Frequently Asked Questions

• 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Since we operate a virtual acceleration program there is no need to relocate. Once you join the program, you are part of our network indefinitely. Core benefits of the program, including resources/mentorship and the ultimate demo day event, will be 9 months (January-October). New applications will be received on a rolling basis and new program members admitted in 4Q and starting in 1Q of the following year.

If you lose your job through no fault of your own, you may apply for 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.

SoFi student loans and personal loans are eligible for Unemployment Protection. Mortgage loans are not eligible for Unemployment Protection.

To apply for this assistance you must:

• – Be a current SoFi member
• – 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

• -You’ll connect with a member of our coaching team, who will learn more about your current job search strategy and provide a customized set of recommendations and resources to help you on your job search journey.
• -In addition to working with our coaching team, you’ll complete regular check-ins to let us know how your job search is going. This will help our team identify areas where we can provide additional support.

Not too bad, right?

Even if you decide not to enroll in the Unemployment Protection Program, all SoFi members are welcome to work with one of our expert career coaches for job search or career management help.

You can apply for Unemployment Protection via your SoFi account if you have a funded Personal Loan or Student Loan and have lost your job through no fault of your own:

• 1. Log into your SoFi account
• 2. Click on the ‘Career Coaching’ link in the lower-right corner of the screen
• 3. Scroll to the bottom of the ‘Career Coaching’ page and click ‘Begin Application’
• 4. 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
• 5. 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
• 6. The last step will be scheduling time with one of our career coaches. Note that, if approved for forbearance, you’ll be required to complete a call with a coach within 2 weeks of approval to maintain enrollment in the program.

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.

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.

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.

For personal loans, forbearance does extend the loan repayment term.

To be eligible for Unemployment Protection, you must be a current SoFi member 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:

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.

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.

ETFs are exchange-traded funds. These are collections of investments that trade as a single security, and they commonly offer a simplified, low-cost way to invest in a diversified portfolio of stocks and/or bonds. On the one hand, they work like mutual funds, with tax advantages as well as diversification from investing in a broad range of assets. On the other hand, you get the flexibility and low costs of individual stocks.

ETFs can invest in most types of securities, and be actively managed or not. Actively managed ETFs typically have higher management fees than passively managed ones. SoFi Wealth primarily invests in passively invested ETFs through its model portfolios. We proactively manage the mix of these funds and will change that mix as world economic conditions or our outlook change. This gives you the advantages of active management, the broad diversification of index funds, and the low fees of index ETFs and our ultra-low management fee. Keep in mind that diversification does not eliminate risk and does not assure better performance.

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.

• 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.

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 month², free P2P payments, free bill pays and much more.

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.

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!

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.

SoFi Money is offered through SoFi Securities, LLC Member FINRA/SIPC

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.