SoFi Blog

Four years ago, we kicked off what would become our first Entrepreneur Program class. Since then, we’ve helped four classes of 70 companies founded by SoFi members get off the ground with our coaching and resources. We’ve been excited by what these alumni companies have gone on to do: for instance, four out of the five FinTech companies that have participated have had significant liquidity (Standard Treasury, Good April) events or markups (Funding Circle, Axio). Further, companies like Augmedix, CancerIQ, Metrix, Stasis, and others are working on solving huge problems through innovation and technology.

As we enter what will be year five of the program, we thought about what kinds of improvements we could make to further benefit future classes. As a startup ourselves, we understand the challenges first-hand and want to contribute back to the ecosystem, and continue to find ways to serve our members. Today we’re unveiling those improvements as part of the relaunch of the program, and we’re accepting applications now through November 17 for ten open slots.

Yes, depending on your loan amount. During the up-to 84 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.

Members can extend their $100 payments as long as they have not exceeded their 54 month maximum (loans originated before 2022) or 90 month maximum.

Any fellowship or extended residency training period must be agreed to at the time of refinancing. Members can extend their $100 payments as long as they have not exceeded their 54 month maximum or 90 month maximum. Residents and fellows should call SoFi for assistance if there are any questions about this.

No, it does not. SoFi will require minimum monthly payments of $100, for up to 84 months, during your residency/fellowship program plus a 6-month extension intended for the period between completing residency and becoming an attending physician (90 months maximum. While the $100 per month repayment period is likely to be less than your full loan payment, it is not considered a grace period.

The minimum loan amount is $5,001 (and may be higher in certain states due to legal requirements). The maximum amount is the full balance of your qualified education loans.