SoFi Blog

Tips and news—
for your financial moves.

Feb
07
2020
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Exploring the Latest FICO® Score Changes

By | Money | Comments Off on Exploring the Latest FICO® Score Changes

Sometimes, managing finances can feel like a game—one whose rules aren’t always easy to figure out.

It can be doubly disturbing when those rules change unexpectedly. And according to a recent announcement by the Fair Isaac Corporation, the consumer reporting agency responsible for calculating FICO® scores, that’s exactly what’s about to happen.

Many consumers are familiar with their FICO Score, the three-digit credit rating used by many lenders to gauge a borrower’s creditworthiness. Even if they can’t name the exact number, most credit users likely know it exists.

But it’s less common to have a total understanding of how, exactly, that score is arrived at—and that’s before throwing in a formula change.

For most consumers, however, this FICO announcement is apt to be a total non-issue. And even for those whose scores are affected, there are tons of smart financial moves that can help mitigate the changes and potentially help raise overall creditworthiness.

Here are the deets about the 2020 FICO® Score changes.

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Feb
05
2020

Law Student Loans Rates & Terms

By | 1_Web_ISL | Comments Off on Law Student Loans Rates & Terms

Private Student Loan

LAW Loan Rates & Terms

 

The following examples depict the term, APR, monthly payment amount, and total payments during the life of a $10,000 private student loan with a single disbursement. All student loan rates below are shown with the autopay discount (0.25%). SoFi does not charge application fees, origination fees, insufficient fund fees, or late fees, and there are no prepayment penalties. Enrolling in autopay is not required to receive a loan from SoFi.

For variable rate loans, the variable interest rate is derived from the one-month SOFR rate plus a margin of between 0.95% and 12.17%. The current one-month SOFR rate is 3.69%. Changes in the one-month SOFR rate may cause your monthly payment to increase or decrease. Interest rates for variable rate loans are capped at 17.95%, unless required to be lower to comply with applicable law.

It is important to remember that interest begins accruing on the first disbursement date, but some repayment options do not require full principal or interest payments until the end of the deferment period. Any unpaid interest that has accrued and remains unpaid at the end of the deferment period will be added to the principal balance at the end of the deferment period. Thereafter, interest will accrue on this new principal balance.

If approved for a loan, the interest rate you receive will be within the ranges listed below, but will depend on a number of factors including: your loan term, your selected repayment type, your financial history, and other factors, including your cosigner’s (if any) financial history. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. State restrictions and other terms and conditions may apply.

How to read the repayment tables
 

For the tables below, the full deferment, interest only, and partial payment in-school repayment options assume that you remain in school for three years and have a six-month grace period (together, the deferment period) before the loan term begins. The immediate repayment option assumes full payment begins one month after full disbursement.

SoFi reserves the right to change interest rates at any time and without notice. Such changes will only apply to applications begun after the effective date of the change. Calculations are estimates only.

Fixed Rate Loans

Repayment Type:

Immediate
Make principal and interest payments while in school
Term

(years)

 APR Monthly payment amount

during deferment period

 Monthly payment amount

during the loan term

 Total of Payments
5 3.43% – 14.83% N/A $181.60 – $237.01 $10,896.25 – $14,220.47
7 7.94% – 14.83% N/A $155.56 – $192.02 $13,067.32 – $16,129.26
10 7.94% – 14.83% N/A $121.01 – $160.30 $14,521.29 – $19,235.46
15 7.94% – 14.83% N/A $95.22 – $138.80 $17,139.45 – $24,983.31

Repayment Type:

Interest Only
Make only the interest payments while in school
Term

(years)

 APR Monthly payment amount

during deferment period

 Monthly payment amount

during the loan term

 Total of Payments
5 7.94% – 14.83% $66.17 – $123.58 $202.48 – $237.01 $14,927.61 – $19,410.97
7 7.94% – 14.83% $66.17 – $123.58 $155.56 – $192.02 $15,846.32 – $21,319.76
10 7.94% – 14.83% $66.17 – $123.58 $121.01 – $160.30 $17,300.29 – $24,425.96
15 7.94% – 14.83% $66.17 – $123.58 $95.22 – $138.80 $19,918.45 – $30,173.81

Repayment Type:

Partial Payment
Pay a monthly payment of $25 while in school
Term

(years)

 APR Monthly payment amount

during deferment period

 Monthly payment amount

during the loan term

 Total of Payments
5 7.99% – 13.41% $25 $243.37 – $335.14 $15,652.13 – $21,158.46
7 7.99% – 13.57% $25 $187.01 – $271.52 $16,758.81 – $23,857.58
10 7.99% – 13.73% $25 $145.51 – $226.67 $18,510.94 – $28,249.90
15 7.96% – 13.87% $25 $114.33 – $196.26 $21,628.87 – $36,377.65

Repayment Type:

Fully Deferred
Start paying principal and interest payments six months after you leave school
Term

(years)

 APR Monthly payment amount

during deferment period

 Monthly payment amount

during the loan term

 Total of Payments
5 7.89% – 13.15% $0 $266.20 – $360.03 $15,972.12 – $21,601.61
7 7.92% – 13.34% $0 $204.76 – $291.68 $17,199.44 – $24,501.15
10 7.91% – 13.53% $0 $159.07 – $243.50 $19,088.85 – $29,219.62
15 7.93% – 13.71% $0 $125.35 – $210.84 $22,563.70 – $37,950.90

Variable Rate Loans

Repayment Type:

Immediate
Make principal and interest payments while in school
Term

(years)

 APR Monthly payment amount

during deferment period

 Monthly payment amount

during the loan term

 Total of Payments
5 4.64% – 15.86% N/A $187.07 – $242.44 $11,224.05 – $14,546.24
7 7.94% – 15.86% N/A $155.56 – $197.82 $13,067.32 – $16,617.22
10 7.94% – 15.86% N/A $121.01 – $166.64 $14,521.29 – $19,997.00
15 7.94% – 15.86% N/A $95.22 – $145.90 $17,139.45 – $26,261.13

Repayment Type:

Interest Only
Make only the interest payments while in school
Term

(years)

 APR Monthly payment amount

during deferment period

 Monthly payment amount

during the loan term

 Total of Payments
5 7.94% – 15.86% $66.17 – $132.17 $202.48 – $242.44 $14,927.61 – $20,097.24
7 7.94% – 15.86% $66.17 – $132.17 $155.56 – $197.82 $15,846.32 – $22,168.22
10 7.94% – 15.86% $66.17 – $132.17 $121.01 – $166.64 $17,300.29 – $25,548.00
15 7.94% – 15.86% $66.17 – $132.17 $95.22 – $145.90 $19,918.45 – $31,812.13

Repayment Type:

Partial Payment
Pay a monthly payment of $25 while in school

 

Term

(years)

 APR Monthly payment amount

during deferment period

 Monthly payment amount

during the loan term

 Total of Payments
5 7.99% – 14.24% $25 $243.37 – $351.56 $15,652.13 – $22,143.50
7 7.99% – 14.41% $25 $187.01 – $286.86 $16,758.81 – $25,146.64
10 7.99% – 14.59% $25 $145.51 – $241.65 $18,510.94 – $30,047.66
15 7.96% – 14.75% $25 $114.33 – $211.56 $21,628.87 – $39,131.26

Repayment Type:

Fully Deferred
Start paying principal and interest payments six months after you leave school
Term

(years)

 APR Monthly payment amount

during deferment period

 Monthly payment amount

during the loan term

 Total of Payments
5 7.89% – 13.96% $0 $266.20 – $377.01 $15,972.12 – $22,620.86
7 7.92% – 14.17% $0 $204.76 – $307.64 $17,199.44 – $25,841.45
10 7.91% – 14.38% $0 $159.07 – $259.14 $19,088.85 – $31,097.34
15 7.93% – 14.57% $0 $125.35 – $226.88 $22,563.70 – $40,838.68

Private Student Loan variable rate loans for all terms are capped at 17.95%.

Rates in this table reflect prices as of 2026-02-10.

**Private Student Loan: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly payments by an automatic monthly deduction (ACH) from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The discount will not reduce the monthly payment; instead, the discount is applied to the principal loan balance and is intended to help pay the loan down faster. Enrolling in autopay is not required to receive a loan from SoFi.

View FAQs >

Find your loan rate in just a few clicks.

Find my rate

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Feb
05
2020

MBA Student Loans Rates & Terms

By | 1_Web_ISL | Comments Off on MBA Student Loans Rates & Terms

Private Student Loan

MBA Loan Rates & Terms



The following examples depict the term, APR, monthly payment amount, and total payments during the life of a $10,000 private student loan with a single disbursement. All student loan rates below are shown with the autopay discount (0.25%). SoFi does not charge application fees, origination fees, insufficient fund fees, or late fees, and there are no prepayment penalties. Enrolling in autopay is not required to receive a loan from SoFi.

For variable rate loans, the variable interest rate is derived from the 30 day average SOFR index rate plus a margin of between 0.95% and 12.17%. The current 30 day average SOFR index rate is 3.69%. Changes in the 30 day average SOFR index rate may cause your monthly payment to increase or decrease. Interest rates for variable rate loans are capped at 17.95%, unless required to be lower to comply with applicable law.

It is important to remember that interest begins accruing on the first disbursement date, but some repayment options do not require full principal or interest payments until the end of the deferment period. Any unpaid interest that has accrued and remains unpaid at the end of the deferment period will be added to the principal balance at the end of the deferment period. Thereafter, interest will accrue on this new principal balance.

If approved for a loan, the interest rate you receive will be within the ranges listed below, but will depend on a number of factors including: your loan term, your selected repayment type, your financial history, and other factors, including your cosigner’s (if any) financial history. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. State restrictions and other terms and conditions may apply.

How to read the repayment tables

For the tables below, the full deferment, interest only, and partial payment in-school repayment options assume that you remain in school for two years and have a six-month grace period (together, the deferment period) before the loan term begins. The immediate repayment option assumes full payment begins one month after full disbursement.

SoFi reserves the right to change interest rates at any time and without notice. Such changes will only apply to applications begun after the effective date of the change. Calculations are estimates only.

Fixed Rate Loans

Repayment Type:

Immediate
Make principal and interest payments while in school

Term

(years)		 APR Monthly payment amount

during deferment period		 Monthly payment amount

during the loan term		 Total of Payments
5 3.43% – 14.83% N/A $181.60 – $237.01 $10,896.25 – $14,220.47
7 7.94% – 14.83% N/A $155.56 – $192.02 $13,067.32 – $16,129.26
10 7.94% – 14.83% N/A $121.01 – $160.30 $14,521.29 – $19,235.46
15 7.94% – 14.83% N/A $95.22 – $138.80 $17,139.45 – $24,983.31

Repayment Type:

Interest Only
Make only the interest payments while in school

Term

(years)		 APR Monthly payment amount

during deferment period		 Monthly payment amount

during the loan term		 Total of Payments
5 7.94% – 14.83% $66.17 – $123.58 $202.48 – $237.01 $14,133.61 – $17,927.97
7 7.94% – 14.83% $66.17 – $123.58 $155.56 – $192.02 $15,052.32 – $19,836.76
10 7.94% – 14.83% $66.17 – $123.58 $121.01 – $160.30 $16,506.29 – $22,942.96
15 7.94% – 14.83% $66.17 – $123.58 $95.22 – $138.80 $19,124.45 – $28,690.81

Repayment Type:

Partial Payment
Pay a monthly payment of $25 while in school

Term

(years)		 APR Monthly payment amount

during deferment period		 Monthly payment amount

during the loan term		 Total of Payments
5 8.15% – 13.92% $25 $232.32 – $307.10 $14,688.96 – $19,176.18
7 8.13% – 14.04% $25 $178.60 – $248.80 $15,752.06 – $21,649.49
10 8.11% – 14.15% $25 $139.02 – $207.70 $17,432.81 – $25,674.34
15 8.06% – 14.25% $25 $109.30 – $179.85 $20,423.54 – $33,122.13

Repayment Type:

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

Term

(years)		 APR Monthly payment amount

during deferment period		 Monthly payment amount

during the loan term		 Total of Payments
5 8.12% – 13.74% $0 $248.76 – $324.88 $14,925.78 – $19,492.71
7 8.12% – 13.88% $0 $191.41 – $263.20 $16,078.83 – $22,109.18
10 8.08% – 14.02% $0 $148.80 – $219.73 $17,856.55 – $26,367.00
15 8.07% – 14.15% $0 $117.31 – $190.25 $21,115.20 – $34,245.87

Variable Rate Loans

Repayment Type:

Immediate
Make principal and interest payments while in school

Term

(years)		 APR Monthly payment amount

during deferment period		 Monthly payment amount

during the loan term		 Total of Payments
5 4.64% – 15.86% N/A $187.07 – $242.44 $11,224.05 – $14,546.24
7 7.94% – 15.86% N/A $155.56 – $197.82 $13,067.32 – $16,617.22
10 7.94% – 15.86% N/A $121.01 – $166.64 $14,521.29 – $19,997.00
15 7.94% – 15.86% N/A $95.22 – $145.90 $17,139.45 – $26,261.13

Repayment Type:

Interest Only
Make only the interest payments while in school

Term

(years)		 APR Monthly payment amount

during deferment period		 Monthly payment amount

during the loan term		 Total of Payments
5 7.94% – 15.86% $66.17 – $132.17 $202.48 – $242.44 $14,133.61 – $18,511.24
7 7.94% – 15.86% $66.17 – $132.17 $155.56 – $197.82 $15,052.32 – $20,582.22
10 7.94% – 15.86% $66.17 – $132.17 $121.01 – $166.64 $16,506.29 – $23,962.00
15 7.94% – 15.86% $66.17 – $132.17 $95.22 – $145.90 $19,124.45 – $30,226.13

Repayment Type:

Partial Payment
Pay a monthly payment of $25 while in school

Term

(years)		 APR Monthly payment amount

during deferment period		 Monthly payment amount

during the loan term		 Total of Payments
5 8.15% – 14.81% $25 $232.32 – $320.38 $14,688.96 – $19,972.86
7 8.13% – 14.95% $25 $178.60 – $261.42 $15,752.06 – $22,709.66
10 8.11% – 15.07% $25 $139.02 – $220.22 $17,432.81 – $27,176.04
15 8.06% – 15.19% $25 $109.30 – $192.80 $20,423.54 – $35,454.08

Repayment Type:

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

Term

(years)		 APR Monthly payment amount

during deferment period		 Monthly payment amount

during the loan term		 Total of Payments
5 8.12% – 14.62% $0 $248.76 – $338.56 $14,925.78 – $20,313.82
7 8.12% – 14.78% $0 $191.41 – $276.26 $16,078.83 – $23,205.95
10 8.08% – 14.94% $0 $148.80 – $232.72 $17,856.55 – $27,925.82
15 8.07% – 15.07% $0 $117.31 – $203.74 $21,115.20 – $36,673.66

Private Student Loan variable rate loans for all terms are capped at 17.95%.

Rates in this table reflect prices as of 2026-02-10.

**Private Student Loan: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly payments by an automatic monthly deduction (ACH) from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The discount will not reduce the monthly payment; instead, the discount is applied to the principal loan balance and is intended to help pay the loan down faster. Enrolling in autopay is not required to receive a MBA loan from SoFi.

View FAQs >

Find your loan rate in just a few clicks.

Find my rate

Read more
Jan
23
2020

SoFi Supercharges its Debit and Credit Cards with Mastercard

By | | Comments Off on SoFi Supercharges its Debit and Credit Cards with Mastercard

SoFi and Mastercard to Offer Top-of-the-Line Benefits and Technology to SoFi Members  

SAN FRANCISCO, CA – January 23, 2020 – SoFi, the digital personal finance company, and Mastercard today announced a multifaceted partnership to offer a suite of products and in-person experiences to its nearly one million (and growing) SoFi members.

The partnership will initially focus on the SoFi Money™ debit card, for which Mastercard will now be the exclusive card network. The card is one way to spend with the SoFi Money cash management account – unveiled last year – which offers no account fees, high-yielding interest, ATM fee reimbursements, mobile check deposit, P2P, and other digital tools. Under the new debit program, added member benefits will include cashback rewards, complimentary cell phone insurance, discounted airport concierge services, and much more.   

“Our mission at SoFi is to help our members achieve financial independence to realize their ambitions. In order to do so, we must build products and services that help our members Get Their Money Right,” said Anthony Noto, CEO of SoFi. “It is imperative that our partners are leaders in technological innovation, security, and enhanced benefits, and Mastercard is an industry leader across all of those areas.”

With Mastercard, SoFi will leverage the payments network to develop new products, benefits, and experiences for its members. As part of the new partnership, Mastercard will also be the exclusive card network for SoFi’s upcoming credit card product. Members holding certain SoFi and Mastercard products will be able to take advantage of an enriched fan experience at SoFi Stadium, opening in Los Angeles later this year

“We look forward to working with SoFi to offer their members innovative new products and benefits,” said Craig Vosburg, president of North America, Mastercard. “We recognize the importance of SoFi’s mission to enable their members to live better financial lives and are pleased they have selected Mastercard as their partner in doing so.”

###

About SoFi
SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than 900,000 members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of SoFi Stadium, future home of the Los Angeles Chargers and the Los Angeles Rams, opening in July 2020. For more information, visit SoFi.com or download our iOS and Android apps. 

About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

Contact
SoFi
Rachel Rosenzweig
[email protected]
(415) 692-4436

Mastercard Communications Contact
Will Tsang
[email protected] 
(914) 414-5420

DISCLOSURES
SoFi loan products are originated by SoFi Lending Corp. or an affiliate, NMLS # 1121636. (www.nmlsconsumeraccess.org). Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi Money® is offered through SoFi Securities LLC, Member FINRA/SIPC. SoFi Money is a cash management account not a bank account, and is offered by a broker dealer. The SoFi Money account is a brokerage account. Neither SoFi nor its affiliates is a bank. SoFi doesn’t charge any ATM fees and will reimburse ATM fees charged by other institutions. Please note, though SoFi doesn’t charge foreign transaction fees, there is a foreign exchange fee of 1% charged by Visa that is not waived. SoFi reserves the right to limit or revoke ATM reimbursements at any time without notice.

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Jan
23
2020

SoFi Looks Ahead to 2020

By | SoFi News | Comments Off on SoFi Looks Ahead to 2020

Earlier today, SoFi hosted a small group of press to talk about what we accomplished in 2019 and what we have planned for 2020 with our CEO Anthony Noto—while getting a chance to show off our shiny new digs in downtown San Francisco. We thought you might be curious to hear what he talked about, too!

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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 696891. (www.nmlsconsumeraccess.org)

✝︎ 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.

INVESTMENTS: NOT FDIC INSURED • HAVE NO GUARANTEE • MAY LOSE VALUE. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The SoFi Wealth platform is operated and maintained by SoFi Wealth LLC, an SEC Registered Investment Advisor. Brokerage services are provided to clients of SoFi Wealth LLC by SoFi Securities LLC, an affiliated broker-dealer registered with the Securities and Exchange Commission and a member of FINRA /SIPC . Clearing and custody of all securities are provided by APEX Clearing Corporation. For more information, please see SoFi Wealth LLC’s Form ADV Part 2 by clicking here for SoFi's Wealth Form ADV Part 2 A&B or by visiting www.adviserinfo.sec.gov .
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