Question 1

How long can I defer the loan? Can I defer payments until I’m done with school?

Accepted Answer

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

Question 2

How long does the application process take? How quickly can I get my loan?

Accepted Answer

You can apply and get a credit decision within minutes. If approved, you would then need to accept your terms and electronically sign your loan documents. At that point, we send the loan application information to the school for certification. During this process, schools verify your enrollment status, academic progress, and your financial aid package. Every school has their own processes and timelines, so certification can take several days or sometimes weeks. Once we receive the certification back from the school, we’ll schedule the funds to be sent according to the school’s requested timeline. The entire process from application to actually sending the money to the school typically takes at least 4-6 weeks, but it can be shorter or longer than that depending on the school.

Question 3

What information do I need to apply?

Accepted Answer

Social Security number, Proof of income (for some), Government-issued ID (for some), Student’s school information (student’s estimated graduation date and academic term), Loan amount (how much you’d like to borrow), Financial aid you expect to receive, Do you already have a private student loan with SoFi? We’ll use your past application to pre-fill as much information as possible in your new application.

Question 4

I don’t see my school listed in the application. What does that mean?

Accepted Answer

SoFi’s eligible school list consists of most public and private, degree-granting institutions.

Question 5

Am I eligible for a SoFi Graduate Loan for a graduate-level certificate?

Accepted Answer

To be eligible for a SoFi Graduate Loan, you as a borrower: Must have an undergraduate degree, Must be enrolled at least half time, Must be attending a certificate program at an approved, degree-granting institution.

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