SoFi Blog

Today, we officially announced the availability of SoFi Private Student Loans – no fees, competitive rates, flexible repayment options, and a mobile-first experience. We’ve helped over 250,000 grads, including some of you reading this very post, refinance their student debt. So, we thought it was high time to expand our offering and to bring the same trusted and easy experience to a broader audience.

The traditional student loan application process is daunting. We’ve taken everything we’ve learned making lending convenient and painless and brought those solutions to younger consumers and their parents through SoFi Private Student Loans.

If you choose the deferred repayment option, full principal and interest payments can be deferred as long as the student remains enrolled at an eligible school at least half-time. For undergraduate and graduate loans, full principal and interest payments would begin 6 months after the student graduates or drops below half-time enrollment. For health professions loans, full principal and interest payments would begin 9 months after the student graduates or drops below half-time enrollment.

Borrowers working toward their undergraduate degree have up to 60 months to complete their degree. Borrowers working toward their graduate degree (inclusive of MBA and Law) or certificate have up to 36 months to complete their degree or certificate. And borrowers enrolled in a medical program or internship have up to 48 months to complete their program before full principal and interest repayment begins. Those borrowers who have selected immediate repayment and Parent Loan borrowers will begin full principal and interest payments upon full disbursement of the loan.

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.

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.

Find out more about SoFi’s Member Rate Discount eligibility requirements here

If you have taken out a private student loan with SoFi before, we’ll give you a 0.125% discount automatically when you take out your new loan.*

*0.125% Return Borrower Rate Discount: Terms and conditions apply. Offer good for private student loan customers who have previously borrowed a private student loan from SoFi and are taking out a subsequent loan only, select a term and repayment type that is eligible for the discount, and is subject to lender approval. To receive the offer, you must: (1) complete a loan application with SoFi; (2) meet SoFi’s underwriting criteria. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.125% rate discount because you have borrowed a private student loan from SoFi in the past. Offer good for existing private student loan borrowers only. Cannot be combined with other rate discounts, with the exception of the 0.25% AutoPay rate discount. SoFi reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice.

The longer the loan term the lower the monthly payments will be, but that means more interest will be paid over the life of the loan. Conversely, a shorter loan term may mean higher monthly payments, but then less is paid in interest over the life of the 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.

Find out more about SoFi’s Member Rate Discount eligibility requirements here.