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

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.

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

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.

What information do I need to apply?

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.

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

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

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SoFi is fighting the myths around paying for college. Learn more.

Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

✝ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). Terms and conditions apply.

SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS # 1121636. (www.nmlsconsumeraccess.org). Terms, conditions, and state restrictions may apply.

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‡ 0.125% Continuing Scholar 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.

^ 0.125% Family Rate Discount: Terms and conditions apply. Offer good for SoFi private student loan cosigners 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 cosigners only. Cannot be combined with other rate discounts, with the exception of the 0.25% autopay rate discount and the SoFi Member Discount. Once the family discount benefit is earned, it cannot be lost. SoFi reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice.

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