SoFi Blog

Summer is officially upon us, and with it the promise of warm sunshine, longer days and happy memories.  But if you’re one of the 37 million Americans with student loans, that debt can feel like a constant storm cloud over your head – no matter what the weather outside may be.

Rather than let another lazy summer pass you by, why not use the next few months to make a dent in your education debt?  Research shows that you’re more likely to achieve your objectives when they’re specific, measurable and time-bound, making summer the perfect time to set goals and see some progress by the time fall rolls around.   And it doesn’t take much – when it comes to reducing your loan balance, a few small changes can have a big impact.

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.

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.

No, you can pay off your loan early without incurring a prepayment penalty.

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.