant decision to determine whether you meet these eligibility requirements.
How much life insurance do I need?
Life insurance needs vary from person to person. Calculate your needs by using this calculator .
What kind of documents and information do I need to provide in order to apply?
In order to apply for term life insurance through Ladder, you’ll want to have some information on hand to help with the process, including your annual income, net worth, and existing life insurance coverage. You’ll also need your official identification (e.g., social security number and a driver’s license), the name and contact information of your primary physician, and current and past medical information for you and your family. Having this information ready helps to ensure you’ll finish the application process in about 5 minutes. Learn more at Ladder’s website.
Is there someone I can call to learn more?
You can speak with Ladder’s helpful experts by calling 1-855-622-0299. They are licensed, but not commissioned agents that can answer any questions you might have.
Member Benefits
What is the SoFi Member Rate Discount?
Existing SoFi members can receive a 0.125% member interest rate discount on an additional SoFi lending product of a different type. For instance, if you refinance your student loans with SoFi and then you want to take out a personal loan with us, you will receive a 0.125% interest discount on your SoFi Personal Loan. If the interest rate on your personal loan would have been 8%, then you will receive a 7.875% interest rate—just for being an existing SoFi member.
Who is eligible for the SoFi Member Rate Discount?
When you have an existing loan with us (i.e. a SoFi Mortgage, Personal Loan, or Student Loan), you will receive a 0.125% interest rate discount on a subsequent loan of a different product type. SoFi Wealth members with no SoFi loan accounts will also receive the 0.125% member rate discount on a new loan if the member’s existing Wealth account meets minimum balance criteria described below at the time of origination of the new loan. SoFi Wealth members are eligible to receive the Member Rate Discount on a Mortgage Loan if they have and maintain a minimum balance of $50,000 in their SoFi Wealth account. SoFi Wealth members are eligible to receive the Member Rate Discount on a Personal and Student Loan if they have and maintain a minimum balance of $10,000 in their SoFi Wealth account. SoFi Insurance customers are not yet eligible to receive the Member Rate Discount.
I used to have a SoFi loan but I paid it off. Am I still considered a member and will I still get the Member Rate Discount on a subsequent loan product?
Yes! If you have already paid off your SoFi loan in full, you are still considered a SoFi member and are eligible to receive the Member Rate Discount on a new loan.
Can I get the Member Rate Discount on the same type of loan product?
The Member Rate Discount must be for a different type of loan, thus it does not apply if you take out another loan of the same type. For instance, if your first loan was a SoFi Personal Loan, you are not eligible to receive the Member Rate Discount on a second SoFi Personal Loan, but you are eligible to receive the Member Rate Discount on a Student Loan or a Mortgage. SoFi’s Student Loan products (ReFi, PLUS, and Parent In-School loans) are considered separate products. Therefore, a borrower who has previously refinanced their student loans with SoFi is eligible to receive the Member Rate Discount on a different student loan product, such as the Parent In-School loan.
If I use the funds in my SoFi Wealth account toward my Mortgage transaction, will I still qualify for the Member Rate Discount on my SoFi Mortgage?
Yes, as long as the balance remaining in your SoFi Wealth account still meets the minimum balance criteria of $50,000 after the Mortgage transaction.
If I have a Wealth account that doesn’t meet the minimum balance required to get the Member Rate Discount, but I have a SoFi loan, can I get the Member Rate Discount on another loan that I take out with SoFi?
Yes, so long as the second SoFi loan is a different type of loan. For instance, if your first loan was a SoFi Personal Loan, you are not eligible to receive the member rate discount on a second SoFi Personal Loan, but you are eligible to receive the member rate discount on a Student Loan or a Mortgage. SoFi’s Student Loan products (ReFi, PLUS, and Parent In-School loans) are considered separate products. Therefore, a borrower who has previously refinanced their student loans with SoFi is eligible to receive the member rate discount on a different student loan product, such as the Parent In-School loan.
Can I get the Member Rate Discount on more than one SoFi loan?
Yes; members will receive the 0.125% Member Rate Discount on each additional lending product, so long as it is a different type of loan. For instance, if your first loan was a SoFi Personal Loan, you are eligible to receive a 0.125% Member Rate Discount on a SoFi Mortgage, and then another 0.125% Member Rate Discount on a Student Loan ReFi.
If I’m not in good standing on my SoFi loan, can I qualify for the Member Rate Discount on my next loan?
Members must be in good standing (i.e. not delinquent or charged off) on their current and prior SoFi loan(s) to be eligible for the Member Rate Discount. Specifically, you must be in good standing on your prior SoFi loan(s); you must be current on your existing SoFi loan(s); you must never have been 60 or more days past due on a prior SoFi loan; you must never have been more than once 30 days past due more than once on a prior SoFi loan; and you must never have been in forbearance on a SoFi loan.
Can I get the 0.125% Member Rate Discount in addition to the 0.25% AutoPay discount?
Yes; you can receive the 0.125% Member Rate Discount in addition to your 0.25% AutoPay discount. Please note that SoFi does not offer an AutoPay discount for Mortgages.
Can I get the 0.125% Member Rate Discount in addition to a rate discount offered by my employer or association?
The Member Rate Discount cannot be combined with the rate discount offered through a corporate or association partnership channel. For instance, if your first product is a Personal Loan and then you refinance your student loans through a corporate or association partnership link that offers an interest rate discount, you will only receive the corporate or association discount. You will still be eligible to receive the Member Rate Discount if you receive a cash welcome bonus (e.g. for refinancing through your company or association, if applicable) on your loan instead of an corporate/association interest rate discount.
How will I know that the Member Rate Discount is being applied to the rate quote in my application?
Rate discounts are displayed in the application. You will see the rate discounts on the page where you select your product and interest rate.
When does this offer start?
SoFi started offering Member Rate Discounts on February 20, 2017.
I funded my second loan with SoFi before the Member Rate Discount was announced. Will I get the rate discount retroactively, or does it only apply to new loans moving forward?
The Member Rate Discount will apply automatically to new loans moving forward. The Member Rate Discount was activated on 2/20/2017, so if you funded your second (or third, etc.) SoFi loan before that date, you will not receive the Member Rate Discount retroactively on that loan. For any qualifying additional loan(s) that you fund on or after 2/27/2017, you will automatically receive the Member Rate Discount.
When does this offer end? Is this a limited-time offer?
Once you get a SoFi Member Rate Discount on a loan, you will have the Member Rate Discount for the life of that loan. SoFi reserves the right to change or terminate the Member Rate Discount offer at any time, which means that we can stop offering the Member Rate Discount on loans that have not yet originated; however, once you have the Member Rate Discount on a funded loan, you will not lose the Member Rate Discount, even if we ended the Member Rate Discount Program.
Does the Member Rate Discount apply to both variable and fixed rate loans?
The 0.125% Member Rate Discount applies to those choosing either a variable or fixed rate. Even as the variable rate changes, the 0.125% Member Rate Discount will continue to apply.
If I get the SoFi Member Rate Discount on a 7/1 Adjustable Rate Mortgage (ARM), will the Member Rate Discount stay active throughout the life of my loan?
No. 7/1 Adjustable Rate Mortgages (ARM) loan products will receive the Member Rate Discount for the duration of the fixed period, i.e. 7 years only.
Mobile Apps
How do I download the mobile apps?
You can download our mobile apps for iOS and Android here: 
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Is there a fee to use the mobile app?
There is no fee to download and access the SoFi mobile apps. However, your carrier’s standard data rates may apply.
How do I setup Touch ID/Fingerprint sign in?
Fingerprint sign in is available on Apple® and Android™ devices with fingerprint scanners. Ensure you have fingerprints setup on your device. Enable Touch ID/Fingerprint from Settings > Security of the SoFi app. Once the Touch ID/Fingerprint is enabled on the app, any fingerprint(s) stored on the device can be used to access your account.
How do I setup a PIN sign in?
PIN sign in is available for all mobile app users. Enable PIN from Settings > Security of the SoFi app. You will be guided to setup a four (4) digit PIN that is specific to the device. Your PIN may be changed at any time from the Security screen.
Medical/Dental Resident Loan Refinance
As a dental resident, am I eligible for the medical resident refinance product?
Yes, dental residents are eligible to apply. To qualify, you must not be taking on additional tuition liabilities during the Residency Period and meet our eligibility criteria.
Does SoFi refinance student loans for Medical/Dental Residents and Fellows?
Yes! SoFi will refinance student debt for medical residents, dental residents and fellows before you become an attending physician or dental professional. Residents will be required to make minimum monthly payments of $100 on their debt to SoFi until the end of your residency or fellowship program, up to 54 months. After this time, your loan will re-amortize and your payment amount will increase according to a fully amortized loan schedule (“Full Repayment Term”).
Am I eligible for a SoFi Medical/Dental Resident Refinance loan?
- 1. You’re a medical/dental resident or fellow with up to four years left in your approved program.
- 2. You are a US citizen or permanent resident, 18 years or older. If you are a permanent resident, you have more than 2 years until your status expires, or you have filed an extension.
- 3. You have over $10k in private or federal student loan debt. The minimum amount may be higher in certain states due to legal requirements.
- 4. You have graduated with an MD, DO, DMD, or DDS from a selection of Title IV accredited university or graduate programs in the U.S.
- 5. Dental residents only: You must provide documentation that proves you are not taking on additional tuition liabilities. Proof may be provided in the form of full scholarships or receipt of direct payment from the official bursar for all remaining terms.
- 6. You meet SoFi’s underwriting criteria.
When can I refinance?
Residents and fellows can apply to refinance once you have been matched to your residency or fellowship program. Applicants must be within 4 years of completing all of their residency and fellowship programs becoming an attending physician or practicing dentist.
What happens if I leave my residency program?
Upon completion or departure from your residency program, your loan will re-amortize and your payment amount will increase according to a fully amortized loan schedule.
What terms do you offer?
SoFi offers 5, 7, 10, 15, and 20 year fixed and variable terms. This means that if you refinance today, have four years left in your residency, and refinance to a 20 year loan term, as long as you make every payment on time, your loan will be fully paid off in 24 years.
What happens to the accrued interest on my loan during the $100 payment per month residency period?
Interest that accrues while paying $100 monthly payments during the residency period will capitalize at the end of your residency period. This means that you will not be charged compounded interest on your SoFi loan during your residency period.
Will I still be eligible for the AutoPay discount?
Yes! The AutoPay discount is a 0.25% interest rate reduction on loans in which you authorize the loan servicer to automatically deduct monthly payments from your bank account.
If I refinance now as a resident/fellow, am I still eligible to refinance with SoFi after I complete my residency/fellow program?
Yes. Once you are employed as an attending physician or dentist you can apply to refinance at SoFi’s standard rates and terms.
Can I pay more than $100 per month during my residency or fellowship period?
Yes! If your budget allows it, you are welcome to make additional payments on your loans at any time. SoFi does not charge any prepayment penalties (there are also no origination fees on SoFi student loans).
What is the minimum and maximum amount I can borrow with SoFi Medical/Dental Residency Refinance loan?
The minimum loan amount is $10,001 (and may be higher in certain states due to legal requirements). The maximum amount is the full balance of your qualified education loans.
How does SoFi calculate my payment after I finish my residency and fellowship period?
SoFi considers many factors when we assess each individual’s profile; however, we will ask you for your medical specialty and estimate your post-residency income accordingly. The required monthly payment after the Residency period will be made clear to you during the application process, and will be included on the Final Disclosure that you receive prior to loan being funded. If your rate is variable, it will fluctuate with the prevailing interest rates, but will not exceed the maximum interest rate displayed on your Final Disclosure.
Is my school and/or program eligible?
Today we’re able to refinance graduates with an Associate’s degree or higher from a selection of Title IV accredited universities and graduate programs. 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 financial history, credit score, your income sources and your employment. Please review our Eligibility Criteria or call us for further details.
Is my spouse required to co-sign my application?
No. We will only be evaluating the loan on your individual circumstances.
Is it possible to refinance both federal and private student loans?
Yes, SoFi will consolidate all qualified private and federal education loans.
Does the SoFi Medical/Dental Residency Refinance loan include a grace period?
No, it does not. SoFi will require minimum monthly payments of $100, for up to 54 months, during your residency/fellowship program. While the $100 per month repayment period is likely to be less than your full loan payment, it is not considered a grace period.
Are SoFi Loans considered “student loans” for tax purposes?
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.
Who is MOHELA?
MOHELA is SoFi’s third-party loan servicer for student loans. Once your loan is funded, servicing will be provided by our partner MOHELA, who will contact you to set up an account and collect your monthly payments. While your loan will be serviced by MOHELA after it has been funded, you will still be a SoFi member and be able to take advantage of our unique member benefits.
Does SoFi have a Referral Program?
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.
Are SoFi loans eligible for PSLF (Public Service Loan Forgiveness) or other federal repayment benefits?
No. SoFi student loan refinances, like all private education loans, are ineligible for PSLF or other federal repayment benefits. Understand that when you refinance federal loans, you forfeit certain flexible repayment options. If you expect to incur financial hardship that would affect your ability to repay, or you intend to practice in a PSLF-eligible setting, you should carefully consider your refinancing options. Check out SoFi’s blog post on refinancing / consolidation for more information.
Would SoFi approve someone with more than a four year residency/fellowship?
SoFi offers a maximum of four years in residency / fellowship as an option in our application. If the program will extend beyond that, the standard repayment term will kick in after a maximum of 54 months (four years and a 6 month extension intended for the time period between completing residency and becoming an attending).
What if I switch from residency to fellowship at the end of my term? Is it automatically extended or do I have to send SoFi a letter and apply again?
Any fellowship or extended residency training period must be agreed to at the time of refinancing, and residents and fellows will not be able to extend the $100 minimum monthly payment term. Residents and fellows should call SoFi for assistance if there are any questions about this.
What if I switch specialties during residency?
If you switch specialties during training, your stated interest rate will not change. The beginning of your full payments to SoFi and your expected residency completion date will not be changed.
Are loans forgiven in cases of death or disability?
There are several factors that affect your debt obligations should these unfortunate events occur. To see if you are eligible for a discharge, please contact our customer service team at 877-292-7470.
Could this be a negatively amortizing loan?
Yes, depending on your loan amount. During the up-to 54 month $100 monthly payment period, the minimum payment may not pay all of the interest due each month during the resident period, likely resulting in your principal balance becoming larger than your original loan amount at the end of your resident period. Note that you are able to make additional monthly payments as you see fit.
SoFi Experiences
The Experience I want to attend is sold out. How do I add myself to the waitlist?
If you see an Experience is sold out on the SoFi app, simply click into the Experience and select ‘Join waitlist’ to add you and your guest (if any) to the list. If a ticket becomes available, you will be automatically added to the guest list and notified via email. If you can no longer attend the Experience, please email experiences@sofi.com so they can release your ticket to the next member in line. If you’re registering on Eventbrite, there is an option to add yourself and a guest to the waitlist once the Experience is sold out. If you do not see an option to join the waitlist, email experiences@sofi.com.
Will there be a presentation during a social Member Experience?
No. You’ll be welcomed by a member of our SoFi team, but beyond that, the evening is about relaxing, enjoying good food, and getting to know other SoFi members.
Why am I being asked to enter my credit card info if this Experience is free?
Due to the exceptionally high demand for our experiences, we charge a refundable deposit to guarantee your spot – it’s our little way of preventing no-shows. If you registered on the SoFi app, you will not be charged the deposit amount unless you do not show up to the Experience. If you registered on Eventbrite, you will be charged a deposit up front, which will be refunded after you check-in at the experience. You will receive an email noting that your refund is in process within 48 hours after the experience. If you attended an experience but are not refunded or charged a no-show fee, please contact the membership team at experiences@sofi.com.
I want to register my guest, but don’t see an option to do so. How do I add them?
When registering on the SoFi app, if you don’t see an option to register a guest, it means that it’s either a member-only Experience or guest tickets are sold out. If you’ve already registered but want to add your guest to the waitlist on the app, email experiences@sofi.com. If using Eventbrite, you can add your guest to the waitlist by selecting ‘Join Waitlist’ on the registration page – which will be enabled when the Experience sells out. If you have not already registered, you can add yourself and your guest to the waitlist.
How do I add my guest to the waitlist?
At this time, only members are able to join the waitlist on the SoFi app. We are working to update this in an upcoming version of the mobile app. If you’re registering on Eventbrite, there is an option to add a guest to the waitlist once the Experience is sold out.
Am I able to change the name of my guest?
If you would like to change the name and email of your guest, please email experiences@sofi.com.
I have a food/drink allergy – how should I communicate that to the SoFi Experiences team?
We’re happy to pass allergy or dietary restriction information along to the venue. However, some hosts or venues may not be able to accommodate all requests. To share an allergy or restriction, please note when prompted during registration on Eventbrite and the SoFi App.
What is the dress code for an Experience?
The dress is casual—some members come straight from work, so they may be still in business or business-casual attire, but others will be wearing jeans. Feel free to dress in whatever you are comfortable wearing for networking! Certain activities will require a specific dress code, which the experience leads will communicate prior to the day.
If I leave an Experience early, will I be charged the no-show fee?
Definitely not. We’d love for you to stay the whole time, but understand that people have outside obligations that make staying for the entire Experience difficult.
There are no guest tickets available for this Experience. Is it weird if I attend by myself?
Not at all! Many members attend Experiences solo and make great connections with folks they may not have met otherwise.
Can I bring my young child to the Experience?
Our Experiences are typically adults-only and won’t be very enjoyable for children. We do sometimes host family-friendly Experiences where your kids are encouraged to attend!
Does SoFi have an Experiences code of conduct?
We believe our community should be truly open for everyone. As such, we are committed to providing a friendly, safe, and welcoming environment for all. This Code of Conduct outlines our expectations for participant behavior, as well as the consequences for unacceptable behavior. We invite all SoFi members, member guests, employees, speakers, and other participants to help us realize a safe and positive Experience for everyone.
SoFi Money™
What is SoFi Money™?
SoFi Money is a mobile-first financial product which functions like a checking account but pays a higher interest rate on deposits like a savings account. Its powered by the SoFi mobile app and the SoFi Money Debit Card™. In addition to a higher interest rate1, SoFi Money charges no account fees and offers unlimited reimbursement for ATM fees each month for qualified accounts2, free P2P payments, free bill pays and much more.
How easy is it to sign up for SoFi Money?
It’s as easy as it gets. The sign up process will take you just a couple of minutes where you’ll provide some basic information. After your account is set up, you can expect to receive your debit card in the mail about 5-7 business days later.
What makes SoFi Money different from bank accounts out there?
Checking accounts give you 24/7 access to your money. Savings accounts give you higher interest. SoFi Money gives you both. In addition, we’ll reimburse all of your ATM fees each month if you qualify 2 and won’t charge you any account fees. We’ve also created an easy-to-use, mobile-first app experience so you can manage your money anytime, anywhere.
What features are included with a SoFi Money account?
You can read all about our features here, but some of our favorite standout features include:
● No account fees whatsoever
● Unlimited reimbursed ATM fees1
● Higher-yielding interest rate1
● Access to SoFi member benefits like career coaching and financial advising1
● Automated bill pay
● Easy P2P payments at no cost
● Freeze debit card on-the-go
● FDIC-insured deposits up to $1.5MM3
● No account fees whatsoever
● Unlimited reimbursed ATM fees1
● Higher-yielding interest rate1
● Access to SoFi member benefits like career coaching and financial advising1
● Automated bill pay
● Easy P2P payments at no cost
● Freeze debit card on-the-go
● FDIC-insured deposits up to $1.5MM3
Are there any fees for having a SoFi Money account?
Nope! We don’t believe in charging you fees to use your own money, so that means no account fees. There are no fees to open a SoFi Money account, no overdraft fees, and no regular maintenance fees. Check out a full list of fees (spoiler alert: there are none) and service charges here.
Is there a minimum balance requirement?
No, there is no minimum balance requirement to have a SoFi Money account. However, in order to receive full benefits of SoFi Money, you must either have at least $3,000 monthly direct deposit or spend $500/month with your SoFi Money debit card. If you do not meet the direct deposit or debit card spending requirements after the three month grace period, there is still no fee for your account, but you will not receive the 2.25% APY or unlimited ATM reimbursements1.
Are there any minimum or maximum balances?
There’s no minimum balance to open an account. The maximum account balance that can be covered by FDIC insurance is $1.5M (you know, just in case). You can learn more on our rate sheet.
Are there any transaction limits?
We have a number of security measures in place to prevent fraud, so it depends on the type of transaction, size of the transaction, and how long your account has been open. We’ve put these in place as security measures, in part based on typical usage of our members for adding or withdrawing money, peer transfers, bill payments, size of purchases, and number of purchases per day. Most notably, the maximum daily ATM withdrawal is $610. You can see full details on these limits here. We maintain these limits for your security and protection, but you if you have a special use case we can help you with, please reach out to sofimoneysupport@sofi.com.
How is the monthly interest rate calculated?
The interest rate and Annual Percentage Yield (“APY”) on your deposits will vary over time and may change at any time. On the last business day of each month, we calculate the interest earned and post it to your SoFi Money no later than the 5th business day the following month.
How often is the interest accrued and compounded?
Interest on your SoFi Money account balance is accrued daily and compounded monthly. Interest earned is credited to your SoFi Money Account monthly, no later than the 5th business day the following month The interest earned is reflected on your monthly SoFi Money Account Statement.
How long will this grace period last?
What happens after the grace period?
If you spend at least $500/month with your SoFi Money debit card or have a direct deposit totalling at least $3,000 monthly, then you will continue to receive 2.25% APY and unlimited ATM reimbursements1 for as long as you meet the requirements. Check out our rate sheet for more information on benefits available for non-qualifying accounts and to learn more about the grace period.
Why is Sofi Money only available to members?
We’re looking to reward our members for being with SoFi over the past few years. Given that SoFi Money is still relatively new, we want to offer our members the first chance to experience it. We plan to provide access to SoFi Money for non-members early next year.
Do you provide paper checks?
Yes, we offer account holders checks at no cost! To order checks, log in on the web, and go to the “More” section of your account. You’ll receive your checks about 7-10 days after ordering. You can order an additional 25 checks after one week. Note that checks are not automatically sent. Also, at this time you can only order checks on the web, not in the mobile app.
How soon will my funds be available after depositing a check?
We have a number of security measures in place to prevent fraud, so it depends on the size of the check and how long your account has been open. Most funds are available within 1-4 business days after deposit. You can see the full funds availability policy here.
Is SoFi Money a checking or savings account?
SoFi Money is technically a “cash management account”, but it combines the benefits of checking and savings into one account.
SoFi is a business, right? How does the SoFi Money account make money if you don’t charge fees?
Like with other debit cards, SoFi earns a small amount of interest on the money in your account from our bank partners, and from merchants when you swipe your debit card. But unlike many banks, SoFi has lower costs from doing business entirely online, so we pass those savings on to you in the form of higher interest1 paid on your deposits—and we don’t charge extra account fees on top.
Will I earn interest with my SoFi Money account?
The SoFi Money account pays 2.25% APY1 if you spend at least $500/month with your SoFi Money debit card or have a direct deposit totaling at least $3,000 per month.
Is SoFi membership included when I open a SoFi Money account?
Yes. You will receive full SoFi membership benefits as a SoFi Money account holder.
When will I get off the waitlist?
SoFi Money™ is currently available to all SoFi members. We offer access on a first-come, first-serve basis to the general public via our waitlist.
Who can open a SoFi Money account?
Any US Citizen or lawful permanent resident 18 years or older with a physical US address (in the 50 US states, District of Columbia, or US military states), and a valid Social Security Number (SSN) is eligible to open a SoFi Money account.
What personal information is needed to open a SoFi Money Account?
To open an account, SoFi will need the following:
● Name
● Home address
● Date of birth
● Citizenship status
● Social security number
● Phone number
● Email address
In some cases we may need additional documentation, such as a copy of your driver’s license and/or a current photo ID to verify your identity.
● Name
● Home address
● Date of birth
● Citizenship status
● Social security number
● Phone number
● Email address
In some cases we may need additional documentation, such as a copy of your driver’s license and/or a current photo ID to verify your identity.
Why do you need my Social Security Number (SSN)?
All financial institutions are required to collect a customer’s SSN to verify identity when opening an account. Our process is secure and protects both you and SoFi. We have very strong privacy practices that secure your personal information. Our full privacy notice can be found here: https://www.sofi.com/b/policy/privacy
Switching banks is hard. How can I switch banks successfully?
We know switching banks can be a pain, but we’re here to make it as seamless as possible. Our team is available by email at sofimoneysupport@sofi.com or by phone at (855) 456-7634 if you ever need help walking through the process. Additionally, you can find details for setting up direct deposit under “More” when you log in to your SoFi account.
How do I find my routing and account number so I can link my other bank accounts to SoFi Money?
Your routing and account numbers can be found under “More” when you log in to your SoFi account.
How can I transfer funds to my SoFi Money account from an existing bank?
You can transfer funds at any time by accessing your SoFi Money account under “Transfer”. You can search for your existing bank and connect your account by entering your username and password or manually entering the routing and account numbers.
How can I access the money in my SoFi Money account?
You can access the money in your account by using your debit card for purchases, withdrawing cash from ATMs, sending money electronically to friends and family via the peer-to-peer (P2P) function, paying bills using bill pay service, writing checks from your SoFi Money checkbook, or transfering money out via ACH online or with our mobile app.
How do I set up direct deposit?
You can contact your company’s payroll department to find out how to set up your direct deposit with SoFi Money. We do have some resources to help you through this process! Direct Deposit information can be found under “More.” There is a section for “Fund your Account” where you can select “Get Started” and choose between the resources we have available for your convenience.
In order to get a Direct Deposit Authorization Form that you can provide to your employer, click on “Direct Deposit Form” and select how much of your paycheck you would like to go to your SoFi Money account. There is the option to download this information as a PDF so that you can provide it to your employer.
The other option is to add your SoFi Money account to your employer’s payroll provider. We provide a step by step walkthrough for ADP. The same information can be used for other payroll providers as well.
Can I deposit checks into my SoFi Money account?
Yes, you can deposit checks electronically using the SoFi mobile app on iOS or Android. Take a photo of the front and back of your check, enter the amount, and review everything to make sure it’s correct. Once confirmed, the transaction will appear in your account within 1-2 business days. How soon the funds will be available for use depends on the size of the check and how long your account has been open, but it ranges from 1-4 business days. You can see the full funds availability policy here.
We’re constantly working on improving SoFi Money, including increasing the speed of access to funds from checks, so stay tuned!
Can I pay bills with my SoFi Money account?
Sure thing! SoFi Money has a fully-functioning bill pay feature that you can set up directly in your account to pay SoFi loans, utility bills, credit cards, and the like. This feature is at no cost to you and easy to use. Additionally, you can add your SoFi Money account to biller sites using your SoFi Money account and routing numbers, located under “Pay a bill” in your SoFi Money app.
Can I send money to friends and family with my SoFi Money account?
You can send money to anyone with a US-based bank account, SoFi Money or not, using our no-cost peer-to-peer (P2P) feature. If the person you’re sending money to also has a SoFi Money account, the transfer will be instant!
What information do I need to send someone money from my SoFi Money account?
To send money to a friend, you just need their email address. If they are already a SoFi Money member, the payment will post to their account as soon as you complete the transaction. If the recipient is not a SoFi Money member, they will receive an email with a link that will prompt them to provide their bank information (routing and account number) to claim the money. After submitting their bank information, the recipient will get the money in their account 2-3 business days later.
When will my P2P money transfer arrive to the recipient’s bank account?
P2P payments between SoFi Money accounts is instantaneous and will post to the member’s account as soon as you complete the P2P transaction. If you’re sending money to a non-SoFi Money account holder, the recipient will see the money in their account 2-3 business days after they claim the P2P payment by submitting their bank account information.
What ATMs can I withdraw money from with my SoFi Money Debit Card?
Any ATM displaying a Visa®, Plus®, or NYCE® logo. We’ll reimburse all of your ATM operator fees each month if you meet our debit card spend or direct deposit minimums2!
Do you have a limit for how much cash I can withdraw from an ATM per day?
We’ve set the limit at $610 per ATM withdrawal per day to protect your account against fraudulent activity.
Can I link a prepaid debit card?
Yes! Your SoFi Money account works like a checking account. If your prepaid card has a routing and account number associated with it, you can link that to your account.
Is SoFi Money secure?
We take security of your sensitive information seriously, including your cardholder data. We maintain the most stringent industry-standard administrative, technical and physical safeguards to protect your information.Your swept deposits with SoFi Money are insured by the FDIC, which means deposits in your account are protected up to $1.5MM.3 For details, please see www.fdic.govWe also use two-factor authentication to protect access to your account through the SoFi website or mobile app. Two-factor authentication means we use a device-based security layer in addition to simple password validation. On our website, you have the option to receive a security code by SMS or to use Google Authenticator. Mobile app users can also use fingerprint recognition.
How do you handle my personal info?
Please see above! Also, you can learn more about how we handle your personal information in our Privacy Policy.
Are my deposits insured?
Yes. Your deposits held in the sweep program are FDIC insured up to $1.5MM.3
When will I receive my SoFi Money Debit Card?
You should expect to receive your SoFi Money Debit Card within 5-7 business days of opening your account.
How do I activate my SoFi Money Debit Card?
Once you receive your new SoFi Money Debit Card, you can activate it by calling 866-296-4204.
How can I create, set a new, or change my PIN?
You can create your PIN when you call 866-296-4204 to activate your card. You can change your PIN any time after activation by calling the same number.
Can I use my SoFi Money Debit Card in other countries?
Love to travel? So do we! You can use your SoFi Money Debit Card in other countries for purchases and ATM withdrawals wherever Visa or Visa PLUS are accepted. The funds will be withdrawn in the currency of the country where you made the purchase or ATM withdrawal.
Do I need to notify the bank before I travel internationally?
We recommend that you set a travel notice if you plan to use your SoFi Money Debit Card while traveling to help prevent interruption. To set a travel notice, please contact SoFi Money Customer Service at 1-855-456-7634, option 4, 1-2 days ahead of your travel. One of our Money Specialists will be happy to assist you!
What is chip card technology?
Chip card technology enhances card security for electronic payments by inserting the chip card reader of a chip-enabled terminal at the merchant. The chip generates a unique transaction code which is shared with the merchant. This makes the card difficult to copy.
How do I use my SoFi Money Debit Card to make purchases at a chip-enabled terminal?
Insert the chip end of your debit card into the terminal with the chip facing upwards. Follow the prompts on the terminal screen, and if necessary, either sign or enter your PIN. Keep the card in the terminal until prompted for removal, otherwise the transaction will be cancelled.
Can I use my SoFi Money Debit Card at locations without a chip-enabled terminal?
Yes, you can use the magnetic stripe on the debit card at merchants and ATMs that don’t have chip-enabled terminals.
Can I use my chip card outside the US?
Traveling overseas soon? No problem. Chip technology is already supported in over 130 countries around the world, including India, Australia, Japan, Canada, and the United Kingdom.
What is SoFi Money’s fraud policy?
If you notice suspicious activity on your account, you can freeze your card right away from the SoFi web or mobile app under “More” and contact us as soon as possible! If you find fraudulent activity on your account, you’re also covered by the Visa Zero Liability policy.5 See our Debit Card Agreement and Error Resolution Disclosure which secures our commitment that you won’t be held responsible for unauthorized or erroneous card transactions as long as you report them to us no later than sixty (60) days after the first statement on which the problem or error occurred was made available. Lost or stolen debit cards must be reported within 2 business days.
Can I export my spending data to use with other budgeting tools/software?
Not at this time.
How do you reimburse ATM fees?
Each time you pay an ATM fee, we’ll post a credit the amount of the fee to your SoFi Money account by the following business day 2.
What do you mean when you say the account has no overdraft fees?
We mean what we say! The average overdraft fee is (gasp) $38.6 SoFi doesn’t charge any. If you try to withdraw an amount above your account balance, the transaction will not go through and SoFi will not charge a fee for the failed payment.While the SoFi Money account prevents you from overdrawing in most cases, there may still be times when your account could have a negative balance. This could happen if a transaction is approved for one amount, but the actual charge is more than the amount of money in your account. For example, when you use your debit card for a meal and then add a tip. In this situation, the full payment may go through and result in a negative balance on your account, but SoFi will not charge you an overdraft fee.
Can I deposit cash into my SoFi Money account?
We do not offer this feature at this time, but we appreciate customer feedback and will certainly consider it as we continue to iterate on the product.
How much cash can I transfer to my SoFi Money account?
You can transfer up to $250,000 per day, up to a total balance of $1,500,000.3
Do you have multiple accounts?
At this time, you cannot open more than one SoFi Money account.
Do you have joint accounts?
While SoFi does have joint accounts planned for the near future, this feature is not currently available. We will notify account holders as soon as it becomes available.
Do you integrate with Mint, PayPal, or Venmo?
SoFi Money accounts can be used with mobile payment services like PayPal or Venmo. At this time, we do not offer automatic integration with a platform like Mint.
Do you have Apple Pay?
We will be offering the ability for SoFi Money accounts to be used digital wallet services like Apple Pay in the near future.
How does SoFi Money work with other SoFi products?
They’re all part of the SoFi family. You can use SoFi Money to add money to your Wealth account or pay off your existing SoFi loan balances.
How can I access SoFi Money?
You can access your SoFi Money account on the SoFi mobile app or on our website at sofi.com.
Who is Christiana Bank and why do they keep showing up when I try to add my SoFi Money account to external sites?
Every bank has a unique ABA routing number. ABA stands for American Bankers Association. SoFi Money uses an ABA routing number that previously belonged to Christiana Bank. Some systems will take awhile to recognize the routing number as a SoFi Money account. Your account will still function as normal.
Who is Wilmington Savings Fund Society (WSFS) Bank and why do they keep showing up when I try to add my SoFi Money account to external sites?
WSFS is one of the partner banks we work with to bring you SoFi Money. When adding your SoFi Money account to external banks, Venmo, PayPal, your employer payroll portal, etc., “Wilmington Savings Fund Society” or “WSFS” may show up.
What is your foreign exchange fee?
If your SoFi Money Debit Card purchase or ATM withdrawal is in a foreign currency, the amount will be converted to US dollars by Visa based on their exchange rate at the time of settlement. The currency exchange will include a 1% margin charged by Visa. SoFi does not charge any foreign transaction fees on top of the standard 1% foreign exchange fee charged by Visa.
Why don’t you offer ____?
We’re serious about building a product that best fits our members’ needs. Don’t see a feature listed? Shoot us an email with your suggestion at sofimoneysupport@sofi.com.
Who do I contact with additional questions?
Send our team a note at sofimoneysupport@sofi.com.
SoFi Money is offered through SoFi Securities, LLC Member FINRA/SIPC
SoFi Career Services
What is SoFi Career Services?
SoFi Career services and coaching is a complimentary member benefit available exclusively to eligible SoFi members.
Who is eligible for SoFi Career Services?
SoFi members with the following products are eligible for SoFi Career Services:
- ● Student Loan Refinance (co-signers are not eligible)
- ● Personal Loan (co-borrowers are eligible)
- ● Mortgage (co-borrowers are eligible)
- ● Funded Wealth Account
- ● Life Insurance
At this time, spouses or children of members are NOT eligible for career services.
What is career coaching?
Discuss your career with an experienced career coach. Members interested in one-on-one sessions can be paired with a coach to discuss any number of career-related topics. Your coach will ask you questions to help explore what success means for you and offer best practices or resources to guide you forward.
What can I talk to a career coach about?
You can discuss any career and job-related topics with your career coach. Examples include job search and career change strategy, networking assistance, interview and resume preparation, negotiation guidance, and personal brand review. You can be at any level in your career to benefit from working with a career coach.
What is Korn Ferry Advance?
SoFi partners with Korn Ferry, a global leader in talent management, through the Korn Ferry Advance platform to bring members best-in-class career services, including coaching and tools.
I was previously registered with Next Job to use SoFi Career services, can I still use that account?
No. We’re now using the Korn Ferry Advance platform. If you’d like to continue using the SoFi Career Team services, please register with Korn Ferry Advance (https://kfadvance.com/sofi/).
How do I register to use SoFi Career Services?
In order to connect with the SoFi Career Services team and schedule coaching, register using your SoFi account email address at https://kfadvance.com/sofi/.
How much does SoFi Career Services and coaching cost?
SoFi Career Services and coaching is complimentary for all eligible SoFi members.
Are coaching sessions confidential?
Coaches will not share any personal or identifying information about you or your sessions with anyone internal or external to SoFi, so you can feel comfortable being as honest as you’d like. Coaches do take notes to help them remember the content of your sessions, but these notes are not accessible to anyone outside of the coaching team.Note: If you are an Unemployment Protection Plan applicant or if your loans are in active forbearance, your coach make be required to disclose information related to your program eligibility.
Do I need to be unemployed to take advantage of coaching?
No. Coaching is available to all eligible SoFi members, regardless of employment status.
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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 in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
Diversification can help reduce some investment risk. It cannot guarantee profit or fully protect against loss in a declining market.
SoFi doesn’t provide tax or legal advice. Individual circumstances are unique. Consult with a qualified tax advisor or attorney.
"SoFi Invest" is the brand name for brokerage products and services offered through SoFi Securities LLC (SFS) Member FINRA/SIPC including SoFi Money™, advisory services offered through SoFi Wealth LLC (SFW) an SEC Registered Investment Adviser, and cryptocurrency services offered through SoFi Digital Assets, LLC (SDA). SFS, SFW, and SDA are affiliated companies under the common control of Social Finance, Inc. (SoFi). Neither SoFi nor its subsidiaries are a bank.
INVESTMENTS ARE NOT FDIC INSURED, HAVE NO GUARANTEE, AND MAY LOSE VALUE.Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Clearing and custody of all securities are provided by APEX Clearing Corporation. Information on SoFi Wealth available in the firm's Form ADV Part 2 Brochure on the SEC's website.
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