SoFi Blog

Tips and news—
for your financial moves.

Why is the APR I’m seeing higher than what I saw in the application?

As noted in the application, the rates shown include a 0.25% discount for Autopay. When you enroll in Autopay, the discount will be shown in subsequent statement documents from your loan servicer each month that you have Autopay turned on. Learn more about Autopay by giving us a call at 855-456-7634 with questions regarding autopay, or login to your Student Loan Servicing Portal for more information.

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What’s in a financial aid award letter?

A financial aid package is a list of different amounts of money in different forms of loans, grants, work-study, or other tuition waivers that should add up to cover the cost of the college, minus your expected family contribution.

One study found that out of 455 college financial aid award letters there were 136 unique terms used for the same type of unsubsidized loan—some of which didn’t even include the word “loan.”

A majority of the financial aid package letters also didn’t clearly differentiate between types of aid. The same study found that loans were sometimes referred to as awards, making the packages appear more generous than they really were.

Read more to better understand financial aid award letter.

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