SoFi Private Student Loans launched in 2019 with a goal to create private student loan products that help students pay for school easily. SoFi helps students and parents make smart financial decisions through transparency, tons of resources and support, and modern customer-first solutions.

Which are better, federal loans or private loans?

In the spirit of transparency, SoFi strongly believes you should exhaust all of your Federal grant and loan options before you consider SoFi as your private loan lender.

How much of my education costs can a SoFi Private Student Loan cover?

SoFi Private Student Loans can cover up to 100% of the school-certified cost of attendance, which typically includes things like tuition and food, books and supplies, room and board, transportation and personal expenses. The minimum you can borrow is $5,000.

The faster you pay, the more you can save. Making payments while in school (even if you choose to defer during school, you still have the option to make payments when you can) and picking shorter loan terms can help you pay the loan off as quickly as possible. That can help you save on your overall interest charges, which helps reduce your total payments on your loan.

Do SoFi Private Student Loans have any fees?

There are zero fees for SoFi Private Student Loans. Zero. That means no late fees, no origination fees, no application fees, no insufficient fund fees or any fees of any kind. When we say zero fees, we mean zero fees.

What discounts do you offer?

You can get a 0.25% interest rate reduction when you sign up to make automated payments from your checking or savings account.