SoFi Private Student Loans: Pros, Cons & Reviews

SoFi Private Student Loans: Pros, Cons & Reviews

A company with a different way of doing things, SoFi has an entirely online and digital presence. This allows them to offer lower rates and fewer fees than many traditional brick-and-mortar financial institutions.

Though you should always look into federal loan program offers before considering a private student loan lender, you can use a SoFi loan for undergraduate or graduate school. Parents can also obtain loans for their students through SoFi.

SoFi, or Social Finance, looks at more than just your credit score when you apply for a loan. They also take into account your potential earnings, financial history, chosen field of study, and education. This comprehensive look at potential clients makes them a non-traditional lender.

Specialties of SoFi Private Loans

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Like the majority of private student loan lenders, SoFi takes pride in charging no fees for their loans. That means there are no loan origination fees, application fees, insufficient funds fees, or late fees associated with a SoFi private loan.

SoFi members can qualify for special rate discounts. For example, setting up autopay can save you 0.25% on your interest rates.

Unlike traditional lenders that rely primarily on credit scores, SoFi will consider more than just your debt-to-income ratio. When determining whether or not to lend you money, SoFi will also take into consideration your education, the field of study you are going into, your financial backing, and future earning potential, as well as cash flow.

You ount, and more options through SoFi. You will also not need to undergo a full credit report to apply for a SoFi private loan. (más…)

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