SoFi Blog

Tips and news—
for your financial moves.

Undergraduate Student Loans – DM (Member)





Checking your rate will not

affect your credit score.


A better way to pay
for school.

SoFi’s helped 550,000+ grads refinance their student debt.
Now we’re helping undergraduates pay for school with low-rate
private school loans.

All online. All easy.

Finish our fast and easy online application all in minutes—and add a cosigner in just a few clicks.

No fees. No fuss.

No fees means no fees. That means no origination fees, no late fees, and no insufficient funds fees. Period.

100% covered.

Get peace of mind knowing SoFi will cover the full cost of attendance.

Save money.

Better rates and more savings versus other private lenders.


Choose from low fixed or variable rates.

Fixed

5.05% – 11.71% APR*

with autopay

Variable

3.43% – 11.03% APR*

with autopay

Not sure which to choose?

Learn more.→



Need a cosigner?

Most undergrad students have limited credit history and income. Adding a cosigner with a solid financial history
and good credit may help improve your chances of loan approval—and sometimes even a lower interest rate. You and
your cosigner can see what rates and terms you pre-qualify for before submitting your full application—and it
won’t impact your credit score.




Learn more about choosing a cosigner.

Learn more.→


Repay your way.

Pick the repayment option that works for you and your budget.

Deferred

Start paying principal and interest payments six months after you leave school.

  • No payments while in school
  • Highest overall cost option

  • Interest only

    Pay only interest payments while you’re in school.

  • Moderate payment while in school
  • Reduces overall cost

  • Partial

    Pay a $25 fixed monthly payment while you’re in school.

  • Lowest payment option while in school
  • Reduces some of the overall cost

  • Immediate

    Start paying principal and interest payments right away.

  • Highest payment option while in school
  • Lowest overall cost option


  • How it works:

    1

    Apply online in just minutes.

    Get your rate fast and find out if you’re pre-qualified
    before you even finish the full application. Seamlessly add
    a cosigner in just a few clicks.

    2

    Select your rate and repayment option.

    Choose from fixed or variable rates.
    Then, pick from four repayment options.

    3

    Sign and accept your loan.

    Upload screenshots of your info, sign your paperwork
    electronically, and voilà—your work is done!
    We’ll handle it from here.
















    FAQs












    Get started in minutes.

    Find your loan rate in just a few clicks.


    Read more
    school textbooks

    A Look Into Elizabeth Warren’s Free College Plan

    In our efforts to bring you the latest updates on things that might impact your financial life, we may occasionally enter the political fray, covering candidates, bills, laws and more. Please note: SoFi does not endorse or take official positions on any candidates and the bills they may be sponsoring or proposing. We may occasionally support legislation that we believe would be beneficial to our members, and will make sure to call it out when we do. Our reporting otherwise is for informational purposes only, and shouldn’t be construed as an endorsement.



    Massachusetts senator and Democratic presidential candidate Elizabeth Warren is taking charge of the heated national conversation regarding out-of-control college tuition costs. In April 2019, she released a $1.25 trillion proposal that addresses increasing college expenses and the widening student debt crisis.

    “Higher education opened a million doors for me,” the senator wrote when she introduced the plan in a post on Medium . “It’s how the daughter of a janitor in a small town in Oklahoma got to become a teacher, a law school professor, a U.S. Senator, and eventually, a candidate for President of the United States. Today, it’s virtually impossible for a young person to find that kind of opportunity.”

    Read more
    dogs on a pink wall

    6 Side Jobs to Take Advantage of This Summer

    Summer is on its way, and if you’re in college, you may find yourself with extra time to fill. Why not find a way to make extra money on the side? This could help you pay for school—and help you pay down debt when you’re finished with school. You could start looking for summer gigs now as some seasonal jobs may be starting to staff up.

    You may already know about the traditional summer jobs, like lifeguard or camp counselor, but here are seven more ideas to help you make extra cash during the summer. And you don’t need to be a student for these—a side hustle could help anyone who needs a financial boost.

    Read more
    person with credit card and laptop

    Balancing a Great Deal vs. Interest Charges

    The dilemma: you’re in a store with an armful of essentials. You’re handing your treasures to the cashier, ready to check out, when they ask, “Would you like to open a credit card account and save 10% today?”

    It happens in many a retail store across the country. Cashiers have been trained by corporate to wag the brochures in front of you, tempting you with even deeper discounts. This is your favorite store, right? You want a better deal, right? In the moment, it sounds fantastic—an extra 10% and you can simply put the purchase on that shiny new retail credit card and pay it off when you get home.

    Except that a few weeks roll by and you’re back at the same store, tempted by yet another discount, so you whip out that plastic again. Pretty soon, bills come around and there doesn’t seem to be enough money in your checking account to cover the new credit card payment. Maybe it’s time to revisit this important question: How does credit card interest work again?

    Read more
    street in Washington DC

    National Student Debt Forgiveness in the 2020 Election

    In our efforts to bring you the latest updates on things that might impact your financial life, we may occasionally enter the political fray, covering candidates, bills, laws and more.
    Please note: SoFi does not endorse or take official positions on any candidates and the bills they may be sponsoring or proposing. We may occasionally support legislation that we believe would be beneficial to our members, and will make sure to call it out when we do. Our reporting otherwise is for informational purposes only, and shouldn’t be construed as an endorsement.

    As the election cycle heats up in anticipation of the 2020 presidential election, national student loan debt relief is becoming a red-hot topic. Mark Huelsman , associate director of policy and research at Demos, shares that Americans can likely expect dramatic student-debt relief proposals, in contrast to previous election debates, saying that, “There is more consensus about the need to go big on college affordability than there has been in previous election cycles.”

    Read more
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