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
What repayment assistance programs and cosigner release options are offered by SoFi?
SoFi offers programs and benefits for borrowers experiencing financial hardship. SoFi also offers a cosigner release option for private student loans. For more information about SoFi’s repayment assistance programs and cosigner release options please visit the Repayment Assistance page.
How do I request a payoff statement?
SoFi has partnered with MOHELA to service your loan. You may request a payoff statement by logging into your account here.
How do I obtain my loan interest notification including 1098-Es?
A 1098-E tax form is used to report Student Loan interest of $600 or more paid by you in a single year. If you meet this criteria, our loan servicing partner, MOHELA, will be preparing a 1098-E for you and sending the form to you January 31 by mail. You can also access these documents through www.SoFi.Mohela.com. Choose “Tax Documents” under “My Account”. If you have any questions, please contact MOHELA at 877-292-7470.
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.
I received a bonus for opening an account or referring people to SoFi—do I need to think about the tax implications of these bonuses?
While bonuses are normally considered income (check with your tax advisor), bonus amounts of $599 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Bonus recipients are responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer. SoFi always recommends that you consult your tax advisor to determine applicable tax consequences. If you do meet this requirement, your copy of the form will be mailed to you via post on or around January 31.
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 15 business days. The funds are sent to your servicer, via ACH, or USPS, 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.
Where can I find more resources on Student Loan Refinancing?
Refinancing your student loans is may be only part of the journey to becoming debt free. Our Student Loan Help Center acts as a comprehensive portal around common student loan terminology, debt related calculators and tools, and some overall guidance on handling your loans.
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 ([email protected]) 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 does not automatically change your monthly payment. For a fixed rate loan you will continue to owe the same amount the following month unless you request a re-amortization, which may lower your monthly payment. For a variable rate loan you will also owe the same amount the following month, unless you either (1) request a re-amortization, or (2) the LIBOR rate changes and your loan re-amortizes due to a change in your interest rate.
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.
Home Loans
Will I get a 1098 from SoFi to prepare my taxes?
A 1098 tax form is used to report mortgage interest of $600 or more received by you in a single year. If you meet this criteria, a 1098 will be prepared and sent to you. This form will be mailed to you via post to the mailing address on file, and will also be accessible via eDocs in the loan administration portal which is accessible via sofi.com. This information will be available by January 31, 2020.
I received a bonus for opening an account or referring people to SoFi—do I need to think about the tax implications of these bonuses?
While bonuses are normally considered income (check with your tax advisor), bonus amounts of $599 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Bonus recipients are responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer. SoFi always recommends that you consult your tax advisor to determine applicable tax consequences. If you do meet this requirement, your copy of the form will be mailed to you via post on or around January 31.
What are discount points and how do they work?
Discount points are fees paid at the closing of the loan for a reduced interest rate. One discount point costs 1% of your mortgage loan amount and can reduce your interest rate by about 0.25%. Essentially, you are prepaying part of your interest up front in order to lower your monthly payment.
Over time, the savings from the lower interest rate may outweigh the cost of the discount point. When considering whether points are right for you, make sure you run the numbers to know how long it will take for the upfront cost to be worthwhile.
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, and planned unit developments. Note, co-ops are only available with Jumbo loans. Rental properties and tenancies-in-common (TICs) are not eligible.
Who can apply for a SoFi mortgage?
Applicants must be U.S. citizens, permanent residents, or non-permanent resident aliens 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. In some cases the minimum equity required is 10%.
Do you require private mortgage insurance (PMI)?
For mortgages with a Loan to Value ratio greater than 80%, SoFi does require BPMI (Borrower Paid Mortgage Insurance).
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. Please note that mortgage rates may change on a daily basis.
Do you charge lender fees?
SoFi is proud to offer members great rates, educational resources, and first- class customer service. In order to ensure we can continue to provide this value to our members we do charge a lender fee. The borrower is responsible for appraisal, title, credit and other typical fees.
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
I received a bonus for opening an account or referring people to SoFi—do I need to think about the tax implications of these bonuses?
While bonuses are normally considered income (check with your tax advisor), bonus amounts of $599 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Bonus recipients are responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer. SoFi always recommends that you consult your tax advisor to determine applicable tax consequences. . If you meet this requirement, your copy of the form will be mailed to you via postal mail on or around January 31.
Does SoFi have a mobile app for Personal Loans?
Yes, with the SoFi mobile app, you can apply for a Personal Loan, check your balances, and manage your payments. You can download our mobile apps for iOS or Android here:
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 (E-2, E-3, H-1B, J-1, L-1, or O-1) 18 years or older, and reside in one of our eligible states. If you are a permanent resident, you must be able to show an image or scan of your permanent residency card (Green Card) and your Green Card must have a total validity (from issuance to expiry) of more than 2 years. If you are a visa holder, you must be able to show an image or scan of your valid visa and proof of an approved application for a Green Card, including either an I-140 approval notice (Immigrant Petition for Alien Worker), or receipt or approval of an I-485 (Application for application to register permanent Residence). 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 the SoFi Android or iOS app, or 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.
PO Box 734297
Dallas, TX 75373-4297
Attn: SoFi Lending Corp. Personal Loan PO Box 734297
14800 Frye Road, 2nd Floor
Ft Worth, TX 76155
For payments by check or bill pay, please mail utilize the below address:
SoFi Lending Corp Personal LoanPO Box 734297
Dallas, TX 75373-4297
For payments requiring a delivery signature (e.g. Fed-Ex), please utilize the below address:
JPMorgan Chase (TX1-0029)Attn: SoFi Lending Corp. Personal Loan PO Box 734297
14800 Frye Road, 2nd Floor
Ft Worth, TX 76155
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 repayment period does not begin until your funds have been disbursed. The first payments on fixed rate loans will be exactly 30 days after your disbursement date. However, if your assigned due date is going to fall on, or between the 26th and the 4th, the assigned due date will be made the 5th of the following month. Once your loan funds, your financial disclosure will contain the first due date. You can also refer to your first billing statement for confirmation of the first payment due date. Payment dates on variable rate loans will always be the 10th of every month. Once your loan funds your final disclosure will contain the first due date. You can also refer to your first billing statement for confirmation of the first payment due date.
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. That means even if you pre-pay in a given month, your monthly payment amount will stay the same and be due on the same day of each month. After making a substantial payment you are welcome to reach out to our Servicing Staff at 855-456-7634 or email us to at [email protected] 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 [email protected] 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 [email protected] 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.
Referral Program - General
Do I need to think about the tax implications of my referral bonuses?
While bonuses are normally considered income (check with your tax advisor), bonus amounts of $599 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Bonus recipients are responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer. SoFi always recommends that you consult your tax advisor to determine applicable tax consequences. If you do meet this requirement, your copy of the form will be mailed to you via post on or around January 31.
Referral Program - For Referrers/Inviters
Do I need to think about the tax implications of my referral bonuses?
While bonuses are normally considered income (check with your tax advisor), bonus amounts of $599 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Bonus recipients are responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer. SoFi always recommends that you consult your tax advisor to determine applicable tax consequences. If you do meet this requirement, your copy of the form will be mailed to you via post on or around January 31.
Referral Program - For Referees/Invitees
Do I need to think about the tax implications of my referral bonuses?
While bonuses are normally considered income (check with your tax advisor), bonus amounts of $599 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Bonus recipients are responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer. SoFi always recommends that you consult your tax advisor to determine applicable tax consequences. If you do meet this requirement, your copy of the form will be mailed to you via post on or around January 31.
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)
Does SoFi provide other employment resources?
The SoFi Career Team is committed to our members’ professional success and we look forward to helping you accelerate your job search. Getting started is easy:
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’
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
What’s the minimum amount to invest?
You can get started with just $1.
Can I transfer an account to SoFi Invest? How?
Yes, you can! The easiest way to do it is from your account dashboard within the SoFi App:
• Find and click the big blue button to “Add money”
• Click the name of your account under the “source” row (it might say “add account” if you don’t have an account preselected)
• Click the link at the bottom that says “Transfer via ACAT, wire, or send a check” (pro tip: ACAT is just the industry term for an account transfer)
• Follow the flow and feel free to email [email protected] if you run into any issues and one of our advisors will help you out
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?
Absolutely, you’re in control. 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 [email protected].
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 [email protected], 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.
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. A lot of automated investment platforms charge a range of a percentage point – that can really add up over time.
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?
SoFi offers free stock and ETF trading through SoFi Active Invest. Learn more and sign-up here.
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 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 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.
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 [email protected].
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% 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—just for being a SoFi member. You can learn more about the Member Rate Discount here.
Who is eligible for the SoFi Member Rate Discount?
Eligibility information varies by the type of product(s) you have (or have had) with SoFi. Home Loans are not eligible for rate discounts. Learn more about the eligibility requirements and any other applicable terms and conditions here.
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 of a different type. Learn more about the eligibility requirements and any other applicable terms and conditions here. SoFi home loans are not eligible to receive rate discounts.
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 Refinance or SoFi Private Student Loan. SoFi’s Student Loan products (SoFi Undergraduate Loans, SoFi Graduate Loans, SoFi Parent 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 Medical/Dental Resident Refinance or Private Student Loans.
If I use the funds in my SoFi Invest account toward my mortgage transaction, will I still qualify for the Member Fee Discount on my SoFi Home Loan?
Yes, you may be eligible for the $500 member discount ($1,495 Non Members) on SoFi’s home loan processing fee as long as the balance remaining in your SoFi Invest account still meets the minimum balance criteria of $50,000 after the Mortgage transaction. Learn more about the eligibility requirements and any other applicable terms and conditions here.
If I have a SoFi Invest or Money account that doesn’t meet the minimum balance required to get the Member Rate Discount, but I have or had 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 and not a home 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. 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. Medical/Dental Resident Refinance or Private Student Loans. Learn more about the eligibility requirements and any other applicable terms and conditions here.
Can I get the Member Rate Discount on more than one SoFi loan?
Yes; members can receive the 0.125% Member Rate Discount on each additional lending product, so long as it is a different type of loan and not a home 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 Student Loan Refinance.
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. Learn more about the eligibility requirements and any other applicable terms and conditions here.
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 rate or autopay discounts for SoFi Home Loans.
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 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 and/or Fee Discount is being applied to the rate and/or fee 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. You will see the $500 loan processing fee discount applied to SoFi’s home loan processing fee of $1,495 on your initial loan estimate (LE).
When does this offer start?
SoFi started offering Member Rate Discounts on February 20, 2017 and the Member Fee Discounts on March 7, 2019.
I funded my second loan with SoFi before the Member Discounts were announced. Will I get the discount retroactively, or does it only apply to new loans moving forward?
The Member Discounts will apply automatically to new loans moving forward. For example, 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 personal or student loan. Learn more about limitations and any other applicable terms and conditions here. 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. Member fee discount for home loans is applied upfront on the initial loan estimate.
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. Learn more about limitations and any other applicable terms and conditions here.
Mobile Apps
How do I download the mobile apps?
You can download our mobile apps for iOS and Android here:
Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc., registered in the U.S. and other countries. Google Play and the Google Play logo are trademarks of Google Inc.
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 [email protected] 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 [email protected].
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 [email protected].
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 [email protected]. 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 [email protected].
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 cash management account offered by SoFi Securities LLC, a FINRA registered broker dealer. The SoFi Money account is a brokerage account powered by the SoFi app and SoFi Money Debit Card®.
What can you do with SoFi Money?
Essentially, the SoFi Money account allows you to make deposits, do electronic bill pays and P2P transfers, write checks, and earn a higher interest rate on your deposits. The funds in your SoFi Money account are subject to FDIC coverage once they are deposited at one of our partner banks. SoFi provides everything else, including, our easy-to-use iOS and Android apps, a web interface, the SoFi Money Debit Card and customer support that really cares about helping you reach your next milestone.
Is SoFi a bank?
Neither SoFi Securities LLC nor any of its affiliates is a bank. SoFi Securities LLC is FINRA registered broker dealer. SoFi Securities is a wholly owned subsidiary of Social Finance, Inc.
Is SoFi Money a checking or savings account?
Neither. SoFi Money is a “cash management account”, which is actually a brokerage account. [Checking functionality is provided through Wilmington Savings Fund Society, a member of the FDIC (“WSFS”) .
How easy is it to sign up for SoFi Money?
It’s as easy as it gets. The sign up process can take less than 60 seconds where you’ll provide some basic information. After SoFi Money is set up, you can expect to receive your debit card in the mail about 7-10 business days later.
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
● Unlimited reimbursed ATM fees2
● High-yield interest rate
● Access to SoFi member benefits like career coaching and financial advising
● Automated bill pay
● Easy P2P payments at no cost
● Freeze debit card on-the-go
● FDIC-insured deposits up to $1.5MM through the SoFi Money sweep program with partner banks.3
● No account fees
● Unlimited reimbursed ATM fees2
● High-yield interest rate
● Access to SoFi member benefits like career coaching and financial advising
● Automated bill pay
● Easy P2P payments at no cost
● Freeze debit card on-the-go
● FDIC-insured deposits up to $1.5MM through the SoFi Money sweep program with partner banks.3
Are there any fees for having a SoFi Money account?
We aim to eliminate 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. We work hard to give you high interest and charge zero account fees. With that in mind, our interest rate and fee structure is subject to change at any time. Check out a full list of fees and service charges here.
Is there a minimum balance requirement?
No, there is no minimum balance requirement to have SoFi Money.
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 [email protected].
Will I earn interest with my SoFi Money account?
Currently, you can earn 1.60% APY on your funds. This rate is subject to change at any time.The interest rate earned on your deposits is a variable rate set by us which may change at any time.
How often is the interest accrued and compounded?
Interest on your SoFi Money balance is accrued daily and compounded monthly. On the last business day of each month, we calculate the interest earned and post it to your SoFi Money account, no later than the 5th business day of the following month. The interest earned is reflected on your monthly statement.
Do you provide paper checks?
Yes, we offer checks at no cost! To order checks, log in on the web, and go to the “More” section. You’ll receive your checks about 10-14 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. Most funds are available within 1-4 business days after deposit. You can see the full funds availability policy here.
Is SoFi membership included when I open a SoFi Money account?
Yes. You will receive access to SoFi membership benefits as a SoFi Money account holder.
Who can open a SoFi Money cash management account?
Any US Citizen or lawful permanent resident 18 years or older with a physical US address (in the 50 US states, the District of Columbia), 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 cash management 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
● 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 by federal law to collect a customer’s SSN to verify identity when opening an account. We have strong privacy practices that secure your personal information. Our full privacy notice can be found here: https://www.sofi.com/b/policy/privacy
How do I find my routing and account number so I can link my other accounts to SoFi Money?
Your routing and account numbers can be found under “More” when you log in to SoFi.
How can I transfer funds to SoFi Money?
You can transfer funds at any time by accessing SoFi Money under “Transfer”. You can search for your bank and connect your account by entering your username and password or manually entering the routing and account numbers.
How can I access my money in SoFi Money?
You can access your money by using your SoFi Money 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 transferring money 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 also a section called “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 SoFi Money. 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 SoFi Money 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.
Can I deposit checks into SoFi Money?
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 SoFi Money?
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 SoFi Money to biller sites using your account and routing numbers, located under “Pay a bill” in your SoFi Money app.
Can I send money to friends and family with SoFi Money?
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 SoFi Money, the transfer will be instant!
What information do I need to send someone money from SoFi Money?
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 members is instantaneous. If you’re sending money to a non-SoFi Money member, 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 month2! Reimbursement program may be subject to change.
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 you against fraudulent activity.
Can I link a prepaid debit card?
Yes! If your prepaid card has a routing and account number associated with it, you can link that to SoFi Money.
Is SoFi Money secure?
We take the security of your personal information seriously, including your account data. We maintain stringent, industry-standard administrative, technical and physical safeguards to protect your information.We 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?
Deposits are swept daily to one or more banks (the “Program Banks”) where they earn a variable rate of interest and are eligible for FDIC insurance. Once your deposits reach one of the Program Banks (typically within 2 business days), they are FDIC insured.3 FDIC Insurance is not provided until the funds arrive at Program Bank. Funds in the SoFi Money Sweep Program are eligible for up to $1,500,000 of FDIC insurance through the Program Banks. If the number of Program Banks changes, or you elect not to use, and/or have existing assets at, one or more of the available banks, the actual amount of FDIC coverage will change. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The SoFi Money deposits are not covered by SIPC.
Here is the full list of program banks:
● MetaBank – Sioux Falls, SD
● Hills Bank and Trust Company – Hills, IA
● EagleBank – Bethesda, MD
● East West Bank- Pasadena, CA
● TriState Bank Capital Bank – Pittsburgh, PA
● Wells Fargo Bank, N.A – Sioux Falls, SD
When will I receive my SoFi Money Debit Card?
You should expect to receive your SoFi Money Debit Card within 7-10 business days of opening your SoFi Money cash management 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, 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 cash management 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 are charged a fee for using an ATM that accepts Visa®, we’ll post a credit to your SoFi Money account in the amount of the fee by the following business day2.
What do you mean when you say SoFi Money has no overdraft fees?
SoFi doesn’t charge any. If you write a check with insufficient funds or try to withdraw an amount that exceeds your balance, the transaction will not go through and SoFi will not charge a fee . While SoFi Money prevents you from overdrawing in most cases, there may still be times when you 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 SoFi Money Debit Card card for a meal and then add a tip. In this situation, the full payment may go through and result in a negative balance, but even then, SoFi will not charge you an overdraft fee.
Can I deposit cash into SoFi Money?
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.
Do you have multiple accounts?
At this time, you cannot open more than one SoFi Money account.
Do you have joint access?
Yes! You can invite your partner or +1 by navigating to the “More” tab and clicking “add a joint account holder”.
Do you integrate with Mint, PayPal, or Venmo?
SoFi Money 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?
SoFi Money now offers Apple Pay and Samsung Pay integration.
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 Invest account or pay off your existing SoFi loan balances.
Who is Christiana Bank and why do they keep showing up when I try to add SoFi Money 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 SoFi Money to external sites?
WSFS is one of the partner banks we work with to bring you SoFi Money. When adding SoFi Money 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 and does not charge you the 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 [email protected].
Who do I contact with additional questions?
Send our team a note at [email protected].
Can I set up a business account?
SoFi Money is not currently available for Businesses. However, SoFi Money is currently available for both personal Individual and Joint accounts.
I earned interest with SoFi Money. Will I get a 1099-INT tax form?
Possibly. If you earned $10 or more in interest on balances in your SoFi Money account, you’ll receive a 1099-INT tax form from us. Tax forms will be sent to you via postal mail and email to the addresses associated with your SoFi account by January 31. You will also be able to access your form in the SoFi Money Statement Center on www.SoFi.com. Documents will be available online mid-February. I received a bonus for referring people to SoFi—do I need to think about the tax implications of these bonuses?
I received a bonus for referring people to SoFi—do I need to think about the tax implications of these bonuses?
While bonuses are normally considered income (check with your tax advisor), bonus amounts of $599 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Bonus recipients are responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer. SoFi always recommends that you consult your tax advisor to determine applicable tax consequences. If you do meet this requirement, your copy of the form will be mailed to you via post on or around January 31.
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 here.
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 here.
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 may 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.
Active Investing
Will SoFi prepare required tax documents for me, including 1099-B + 1099-DIV?
Yes, you can access your documents online via your Invest account. In order to access your documents online start by navigating to your Invest account. If on the web look for the “More” button. If on Mobile look for the gear in the upper right corner. Tax forms for 2019 will be available no later than 2/18/2020.
If you are using TurboTax, you can import your 1099 information directly from our clearing firm Apex Clearing Corp. For other tax software providers, you can download your 1099 and input the information.
If you are using TurboTax, you can import your 1099 information directly from our clearing firm Apex Clearing Corp. For other tax software providers, you can download your 1099 and input the information.
I received a bonus for opening an account or referring people to SoFi—do I need to think about the tax implications of these bonuses?
While bonuses are normally considered income (check with your tax advisor), bonus amounts of $599 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Bonus recipients are responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer. SoFi always recommends that you consult your tax advisor to determine applicable tax consequences. If you do meet this requirement, your copy of the form will be mailed to you via post on or around January 31.
What’s a Stock Bit?
A Stock Bit is a piece of a single share of stock, otherwise known as a fractional share. When you buy a Stock Bit, you specify a dollar amount that you’d like to spend instead of a number of shares. Pretty handy when you’re interested in the pricier stocks that can cost several hundreds or even thousands of dollars for one share. Now you can get a piece for as little as $1.
Why do you offer Stock Bits?
We want investors to be in as much control as possible. Stock Bits, or fractional shares, lets investors choose how much or how little to invest in a particular stock or ETF. Stock Bits allows you to invest in what you know and love at your comfort level. It’s also a great way to test the market and learn about stocks and ETFs without committing to purchasing entire shares. At SoFi we’re big believers in growth mindset.
How do I buy a Stock Bit?
If a stock is available to buy a Bit, then you’ll see an option to choose to buy in dollars rather than in shares. Make sure the dollars option is selected and then enter an amount—as little as $1. If the market is open, go ahead and make your buy.
Browse Stock Bits
I bought a Stock Bit, but the order hasn’t gone through yet. What happened?
SoFi usually completes all of the orders for Stock Bits once a day in the afternoon on trading days. Your order won’t appear as a completed transaction until we’ve made our purchases for the day. Since there’s a delay between placing your order and SoFi completing the buy, the price of the stock might change, meaning the size of your share could also change.
If you need to cancel the trade, you can do so from the ‘Activity’ section of the app, up until it is completed.
What happens if I place a buy and sell for the same amount for the same stock?
You do you, we won’t judge. But if you buy and then sell, both orders will still go through; they won’t cancel each other out. If the buy hasn’t gone through yet, though, you can cancel it from the ‘Activity’ section of the app.
Can I buy Stock Bits from any company?
No, only some stocks and ETFs are currently available in Stock Bits. Browse all of the Stock Bits here.
Stock Bits are available based on demand, so this list can definitely change.
Can I combine a limit order with a Stock Bit?
Nope, we only offer market orders of Stock Bits.
Why is my order not for the exact amount that I specified?
If you placed an order for $500, for example, and you got $499.99 or 500.01 instead, it’s because we only divide shares up to 5 decimal places. Consequently, your order might execute for a penny more or less than what you entered.
Can I sell a fraction of my Stock Bit?
You can sell any amount you’d like, but the smallest denomination we support is up to 5 decimal places. In fact, if the fraction is super small, there is a possibility that we won’t be able to execute the trade due to market movement. For example, if the price of a stock drops at all, though, a $0.00001 sale could end up failing to execute. But that’s an edge case. or example if you are trying to sell a small fraction of a share and the market moves downward, the sale amount could be less than a penny which would cause the trade to be cancelled.
What happens when I sell in “Dollars?”
If you make a sale in dollars, SoFi converts that into a fraction of a share. So the amount of money that you get for the sale reflects a portion of the price of the share at the time that the sale goes through. In other words, because sales happen daily rather than in real time, if you sell $100 of a stock, the dollar amount that you receive for the sale might not be exactly $100 due to market movement.
What happens when I sell in “Shares?”
Your order enters into a queue along with other fractional trades. SoFi, then executes all fractional trades in a batch in the market and allocates those shares to participants of that order.
Can I buy ETFs through SoFi Invest?
Yes. SoFi Invest wants to offer plenty of customer selection so you can search for Exchange-Traded Funds (ETFs) and stocks in the [“Trade stock”] section.
How do I fund the account?
You can fund the account by linking your SoFi Money account, checking or savings account, initiating an account transfer (ACAT), rollover, check, or wire. You can set up a recurring deposit to make sure you have money ready for when you want to buy, or make a one-time deposit any time. It will usually take 1-2 business days to clear.
Can I transfer existing brokerage account assets directly to SoFi Invest?
Yes, your SoFi account is able to receive assets directly from another brokerage account. You can start the direct transfer from your existing SoFi account with an ACAT (account transfer) request. Please allow 2-3 weeks for the direct transfer.
When is my deposit available to use?
You can invest up to $1,000 instantly* once you begin a transfer with your linked bank account (you’ll need to meet certain requirements for this). It takes approximately 4 business days to clear your transfer. Instant access up to $1,000 on first-time deposits to eligible new accounts. Subsequent deposits are eligible for instant access up to $1,000, provided all prior deposits have cleared – even if a prior deposit was less than $1,000. Funds not eligible for instant access are available in approximately 4 business days.
* Eligibility requirements include 1) Your bank account must be linked, verified and approved through our instant verification process. 2) Your bank account must have a reported balance greater than or equal to your deposit.
What is the minimum to fund account?
You can get started with just $1.
How do I open an account?
Go to SoFi Invest Home in the mobile app, tap Get Started, select Start Investing under active investing account. There you’ll find step-by-step instructions on how to get started. Or if you prefer desktop, head here.
Am I able to buy part of a share rather than a whole?
Yes! You can purchase fractional shares, a.k.a. Stock Bits, for some stocks. We maintain a list of securities available for fractional trading. All of these securities will appear on our “Fractional Collection” page within the Discovery section of the app.
What are the trading fees?
There are no trading fees when you buy and sell stocks with SoFi. We want to make investing available to more people, and one way to do this is to reduce the barrier to entry.
Are the orders real time?
Yes, orders are entered real time. Market orders can’t be accepted outside of market hours or when trading a certain stock is halted or suspended.
Does my cash balance earn interest?
No, but your money is readily available for you to make trades when you’d like.
Is my account insured?
Yes. SoFi Securities is a Member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at https://www.sipc.org/.
Can I receive advice on purchases of securities?
No. SoFi Invest’s brokerage account doesn’t offer investment advice, but SoFi’s automated investing account offers advised accounts.
Unfortunately, we can’t advise on specific stocks to buy or sell. However, as a SoFi member you can tap into a team of financial advisors that are dedicated to helping you make sure your overall financial strategy is aligned with your personal goals. You can reach them at [email protected].
How do I get my financial statements?
All of your statements from the last two years will be available online and you’ll get an email notification when they’re there to view. You can see all of your statements in “Your Invest E-Documents“.
What are the tax implications?
Whenever a security (fancy word for stock or investment asset) is sold in a taxable account, there may be a potential taxable event. The main difference between a taxable account and a tax-advantaged account are that the tax-advantaged accounts are for retirement (such as an IRA). If you have questions about your taxable account implications, we suggest consulting with a tax professional.
Will I receive end of year tax documents?
Yes. Once they’re processed, tax documents will be available electronically in the document center of your Invest account.
During what hours can I place a trade?
You can place a trade 24/7. Stock market hours are Monday-Friday 9:30 a.m. to 4 p.m. ET. If you place an order outside of that time your order will placed when the market opens.
How do I check my order status?
Once you’ve entered your order, there is “Check Order Status” button you can click on to view the status of your order.
Can I edit my order?
Orders cannot be edited or cancelled once they are submitted.
How long would it take to get access to the money I make when selling a stock?
Typically 3-5 business days. Proceeds from selling a stock will settle in your brokerage account two business days after the sale. After that, withdrawals from your brokerage account may take 1-3 business days to reach your linked bank account.
What is a stock?
A stock is a share of a company held by an individual or group. One way corporations raise money is by selling stocks, giving stock owners (also known as shareholders) partial ownership of the corporation. Stocks are typically bought and sold on what is called an exchange, like the New York Stock Exchange.
How does SoFi Invest make money off of brokerage accounts?
There are a lot of different ways companies that buy and sell financial assets for others (aka brokers), including SoFi, can make money that don’t include charging commissions. These revenue streams include interest rate spreads on cash, securities lending, payment for order flow, and margin lending. To learn more, check out: https://www.sofi.com/blog/how-sofi-makes-money/.
Can I combine my automated investing and active investing account into one?
No, these are two separate accounts. Your automatic investing account and the money in it is managed by SoFi, while your active investing accounts allow you to take control. The benefit of your automated investing account is that you can set your goal(s) and let it grow passively. For your active investing account, you can direct the mix and risk daily. Automated and active investing accounts are usually for different financial goals. If you have questions on how to invest strategically based on your financial situation, you can always set up time to talk one-on-one with one of our financial advisors.
Will your site give recommendations?
SoFi will give you the tools (think: investment jargon explainers) to make investment decisions for yourself but we won’t be able to provide tips about which stocks you should buy or sell, or when.
Is there an age requirement to open a brokerage account?
Yes, you must be 18 years old.
What are the differences between ETFs and Mutual Funds?
Exchange-Traded Funds (ETFs) and mutual funds are similar in that both are a basket of anywhere from a handful of securities to thousands of securities, but they differ in investment minimums and expenses. Also, while ETFs can trade throughout the day, mutual funds trade once per day after the market closes.
What are stock market holidays?
New Year’s Day, MLK Day, Presidents’ Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving, and Christmas.
SoFi Relay
What is SoFi Relay?
SoFi Relay is a money and goals management app. See all of your accounts in one place and review and categorize transactions. This is a view-only functionality, meaning that you cannot initiate or implement money transfers or transactions through SoFi Relay within your linked accounts. Additional features will be added throughout 2019.
What are the benefits of SoFi Relay?
SoFi Relay provides financial clarity. See all of your accounts in one place, review and categorize your transactions. More benefits coming soon.
How do I sign up for SoFi Relay?
You can activate SoFi Relay through your SoFi.com login on the web or in the SoFi mobile app. Click here to access SoFi Relay from the web.
Is my information protected? Who can see my information?
We take your security and privacy very seriously here at SoFi. We don’t collect PII like date of birth, name, address, or Social Security Number for this product.
Where and how is my data stored?
Your data is stored on SoFi’s servers and SoFi’s partner, Plaid, servers, which are hosted by Amazon Web Services (“AWS”) in a secure location that includes physical security, fire protection, and electronic shielding. SoFi does not and cannot access your personal account credentials. Accessing the physical servers requires several levels of authentication, including biometrics, and security personnel monitor the system around the clock. Additionally, Plaid uses encryption at rest to ensure that even AWS personnel do not have access to sensitive data stored on their systems. For more information about Plaid’s information security, please visit https://plaid.com/security/.
Where does my data go and how does it get there?
SoFi partners with Plaid. Once on Plaid’s platform, your data is transmitted exclusively to the websites and/or mobile applications where you have permitted access. All transmissions between SoFi and Plaid are encrypted using strong algorithms and protocols based on industry best practices.For more information about Plaid’s information security, please visit https://plaid.com/security/.
What accounts can I link?
You can link your deposit account (checking, savings), investment, and retirement accounts as well as credit cards, student loans, mortgages, and other liabilities. If you’re not able to link your account, you will be able to manually add an account or asset (like an owned car or home) so that you’re able to see your entire net worth.
I see an old/closed account that is no longer active. Why is this displayed and how can I hide it?
The product pulls in all accounts displayed by your provider, regardless of status. In many cases there will be historical transaction data associated with a closed account (for instance, loan payments) that may be helpful for your overall financial picture and trends over time. When you pay off a loan or close an account, the product has the ability to show that data in your historical spending & net worth.
You are able to hide accounts from your display. To do this, go to “manage accounts” and scroll down to the account(s) you’d like to hide and click “hide”. You won’t see the account (or its respective data) reflected anymore.
How often is my account information refreshed?
The product requests updated data automatically from your linked accounts on a nightly basis. Also, every time you log in to SoFi.com, your account information should refresh. Depending on the partner institution of each linked account, there may be an up to 24 hour delay.
The automatic categorization of my transaction is incorrect. Can I customize and create my own categories?
You are able to change the category by navigating to transaction history and clicking on the down carrot next to the transaction. You may select a new category from the drop down category options. At this time you are not able to create your own, custom categories.
What is my net worth?
Your net worth summary, or personal balance sheet, is the list of everything you own and owe. Your personal financial net worth equals your assets minus your liabilities. Assets can include cash accounts like checking and savings, investment accounts like a 401(k), and personal property like an owned car or home. Liabilities can include personal debt like credit card debt, personal loans, student loans, auto loans, and mortgages.
Since net worth is a specific number able to be tracked with precision, it enables you to measure your financial progress from one month or year to the next. However, net worth is representative only of accounts that SoFi Relay collects data on, which may not include all of your assets and/or liabilities.
How do I provide feedback about the product and/or ideas for features?
Our team is excited to continue building out and expanding our offered features, which will launch in the coming months. We will capture your feedback as a feature request. Our team appreciates feedback and uses it to prioritize our product roadmap. Submit feedback and feature requests directly with our team through the feedback form in the SoFi app or on the web.
Something’s not working! How can I get this fixed?
Common issues are outlined below. If you have another issue not outlined below, please reach out to [email protected]
- ● Bank/account entity is not showing up in search. It’s possible that the entity is not yet set up in the system and therefore it cannot be linked. In this case, you can manually add your account or property. If you believe the entity should be searchable and linkable, please contact [email protected].
- ● Username/password not correct. It’s possible that the username or password is not correct. The wrong account entity may have been selected. If there are similar linkable institutions, try your username and password with one and if that does not work, try connecting a different account. If you believe there is an error with your username and password and the correct corresponding account, please contact [email protected].
- ● Amount displayed is not accurate. It’s possible that the linked account has not refreshed and so is not displaying the most recent account balance. If you believe there is an error with the way your account is displayed, please contact [email protected].
- ● Unable to link credit union. You may be prompted to enter your “PIN” to connect your credit union account. Try using your standard online credit union password instead of a PIN. If entering your standard password does not add your credit union account, please contact [email protected].
- ● Loan is reported as asset with positive balance. It’s possible that an amount you owe, through a mortgage, auto loan, or other debt, was incorrectly transferred to the system as something you own. Please contact [email protected] so we may escalate the issue to our account aggregation partner Plaid.
Will my SoFi accounts sync automatically to SoFi Relay?
Your SoFi accounts will automatically sync to SoFi Relay once you enable it. Student loans, personal loans, SoFi Money and SoFi Invest are auto-integrated, however Mortgage is not currently integrated and you should link it manually as you would your other external accounts.
How much does SoFi Relay cost?
SoFi Relay has no fees or costs for use.
How is SoFi Relay related to other SoFi products?
You’re not required to have a SoFi product to use SoFi Relay. If you are a SoFi member, your products, excluding SoFi Mortgage or term-life insurance, will automatically sync to SoFi Relay once you enable it. Your SoFi Mortgage account can be linked separately. SoFi Relay is offered at no cost to you.
Do I get access to financial planners through SoFi Relay?
Yes. SoFi has a team of in-house financial planners who can help you with understanding your finances and set up goals and a plan to help achieve them. Calls with SoFi financial planners are complimentary (no cost to you). Some topics that you may discuss with a SoFi financial planner include managing debt, home ownership, planning for children, financial independence and retirement, and a general financial checkup. Schedule a complimentary 30-minute call with a SoFi financial planner here.
Private Student Loans - Undergraduate Loans
What repayment assistance programs and cosigner release options are offered by SoFi?
SoFi offers programs and benefits for borrowers experiencing financial hardship. SoFi also offers a cosigner release option for private student loans. For more information about SoFi’s repayment assistance programs and cosigner release options please visit the Repayment Assistance page.
How do I request a payoff statement?
SoFi has partnered with MOHELA to service your loan. You may request a payoff statement by logging into your account here.
How do I obtain my loan interest notification including 1098-Es?
A 1098-E tax form is used to report student loan interest of $600 or more paid by you in a single year. If you meet this criteria, our loan servicing partner, MOHELA, will be preparing a 1098-E for you and sending the form to you January 31 by mail. You can also access these documents through www.SoFi.Mohela.com. Choose “Tax Documents” under “My Account”. If you have any questions, please contact MOHELA at 877-292-7470.
What are SoFi Private Student Loans?
SoFi Private Student Loans launched in 2019 with a goal to create private student loan products that help students pay for school easily. SoFi aims to help students and parents make smart financial decisions through transparency, tons of resources and support, and modern member-first solutions.
Why should I choose SoFi Private Student Loans?
SoFi is different, and we’re not just saying that. We’ve established leadership in the student loan refinancing space, and we’re bringing the same trusted service and ease to private student loans. On top of that, our loans offer competitive rates and flexible terms with no fees, an easy all-online application, and human support when you need it.
Which are better, federal student loans or private student loans?
In the spirit of transparency, SoFi strongly believes you should exhaust all of your federal grant and loan options before you consider SoFi as your private loan lender.
If you do decide that a private student loan is the right fit for your education, we’re happy to help! Our loan process is trusted, easy, and fast. SoFi’s Private Student Loans offer competitive rates and flexible payment options and terms, with absolutely zero fees.
Still curious? Check out our Guide to Private Student Loans on SoFi Learn.
Do I need to be a full time student to obtain a SoFi Private Student Loan?
No you don’t, but you must be enrolled in a degree-seeking program at an eligible school and be attending classes at least half-time. Check out our full eligibility requirements to learn more.
How much of my education costs can a SoFi Private Student Loan cover?
SoFi Private Student Loans can cover up to 100% of the school-certified cost of attendance, which typically includes things like tuition, books and supplies, room and board, transportation and personal expenses. The minimum you can borrow is $5,000 (may be higher in specific states due to legal requirements—learn more here).
What options do I have for reducing the overall cost of my loan?
The faster you pay, the more you can save. For example, making payments while in school and picking shorter loan terms can help you pay the loan off as quickly as possible. That can help you save on your overall interest charges, which helps reduce your total payments on your loan.
You can also get a 0.25% interest rate reduction when you sign up to make automated payments from your checking or savings account. Learn more about SoFi’s autopay discount on our repayment options and examples page.
If your cosigner is an existing SoFi Member, you could get an additional 0.125% interest rate reduction on your SoFi Private Student Loan. Find out more about SoFi’s Member Rate Discount eligibility requirements here.
What rate discounts do you offer?
You can get a 0.25% interest rate reduction when you sign up to make automated payments from your checking or savings account. Learn more about SoFi’s autopay discount on our repayment options and examples page.
If you or your cosigner are an existing SoFi Member, you could get an additional 0.125% interest reduction on your SoFi Private Student Loan.
You and your cosigner may also be eligible for 0.125% discount on future loans with SoFi.
Find out more about SoFi’s Member Rate Discount eligibility requirements here.
Do SoFi Private Student Loans have any fees?
There are zero fees for SoFi Private Student Loans. Zero. That means no origination fees, no application fees, no insufficient funds fees, no prepayment penalties–We don’t even charge late fees. When we say zero fees, we mean zero fees.
But remember: just because we don’t charge late or insufficient funds fees, it doesn’t mean there are no consequences! By paying after your bill’s due date, paying less than the minimum due, or even missing payments, you’ll accumulate more interest and your final payment will be larger as a result.
Payments that are not made in full or on time may be considered a default event under your Loan Agreement. Late payments, partial payments, missed payments, or defaults on your loan may be reflected on your credit report. And nobody wants that.
How long does the application process take? How quickly can I get my loan?
You can apply and get a credit decision within minutes. If approved, you would then need to accept your terms and electronically sign your loan documents.
At that point, we send the loan application information to the school for certification. During this process, schools verify your enrollment status, academic progress, and your financial aid package. Every school has their own processes and timelines, so certification can take several days or sometimes weeks. Once we receive the certification back from the school, we’ll schedule the funds to be sent according to the school’s requested timeline.
The entire process from application to actually sending the money to the school typically takes at least 4-6 weeks, but it can be shorter or longer than that depending on the school.
How long can I defer the loan? Can I defer payments until I’m done with school?
If you choose the deferred repayment option, full principal and interest payments can be deferred as long as undergraduate students remain enrolled at an eligible school at least half-time. For undergraduate loans, full principal and interest payments would begin 6 months after the student graduates or drops below half-time enrollment.
To learn how different repayment options can affect your monthly payment amount and what you might pay overall for the loan, check out our repayment options and examples page.
Do you require students to make Satisfactory Academic Progress (SAP) in order to receive the loan?
Yes, and we ask the school to verify SAP during the school certification process according to their own definition. In general, this means that you have to make good enough grades, and complete enough classes (credits, hours, etc.) to keep moving toward successfully completing your degree in a time period that’s acceptable to your school.
Each school has an SAP policy for financial aid purposes—if you’re not sure what your school’s SAP policy is, check their website or ask someone in their financial aid office.
Do I need a cosigner? What are the benefits to having a cosigner?
Need some tips on choosing a cosigner? Here’s are some tips before you make the decision. No, but rates for undergrads are typically higher without a cosigner. That’s because most undergraduate students have limited credit history and income; having a cosigner with a solid financial history and good, established credit may help improve your chances of loan approval. It might even help you qualify for a lower interest rate.
With SoFi’s online application process, you and your cosigner can see what rates and terms you pre-qualify for before submitting your full loan application—and it won’t impact your credit score.
I don’t see my school listed in the application. What does that mean?
SoFi’s eligible school list is comprised of most four-year public and private, degree-granting institutions. As of April 2019, SoFi can lend to students attending all ELM and ScholarNet enabled schools.
Auto Insurance
What is Root Insurance Company?
Root is the first car insurance company that was founded on the relentless pursuit of fairness. Root uses an app to rate drivers based on how they actually drive—not just their demographics. By not insuring bad drivers, Root is able to save good drivers as much as 52% on their car insurance.
Is Root a real car insurance company?
Yes. Root does not represent or front for any other company, and is backed by OdysseyRe, one of the biggest reinsurers in the business.
How does Root work?
The Root app uses technology in smartphones to measure driving behavior—such as braking, speed of turns, driving times, and route consistency—and determines who is a safe driver and who isn’t. By only insuring safe drivers, Root can offer more affordable rates. And the entire Root experience is simple and easy.
You can do everything in the app—customize and purchase your policy, find your insurance card, make changes to your policy, and file a claim. Root can even request cancelation of your old insurance policy for you.
Root doesn’t have agents?
Everything you need is in the app. But if you want to speak directly with someone at Root, the team is available by email and phone to answer your questions about your coverage, filing a claim, or something else.
What states is Root available in?
Arizona, Arkansas, California, Colorado, Delaware, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Montana, Nebraska, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, and Virginia. Root is rapidly expanding into other states, too — check out their availability map to see if your state is coming soon!
When will Root be available in my state?
Root is moving fast! Because each state is regulated differently, it takes longer to get into some states than others. Sign up for a notification when Root is available in your state.
What if Root is available in my state but I have an out-of-state license?
Not a problem! In most cases, as long as Root is available in your state, you can still sign up for the test drive or be added to a policy.
Is my car insurance rate based completely on my driving ability?
Driving ability is the single largest factor in deciding your quote.
Root does take into account several standard factors which are mathematically predictive of risk or fraud—it’s the responsible thing to do—but they are committed to eliminating as many factors as we can as technology progresses and artificial intelligence gets smarter.
How will I know I’ll save money with Root?
You won’t know until you do the test drive—it depends on your driving skills and habits—but many of Root’s customers have saved 52% (or more) off their previous rate. Only one way to find out!
Why doesn’t Root insure everyone?
This one is simple—because 30% of drivers cause nearly 45% of all accident costs! Root doesn’t think good drivers should have to pay for other people’s bad driving, so they don’t insure bad drivers. That means good drivers save.
1. PGR Ohio Insurance Filings, March 2018
Is SoFi doing anything with the data gathered from my Root test drive?
No-SoFi has no access to any of the data that you give to Root about your driving ability, location, etc. Both Root and SoFi are totally committed to your privacy–our only goal is saving you money on your insurance.
Homeowners and Renters Insurance
What is renters insurance?
Renters insurance is a safety net for you and your stuff. Along with loss or damage due to theft, fire, vandalism, some types of water damages, like burst pipes, and other bad things (“perils” in insurance-speak), it can also cover temporary living expenses if your home becomes unlivable, and certain non-physical fees (such as medical or legal fees if someone claims to be injured due to your actions or negligence)
What is homeowners insurance?
Homeowners insurance is a contract between you and your insurer to protect you, your family, and your property from a list of bad stuff that can cause damages or losses. It protects you from a range of things- from your actual home and property to stuff you may accidentally do to other people even when you’re not at your place.
Who is Lemonade, and why has SoFi teamed up with them as an insurance provider?
Lemonade is our trusted partner for renters and homeowner insurance. Sharing our values of transparency and forward-thinking technology, Lemonade offers insurance powered by artificial intelligence and behavioral economics, and driven by social good. Available in 23 states, Lemonade uses bots instead of brokers and algorithms instead of paperwork to make insurance instant, simple, and delightful. Lemonade has also designed insurance as a social good, instead of a necessary evil: Lemonade takes a flat fee, pays claims, and gives what’s left to charities our policyholders care about, so you’ll never fight over the same coin.
How much renters insurance coverage do I need?
Short answer: Depends on your lifestyle needs and ability to pay upfront. Basic renters insurance policies start with $10,000 worth of personal property coverage, and most people get around $30,000 worth of personal property coverage. Take a look at this cheat sheet and with a few taps on the Lemonade app, adjust the coverages so that they fit your needs.
How much homeowners insurance coverage do I need?
Short answer: Depends on your lifestyle needs and ability to pay upfront. You’ll have to adjust your coverages by taking into account the amount that it’d take to rebuild your home, how much personal stuff you have, and how much personal liability coverage you’ll want. Take a look at the guide for more info.
How much homeowners insurance coverage do I need?
Short answer: Depends on your lifestyle needs and ability to pay upfront. You’ll have to adjust your coverages by taking into account the amount that it’d take to rebuild your home, how much personal stuff you have, and how much personal liability coverage you’ll want. Take a look at the guide for more info.
Where is Lemonade available?
Lemonade is currently available in Arkansas, Arizona, California, Colorado, Connecticut, District Of Columbia, Georgia, Iowa, Illinois, Indiana, Maryland, Massachusetts, Michigan, New Jersey, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Texas, Tennessee, Virgina, and Wisconsin.
When is Lemonade coming to my state?
Answer: Lemonade is expanding quickly; to be notified when they arrive in your state, sign up here.
Where can I learn more about Lemonade?
Check out Lemonade’s FAQ, or feel free to reach out to the Lemonade team: [email protected]
What kind of documents and info do I need to apply for renters insurance?
Just your address (and some quick questions about you!) It can take you less than 2 minutes to get a policy.
What kind of documents and info do I need to apply for homeowners insurance?
You’ll need to answer a few questions, including the address of the property you’re insuring, and any mortgage docs and lending info you have for your property. You’ll get a quote in minutes!
Private Student Loans - Graduate Loans
What repayment assistance programs and cosigner release options are offered by SoFi?
SoFi offers programs and benefits for borrowers experiencing financial hardship. SoFi also offers a cosigner release option for private student loans. For more information about SoFi’s repayment assistance programs and cosigner release options please visit the Repayment Assistance page.
How do I request a payoff statement?
SoFi has partnered with MOHELA to service your loan. You may request a payoff statement by logging into your account here.
How do I obtain my loan interest notification including 1098-Es?
A 1098-E tax form is used to report student loan interest of $600 or more paid by you in a single year. If you meet this criteria, our loan servicing partner, MOHELA, will be preparing a 1098-E for you and sending the form to you January 31 by mail. You can also access these documents through www.SoFi.Mohela.com. Choose “Tax Documents” under “My Account”. If you have any questions, please contact MOHELA at 877-292-7470.
Why should I choose SoFi Private Student Loans?
SoFi is different, and we’re not just saying that. We’ve established leadership in the student loan refinancing space, and we’re bringing the same trusted service and ease to private student loans. On top of that, our loans offer competitive rates and flexible terms with no fees, an easy all-online application, and human support when you need it.
Which are better, federal student loans or private student loans?
In the spirit of transparency, SoFi strongly believes you should exhaust all of your federal grant and loan options before you consider SoFi as your private loan lender.
If you do decide that a private student loan is the right fit for your education, we’re happy to help! Our loan process is trusted, easy, and fast. SoFi’s Private Student Loans offer competitive rates and flexible payment options and terms, with absolutely zero fees.
Still curious? Check out our Guide to Private Student Loans on SoFi Learn.
Do I need to be a full time student to obtain a SoFi Private Student Loan?
No you don’t, but you must be enrolled in a degree-seeking program at an eligible school and be enrolled at least half-time. Check out our full eligibility requirements to learn more.
How much of my education costs can a SoFi Private Student Loan cover?
SoFi Private Student Loans can cover up to 100% of the school-certified cost of attendance, which typically includes things like tuition and food, books and supplies, room and board, transportation and personal expenses. The minimum you can borrow is $5,000 (may be higher in specific states due to legal requirements—learn more here).
What options do I have for reducing the overall cost of my loan?
The faster you pay, the more you can save. For example, making payments while in school and picking shorter loan terms can help you pay the loan off as quickly as possible. That can help you save on your overall interest charges, which helps reduce your total payments on your loan.
You can also get a 0.25% interest rate reduction when you sign up to make automated payments from your checking or savings account. Learn more about SoFi’s autopay discount on our repayment options and examples page.
If your cosigner is an existing SoFi Member, you could get an additional 0.125% interest rate reduction on your SoFi Private Student Loan. Find out more about SoFi’s Member Rate Discount eligibility requirements here.
What rate discounts do you offer?
You can get a 0.25% interest rate reduction when you sign up to make automated payments from your checking or savings account. Learn more about SoFi’s autopay discount on our repayment options and examples page.
If you or your cosigner are an existing SoFi Member, you could get an additional 0.125% interest reduction on your SoFi Private Student Loan.
You and your cosigner may also be eligible for 0.125% discount on future loans with SoFi.
Find out more about SoFi’s Member Rate Discount eligibility requirements here.
Do SoFi Private Student Loans have any fees?
There are zero fees for SoFi Private Student Loans. Zero. That means no origination fees, no application fees, no insufficient funds fees, no prepayment penalties–we don’t even charge late fees. When we say zero fees, we mean zero fees.
But remember: just because we don’t charge late or insufficient funds fees, it doesn’t mean there are no consequences! By paying after your bill’s due date, paying less than the minimum due, or even missing payments, you’ll accumulate more interest and your final payment will be larger as a result.
Payments that are not made in full or on time may be considered a default event under your Loan Agreement. Late payments, partial payments, missed payments, or defaults on your loan may be reflected on your credit report. And nobody wants that.
How long does the application process take? How quickly can I get my loan?
You can apply and get a credit decision within minutes. If approved, you would then need to accept your terms and electronically sign your loan documents.
At that point, we send the loan application information to the school for certification. During this process, schools verify your enrollment status, academic progress, and your financial aid package. Every school has their own processes and timelines, so certification can take several days or sometimes weeks. Once we receive the certification back from the school, we’ll schedule the funds to be sent to the school according to the school’s requested timeline.
The entire process from application to actually sending the money to the school typically takes at least 4-6 weeks, but it can be shorter or longer than that depending on the school.
How long can I defer the loan? Can I defer payments until I’m done with school?
If you choose the deferred repayment option, full principal and interest payments can be deferred as long as undergraduate students remain enrolled at an eligible school at least half-time. For graduate student loans, full principal and interest payments would begin 6 months after the student graduates or drops below half-time enrollment. To learn how different repayment options can affect your monthly payment amount and what you might pay overall for the loan, check out our repayment options and examples page.
Do you require students to make satisfactory academic progress (SAP) in order to receive the loan?
Yes, we ask the school to verify SAP during the school certification process according to their own definition. In general, this means that you have to make good enough grades, and complete enough classes (credits, hours, etc.) to keep moving toward successfully completing your degree or certificate in a time period that’s acceptable to your school.
Each school has an SAP policy for financial aid purposes—if you’re not sure what your school’s SAP policy is, check their website or ask someone in their financial aid office.
Do I need a cosigner? What are the benefits to having a cosigner?
No, you don’t need a cosigner, but we encourage you to consider one.
Most students have limited credit history and income; having a cosigner with a solid financial history and good, established credit may help improve your chances of loan approval. It might even help you qualify for a lower interest rate.
With SoFi’s online application process, you and your cosigner can see what rates and terms you pre-qualify for before submitting your full loan application—and it won’t impact your credit score.
I don’t see my school listed in the application. What does that mean?
SoFi’s eligible school list is comprised of most four-year public and private, degree-granting institutions. As of April 2019, SoFi can lend to students attending all ELM and ScholarNet enabled schools.
Are international students eligible to apply?
International students are not currently eligible to apply for a student loan with SoFi.
Private Student Loans - Parent Loans
Why should I choose SoFi Private Student Loans?
SoFi is different, and we’re not just saying that. We’ve established leadership in the student loan refinancing space, and we’re bringing the same trusted service and ease to private student loans. On top of that, our loans offer competitive rates and flexible terms with no fees, an easy all-online application, and human support when you need it.
What’s the difference between cosigning a loan for my student and taking out a parent student loan?
The key difference lies in who is taking responsibility for the loan. When you cosign, both parent and student are responsible for the loan. For a parent student loan, the parent takes full responsibility. Cosigning may help your student qualify for a lower rate and may help their chances of approval since they typically don’t have much of a credit history. On the other hand, a parent loan will have no impact on your student’s credit. Parent student loans can also help reduce the debt burden on students.
What are the advantages of a private parent student loan versus a Parent PLUS loan?
Parent PLUS is a federal loan program with generous deferment and forbearance availability and a less rigorous credit screen compared to most private loans. However, parents with strong credit and income may find much lower rates in the private loan market, especially after considering fees associated with Parent PLUS loans.
Does my student have to attend full time to obtain a SoFi Private Student Loan?
No they don’t, but they must be enrolled in a degree-seeking program at an eligible school and be attending classes at least half-time. Check out our full eligibility requirements to learn more.
How much of my student’s education costs can a SoFi Private Student Loan cover?
SoFi Private Student Loans can cover up to 100% of the school-certified cost of attendance, which typically includes things like tuition and food, books and supplies, room and board, transportation and personal expenses. The minimum you can borrow is $5,000 (may be higher in specific states due to legal requirements—learn more here.)
What options do I have for reducing the overall cost of my loan?
The faster you pay, the more you can save. For example, picking shorter loan terms can help you pay the loan off as quickly as possible. That can help you save on your overall interest charges, which helps reduce your total payments on your loan.
You can also get a 0.25% interest rate reduction when you sign up to make automated payments from your checking or savings account. Learn more about SoFi’s autopay discount on our repayment options and examples page.
What rate discounts do you offer?
You can get a 0.25% interest rate reduction when you sign up to make automated payments from your checking or savings account. Learn more about SoFi’s autopay discount on our repayment options and examples page.
If you are an existing SoFi Member, you could get an additional 0.125% interest reduction on your SoFi Private Student Loan.
Find out more about SoFi’s Member Rate Discount eligibility requirements here.
Do SoFi Private Student Loans have any fees?
There are zero fees for SoFi Private Student Loans. Zero. That means no origination fees, no application fees, no insufficient funds fees, no prepayment penalties–We don’t even charge late fees. When we say zero fees, we mean zero fees.
But remember: just because we don’t charge late or insufficient funds fees, it doesn’t mean there are no consequences! By paying after your bill’s due date, paying less than the minimum due, or even missing payments, you’ll accumulate more interest and your final payment will be larger as a result.
Payments that are not made in full or on time may be considered a default event under your Loan Agreement. Late payments, partial payments, missed payments, or defaults on your loan may be reflected on your credit report. And nobody wants that.
How long does the application process take? How quickly can my student get the funds for school?
You can apply and get a credit decision within minutes. If approved, you would then need to accept your terms and electronically sign your loan documents.
At that point, we send the loan application information to the school for certification. During this process, schools verify your student’s enrollment status, academic progress, and their financial aid package. Every school has their own processes and timelines, so certification can take several days or sometimes weeks. Once we receive the certification back from the school, we’ll schedule the funds to be sent according to the school’s requested timeline.
The entire process from application to actually sending the money to the school typically takes at least 4-6 weeks, but it can be shorter or longer than that depending on the school.
How long can I defer the loan? Can I defer payments until I’m done with school?
With the Parent Student Loan, you can defer principal payments with the interest only option.
If you’re looking to defer the loan until your student is done with school, you have the option of cosigning a loan for your student.
If your student applies for a loan with you as the cosigner, you can choose the deferred repayment option. Full principal and interest payments can be deferred as long as undergraduate students remain enrolled at an eligible school at least half-time. For undergraduate loans, full principal and interest payments would begin 6 months after the student graduates or drops below half-time enrollment.
When do my payments begin for the parent student loan?
If you choose the interest-only repayment option, your interest-only payments will begin 30-45 days after the loan is fully disbursed. Your full principal and interest payments will begin 30-45 days after the student has graduated or left school.
If you choose the immediate repayment option, your full principal and interest payments will begin 30-45 days after the loan is fully disbursed.
The school determines the number of disbursements. The school may disburse the loan all at once, or they may divide the loan into multiple disbursements.
Do you require students to make satisfactory academic progress (SAP) in order to receive the loan?
Yes, we ask the school to verify SAP during the school certification process according to their own definition. In general, this means that your student has to make good enough grades, and complete enough classes (credits, hours, etc.) to keep moving toward successfully completing their degree or certificate in a time period that’s acceptable to the school.
Each school has an SAP policy for financial aid purposes—please check their website or ask someone in their financial aid office.
I don’t see my student’s school listed in the application. What does that mean?
SoFi’s eligible school list is comprised of most four-year public and private, degree-granting institutions. As of April 2019, SoFi can lend to students attending all ELM and ScholarNet enabled schools.
Are international students eligible to apply?
International students are not currently eligible to apply for a student loan with SoFi.
What repayment assistance programs and cosigner release options are offered by SoFi?
SoFi offers programs and benefits for borrowers experiencing financial hardship. SoFi also offers a cosigner release option for private student loans. For more information about SoFi’s repayment assistance programs and cosigner release options please visit the Repayment Assistance page.
How do I request a payoff statement?
SoFi has partnered with MOHELA to service your loan. You may request a payoff statement by logging into your account here.
How do I obtain my loan interest notification including 1098-Es?
A 1098-E tax form is used to report student loan interest of $600 or more paid by you in a single year. If you meet this criteria, our loan servicing partner, MOHELA, will be preparing a 1098-E for you and sending the form to you January 31 by mail. You can also access these documents through www.SoFi.Mohela.com. Choose “Tax Documents” under “My Account”. If you have any questions, please contact MOHELA at 877-292-7470.
Crypto
What is crypto?
Cryptocurrency, often abbreviated to “crypto,” is a new type of digital currency. Crypto is decentralized, meaning that it is not controlled by a central authority like a bank or government and instead is exchanged person-to-person. Bitcoin was the first cryptocurrency. Read more about Bitcoin, blockchain technology, and what you should know if crypto is new to you on SoFi Learn.
Is SoFi Invest creating a new cryptocurrency coin?
No. SoFi Invest is not creating a coin, nor is it a wallet. SoFi Invest is a platform accessible through SoFi.com and the SoFi app where individuals can buy and sell cryptocurrency. At launch, Bitcoin, Ethereum, and Litecoin will be available to trade, and up to 40 other coins will be available to follow in real-time.
How secure is SoFi Invest?
SoFi takes security seriously across all of the brand’s products. SoFi Invest uses a number of tools to secure crypto holdings against theft, including two-factor authentication, SSL encryption, partnering with trusted exchanges like Coinbase to complete transactions, and not sharing personal information about our members with crypto trading partners and custodians. Before you purchase crypto through SoFi Invest, it is important to understand the volatility of its value, and therefore its inherent risk.
How do I get started?
To trade cryptocurrency, first you must fund a SoFi Invest active investing account through SoFi.com or the SoFi app, pending that you meet our eligibility requirements. Once your account is funded, you may trade crypto, stocks, and ETFs through SoFi Invest once it’s available.
How do I find cryptocurrencies in the SoFi app?
Search for a specific coin by name using the search functionality in the SoFi app, or discover our collection of cryptocurrencies by scrolling down on the Invest tab in the SoFi app.
How much does SoFi charge to trade crypto?
SoFi will charge a markup of up to 1.25% on crypto transactions.
On a purchase, the markup is added to the market price from the exchange, and SoFi submits a market order trade. For example:
• Suppose the market price of Litecoin (LTC) is $100
• You purchase $100 worth of LTC
• In this case, SoFi would mark up the LTC price to $101.25, and you would receive slightly less than 1 full LTC due to that markup.
Please note, SoFi may change the crypto markup amount at any time and will ensure that the amount listed here is accurate.
When can I trade crypto with SoFi Invest?
You can trade in cryptocurrencies 24/7 through SoFi Invest, with the exception of occasional site maintenance.
How long does it take for my funds to be available for buying crypto?
Once you fund your Invest account, up to $1,000 will be immediately available to purchase stocks, ETFs, and crypto. If your deposit exceeds $1,000, the remaining balance will be available four business days later. Or use SoFi Money, and you’ll be able to fund and trade up to $50,000 immediately.
How soon will I receive my crypto?
Your purchase of cryptocurrency, by the dollar or by the coin, happens in real-time. Should you sell all or some of your crypto holdings on SoFi Invest, it will be returned as USD to your account, the next business day.
Are there limits to my transaction?
The minimum order size per purchase is $10, and the maximum purchase per day, per individual is $50,000. The minimum sale is 0.001 BTC, 0.01 ETH, or 0.1 LTC.
Can I transfer my crypto holdings between my SoFi Invest account and an external wallet?
No, but there’s a reason why. We take security seriously at SoFi Invest and by having a closed system we can better secure your crypto assets. In the future, we may consider adding the ability to transfer crypto into or out of your SoFi Invest account, but it isn’t a planned feature at this time.
Where can I trade crypto with SoFi Invest?
SoFi Invest is available for crypto trading in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, Wisconsin, and Wyoming.
How are cryptocurrencies taxed?
For federal tax purposes, cryptocurrencies are generally treated with the same tax rules as other property transactions, like buying and selling stocks. The IRS has published guidance on how existing general tax principles apply to crypto: https://www.irs.gov/pub/irs-drop/n-14-21.pdf
SoFi provides a downloadable CSV of all your 2019 crypto transactions in the Taxes section of your documents in your crypto account. This will be available on or around February 15, 2020.
SoFi provides a downloadable CSV of all your 2019 crypto transactions in the Taxes section of your documents in your crypto account. This will be available on or around February 15, 2020.
529 Savings and Selection Tool
What is the 529 Plan Selection Tool?
It estimates the amount needed to fund your college goal and presents two 529 Savings Plans you might want to consider based on the unique information you provide in the tool.
What are the benefits of the 529 Plan Selection Tool?
This tool has two distinct benefits. First, it provides a monthly savings target based on the full price of the institution type selected as well as a projection that includes the average financial aid of the institution type. Second, it evaluates 50 Direct Sold 529 Savings Plans to provide a recommended and alternate plan based on the estimated state income tax benefits and fees associated with each plan.
How do I sign up for the 529 Plan Selection Tool?
This tool is currently available for a select group of our of SoFi At Work partners.
Something is not working! How can I get help?
Common questions are outlined below. If you have another issue not outlined below, please contact us at 833-277-7634 or [email protected].
What 529 Plans are considered in the tool?
We consider 50 Direct Sold 529 Savings Plans. This includes one from each state (except WY) and the District of Columbia.
How does the tool determine the recommended and alternate plans?
To recommend a 529 Savings plan we look mainly at the expected state tax benefits from your contributions and the fees charged by the plan. We use income information you provided, your state of residence, and fee information from the plans. We hold all other factors constant. Recommended plan is always the plan with the highest projected value, with tax benefits and fees. An in-state plan will always be included as either Recommended or Alternate.
How does the tool estimate the cost of college?
We present the estimated additional savings needed based on two scenarios- sticker price and net price. The sticker price assumes that the student does not receive any financial aid and the net price assumes that the student receives the average annual financial aid associated with the type of institution selected.
• Sticker Price: $12,320/yr for Community College, $21,370/yr for Public In State, $37,430/yr for Public Out of State, and $48,510/yr for Private. Data is based on the College Board Annual Survey of Colleges.
• Average Financial Aid: $4,050/yr for Community College, $6,490/yr for Public In State, $7,990/yr for Public Out of State, and $21,220/yr for Private. Data is based on the College Board Annual Survey of Colleges.
• Net Price: $8,270/yr for Community College, $14,880/yr for Public In State, $29,440/yr for Public Out of State, and $27,290/yr for Private.
• Years of Attendance: 2 years for Community College and 4 years for all other types.
• Inflation: 5% for Community College, 4.8% for Public In State, 4.8% for Public Out of State, and 5.1% for Private. Data is based on the College Board Annual Survey of Colleges.
How does the tool estimate financial aid?
We consider financial aid in the Net Price method of estimating college expenses. We assume that the individual will receive the average financial aid based on the type of institution.
• Average Financial Aid: $4,050/yr for Community College, $6,490/yr for Public In State, $7,990/yr for Public Out of State, and $21,220/yr for Private. Data is based on the College Board Annual Survey of Colleges.
How does the tool determine how much money I will have saved up?
The growth projection is based on long-term projected returns of various risk levels and assume the asset allocation become more conservative over time. We assume costs increase by the inflation rate associated with that type of institution.
• Projected Returns: 6.42% for Aggressive, 5.64% for Moderately Aggressive, 4.92% for Moderate, 3.73% for Moderately Conservative, and 2.56% for Conservative.
Credit Score Monitoring
What are the primary components of my credit score?
SoFi leverages the TransUnion VantageScore 3.0 model which includes several key components:
• Payment History- comprised of whether you regularly pay your bills on time.
• Credit Age and Type- average age of your credit accounts and mix of various types such as revolving debt and installment debt. An example of revolving debt is a credit card and an example of installment debt is a student loan.
• Credit Utilization- the percentage of your credit limit you currently have outstanding.
• Balances- balances on your credit accounts including current balances as well as delinquent accounts.
• Inquiries- recent inquiries or applications for new credit.
• Available Credit- amount of available credit that is unused.
Will checking my credit hurt my credit score?
Checking your own credit report is considered a soft inquiry, which does not impact your credit score.
How secure is it to check my credit score online?
To help protect the confidentiality of your credit score, TransUnion takes the following measures:
• Restrict access to those who have permission to use the information
• Suppress account numbers on certain reports
• Control database access through secure passwords and access codes
I am having issues accessing the tool, who should I contact?
If you are having trouble accessing the tool please email [email protected]
I am having issues with my credit score and what is included in the score, who should I contact?
If you are having trouble with your credit score or any items included in the score please contact TransUnion.
How can I dispute errors I’ve found on my credit report?
After you identify the issue in question, you can follow the process outlined by TransUnion. They provide an online dispute form and here is a link to helpful FAQs. It is important to note that your credit score and credit report are provided to SoFi by TransUnion, so SoFi will be unable to assist with any disputed items and you will need to work directly with TransUnion.
Why doesn’t my credit card balance match what I see in my account right now?
The credit card balances in your credit report are based on what your creditor provides to TransUnion. Some creditors may send current balance whereas others may send statement balances. If this is concerning, you can always check with your creditor to find out which balance they provide to the credit bureaus.
How long do items remain on my credit report?
The time limits for various items are listed below. These time limits are based on federal law, since state laws may vary.
• Accounts– This depends on if there is adverse information on the account. If there is adverse information on the account, it may remain on your credit report for up to seven years. If there is no adverse information on your account, it normally remains on your credit report for up to ten years following the last activity on the account. Adverse information is anything that a lender might consider negative when making their decision.
• Bankruptcies– In general, bankruptcy and dismissed bankruptcy actions will be on file for up to ten years. This may vary depending on the type of bankruptcy. It is important to note that the accounts included in bankruptcy, no matter the type, remain on file for up to seven years from closing or last activity.
• Inquiries– It is TransUnion’s policy to keep a record of all inquiries for two years.
• Garnishments– In general, garnishments remain on file for up to seven years from the date the garnishment was filed.
• Delinquencies– Delinquencies are considered adverse information, which means they will remain on the account for up to seven years from the date of the first delinquency.
How long does it take for my score to be updated after I make changes?
The simple answer is that it depends. Creditors are not required to report your loan activity, but have a vested interest in doing so. Assuming your creditors report activity, it typically happens every 30 to 45 days but the exact time frame varies by lender.
How does shopping around for rates impact my credit score?
Hard credit inquiries are considered in your credit score and might negatively impact your score in the short run. As you shop around for rates, you might want to consider that different scoring methods lump together multiple inquiries into a single inquiry in different ways. This window may vary from 14 days with TransUnion VantageScore to between 14 and 45 days with different FICOs.
What is considered a good or bad score?
TransUnion provides the following ranks to corresponding ranges:
• A: 781 to 850
• B: 720 to 780
• C: 658 to 719
• D: 601 to 657
• F: 300 to 600
How does this score differ from other credit scores?
There are several differences between the TransUnion VantageScore 3.0 and other credit scores. In general different models apply different weightings to components of your credit score such as payment history or credit utilization. Some of the key differences between this model and a FICO score include:
• A VantageScore might be available sooner because it typically takes 1-2 months to establish credit as opposed to 6 months typically required by FICO.
• A VantageScore might be available to more people because it considers recurring monthly payments such as rent and utilities which cannot be scored by most FICO models.
How does my income factor into my credit score?
Your income does not directly impact your credit score although it could be considered by lenders or might indirectly impact your credit score based on your ability to pay your bills on time or credit limits.
Why does my credit score matter?
Your credit score is used by lenders, among others, as they review your applications for credit and determine your creditworthiness which might influence if they are willing to extend credit and at what terms. It might also be used by landlords, utility providers, and prospective employers.
How can I improve my score/start building credit?
Everyone’s credit situation is different so it is important to understand your score along with the factors that are influencing it both positively and negatively. In general, payment history and credit utilization both have a very high impact on your credit score, so a good place to start might be to ensure that your are paying all of your bills on time and maintaining low balances on your revolving debt.
Why doesn’t my account number match what I see in my account?
The account numbers on your credit reports are reported by the creditors, which may be scrambled or truncated for security purposes.
Do all lenders use the same credit score?
No. In order to understand which credit score is used by a particular lender you can ask that lender.
Who is able to see my credit score?
Lenders, landlords, utility companies, and prospective employers, among others, might be able to access your credit report with your permission. In order to see who has accessed your credit report, you can review the inquiries section of your credit report.
How can I obtain a copy of my credit report?
You can request a copy of your credit report from Equifax, Experian, or TransUnion directly or through this site made available to consumers at the request of the Federal Trade Commission.
Referral Program
So you want to know more about how SoFi referrals work?
Referring friends to SoFi should be easy, fun, and rewarding for everyone involved. To keep it that way, we’ve gathered some of the most commonly asked questions and troubleshooting answers.
Hey, where’s my money?
Turnaround times and the location of funds varies, depending on which SoFi product is being referred:
• SoFi Money—bonuses should be paid into your SoFi Money account within 10 business days after the referred friend meets the minimum requirement to receive the bonus as indicated on the offer shared.
• SoFi Invest—bonuses should be paid into your SoFi Active Investing account within 10 business days after the referred friend meets the minimum requirement to receive the bonus as indicated on the offer shared.
• SoFi Loans—bonuses should be paid through ACH into your external bank account within 8 business days after the referred friend’s loan has been funded.
Ok, but still—where’s my money?
Here are the most common reasons that a referral bonus might be missing.
A. The referred friend signed up, but did not apply using the referrer’s unique referral invite link.
B. The referred friend clicked on the referral link and started to sign up, but then took longer than 14 days to complete registration (for SoFi Money) or 120 days (for SoFi Invest and SoFi Loans).
C. The referred friend’s loan application or account has not yet been approved or funded.
D. The referred friend has opened an account, but hasn’t completed the minimum requirement to receive the bonus (or the funds have not yet settled).
E. The referred friend was already a SoFi Member.
F. The referrer has already received a referral bonus for this referred friend—we don’t offer multiple bonuses for the same referred friend, even if they sign up for multiple products.
G. The referrer or the referred friend live in Ohio, Michigan, or Vermont.
• We can’t offer welcome bonuses for any new loan members residing in the state of Ohio, even if they used the referrer’s unique referral link.
• We can’t offer SoFi Loans referral bonuses to SoFi members residing in Vermont or Michigan. Vermont also does not allow referral bonus payments to the referrer if the referred loan applicant lives in Vermont (even if the referrer does not).
• Referral bonuses for Michigan residents cannot exceed $500.
H. If your bonuses are for SoFi loans, [make sure you’ve provided us with the account details for an external bank account and signed a W-9](https://www.sofi.com/referral/ach).
A referred friend signed up and met the requirements, but they didn’t go through the referrer’s unique referral link. Can you fix it?
Unfortunately, no. We can’t manually or retroactively link a referral afterwards.
How can I keep track of all of my referrals?
You’ve had some successful referrals? Well done, you!
We’re keeping track of your referrals for you in your [referral stats](referral stats screen).
Do I need to think about the tax implications of all these bonuses?
Possibly. If you earned more than $599 from SoFi in referral and welcome bonuses in one year, then we’re required to prepare either a 1099-MISC or a 1099-INT for that income for you.
Do I need to think about the tax implications of my referral bonuses?
While bonuses are normally considered income (check with your tax advisor), bonus amounts of $599 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Bonus recipients are responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer. SoFi always recommends that you consult your tax advisor to determine applicable tax consequences. If you do meet this requirement, your copy of the form will be mailed to you via post on or around January 31.
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.
Tax Preparation
Are SoFi Loans considered “student loans” for tax purposes? (For Student Loan Refinance)
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.
How do I obtain my loan interest notification including 1098-Es? (For Student Loan Refinance and Private Student Loans)
A 1098-E tax form is used to report Student Loan interest of $600 or more paid by you in a single year. If you meet this criteria, our loan servicing partner, MOHELA, will be preparing a 1098-E for you and sending the form to you January 31 by mail. You can also access these documents through www.SoFi.Mohela.com. Choose “Tax Documents” under “My Account”. If you have any questions, please contact MOHELA at 877-292-7470.
I received a bonus for opening an account or referring people to SoFi—do I need to think about the tax implications of these bonuses? (For SoFi Money®, Student Loan Refinance, Personal Loans, Home Loans, and Active Investing)
While bonuses are normally considered income (check with your tax advisor), bonus amounts of $599 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Bonus recipients are responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer. SoFi always recommends that you consult your tax advisor to determine applicable tax consequences. If you do meet this requirement, your copy of the form will be mailed to you via post on or around January 31.
Will I get a 1098 from SoFi to prepare my taxes? (For Home Loans)
A 1098 tax form is used to report mortgage interest of $600 or more received by you in a single year. If you meet this criteria, a 1098 will be prepared and sent to you. This form will be mailed to you via post to the mailing address on file, and will also be accessible via eDocs in the loan administration portal which is accessible via sofi.com. This information will be available by January 31, 2020.
I earned interest with SoFi Money. Will I get a 1099-INT tax form? (For SoFi Money®)
Possibly. If you earned $10 or more in interest on balances in your SoFi Money account, you’ll receive a 1099-INT tax form from us. Tax forms will be sent to you via postal mail to the address associated with your SoFi account by January 31 and should be received no later than February 14. You will also be able to access your form in the SoFi Money Statement Center on www.Sofi.com. Documents will be available online by mid-February.
Will SoFi prepare required tax documents for me, including 1099-B + 1099-DIV? (Active Invest)
Yes, you can access your documents online via your Invest account. In order to access your documents online start by navigating to your Invest account. If on the web look for the “More” button. If on Mobile look for the gear in the upper right corner. Tax forms for 2019 will be available no later than 2/18/2020.
If you are using TurboTax, you can import your 1099 information directly from our clearing firm Apex Clearing Corp. For other tax software providers, you can download your 1099 and input the information.
If you are using TurboTax, you can import your 1099 information directly from our clearing firm Apex Clearing Corp. For other tax software providers, you can download your 1099 and input the information.
How are cryptocurrencies taxed? (Crypto Investing)
For federal tax purposes, cryptocurrencies are generally treated with the same tax rules as other property transactions, like buying and selling stocks. The IRS has published guidance on how existing general tax principles apply to crypto: https://www.irs.gov/pub/irs-drop/n-14-21.pdf
SoFi provides a downloadable CSV of all your 2019 crypto transactions in the Taxes section of your documents in your crypto account. This will be available on or around February 15, 2020.
SoFi provides a downloadable CSV of all your 2019 crypto transactions in the Taxes section of your documents in your crypto account. This will be available on or around February 15, 2020.
Student Loan Calculator
Learn how you could lower your monthly payments and save on total interest when you refinance student loans with SoFi.
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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)
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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.
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