SoFi Student Loan Review – Can SoFi help you?: For those of you who don’t know what is SoFi is, they are an online lender. They are most notable for the student loan refinancing service they offer. However, they have moved into other territory such as personal loans and mortgages. In our SoFi student loan review, we take a look at the rates and specifics that SoFi offers someone trying to refinance their student loan debt.
Before we move into the details about SoFi specifically, let’s talk about the advantages of refinancing your student loans. If you graduated college within the last 10 years, you probably have some kind of student loan debt. My own student loans varied between 5-7%. Here is a picture of them I took 1/12/2012 before I began aggressively paying them off:
As you can see from the rates above, I was paying between 6.8% to 7.9%. Had I known about a service like SoFi, where I could refinance down to a lower rate, I would gladly done it. Oh well, live and learn.
If you’d like to check out my post where I catalog the techniques I used to pay down my student loan debt in 3 years, you can check it out here: Can You Pay Off Student Loans Early? Absolutely!.
But I’m not here to talk about my own story. Let me show you some of the advantages that SoFi offers.
1. SoFi Student Loan Review: SoFi offers some nice perks
- No origination fees (this can save you serious money!)
- Repayment terms between 5 to 20 years
- 0.25% interest rate discount if you move to an Auto-pay option
- Minimum loan amount of $5,000
- Minimum credit score of 650
- Deferment options for those in the military, people going back to school or those who become disabled
- Forbearance option for people who lose their jobs
- Available for undergraduate and graduate school loans
2. Sofi Student Loan Review – Additional details
- Soft credit check – There is a soft credit check when you qualify to get your rate.
- No prepayment penalty – If you want to pay ahead on your loans, you are free to do so without penalty.
- Late fees of only $5 – SoFi only charges $5 for late fees. Loan payments are considered late after 15 days.
3. Sofi Student Loan Review: Unique benefits
SoFi offers some things I haven’t heard of loan providers offering, such as:
- Wealth Management Services – SoFi offers wealth management services. They can do this with one to one counseling or online sessions.
- Free Career coaching – After you refinance with SoFi, they give you access to free career coaching. They offer one-on-one coaching sessions. Also they offer tips on how to improve your resume and personal branding.
- Unemployment protection – They pause your loan payments until you find a new job.
4. Sofi Student Loan Review: Refinancing could be a good idea if:
SoFi could be a good choice if you have the following:
- Have higher rates on your current student loans
- Consistent, regular monthly income
- Have a credit score of 650 or greater
- Have completed an undergraduate or graduate degree program
- If the career coaching and/or wealth management services can benefit you
I have done plenty of research on other companies when I made this review. SoFi offers a unique blend of benefits that you do not find anywhere else.
I researched plenty of other student loan refinance companies when making this review. SoFi offers plenty of unique benefits that you do not see in other student loan refinancing companies. SoFi offers competitive rates that can save you thousands in interest payments.
Does SoFi sound like it could work for you? Learn more in the link below:
Like this article? Check out some of our other reviews here: