College debt is always going to be a hardship, even if you graduate with a good degree. If you have college debt with a high APR, SoFi is willing to refinance and reduce the cost of your debt. You can refer a friend and you both can receive a $100 Bonus. SoFi is willing to refinance your loans, and give you a great fixed rates starting at 3.50% APR and variable rates start as low as 2.14% APR if you sign up for auto pay. SoFi also offered unemployment protection which stops payments if you somehow lose your job. This offer is great and you should take advantage of it before it’s too late.
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SoFi Quick Summary
|Loan Terms||5, 7, 10, 15 or 20 years|
|Loan Amounts||$5,000 up to your total outstanding loan balance|
|Loan Types||Variable, fixed|
|Refinancing Plans||Undergraduate, graduate, Parent PLUS, medical resident|
|Minimum Credit Score||650|
SoFi Referral Program – Give $300, Get $300
Currently, SoFi is offering a referral offer that will benefit both your friend and you. When your friend’s loan is funded, you will get $300 and they will get $300.
- Student Loan Refinancing – Get $300 when your loan is funded.
- Personal Loans – Get $300 when your loan is funded.
(Click the button to sign up)
Straying from the norm, SoFi offers competitive repayment terms, career support and wealth management services to its members, on top of student loan refinancing. Here are some of the special perks you can expect from SoFi:
This feature from SoFi allows you to temporarily pauseyour payments while you’re in graduate school (enrolled at least half-time), for active military service or on disability rehabilitation. Interest will continue to accumulate, and your loan will be reamortized to adjust for this.
The provider will suspend your monthly loan payments for up to 12 months if you were to lose your job from exterior problems that are not in your control. SoFi will also provide job placement assistance to help you find new employment. This benefit also extends to your cosigner.
Interest will still accrue and will be added to your outstanding principal balance at the end of each forbearance period.
To qualify for unemployment protection, you have to:
- Provide proof that you have applied for and are eligible for unemployment compensation.
- Actively work with SoFi’s career services department to look for a new job.
SoFi offers its members free career coaching. In these sessions, you’ll set career goals, learn about personal branding, and receive tips for creating or improving your resume. The company is invested in helping you with your career so you can comfortably manage your student loan debt.
Reduced Payments for Medical & Dental Residents
During your residency, you can simply pay $100 a month for up to four years with no compounding interest getting racked up. Apply for a SoFi Medical Resident Refinance loan if:
- You’re a medical resident or fellow with up to four years left in your program.
- You have over $10,000 in private or federal student loan debt.
- You have graduated from a selection of Title IV accredited university or graduate programs in the United States.
- You meet SoFi’s underwriting criteria.
Parent PLUS & Private Parent Loan Refinancing
SoFi offers options if you are going to be the one paying for your child’s education. Comprehensive refinancing services helps you manage the debt you took out to help your child and save some money too.
Wealth Management Services
Members can take advantage of the wealth planning services. With a combination of digital and human advising, you can set financial goals and get help reaching those goals through tools like diversification, portfolio selection and automatic rebalancing.
SoFi Rates & Fees
The rate that you get will depend on a couple of things, including your (or your cosigner’s) credit history and financial profile. Other lenders can charge higher rates to cover the possibility that you don’t pay back your loan. Instead, SoFi relies on their unique underwriting process to ensure that you make your payments, which translates into competitive interest rates.
Those on automatic payments benefit from a 0.25% rate discount, and members (those already borrowing from SoFi) enjoy a 0.125% decreased rate. Feel free to check your rate online. It takes two minutes and won’t affect your credit score.
|Prepayment Penalty Fee||None|
Although most lenders will only look at a borrower’s credit score and debt-to-income ratio to determine if they are eligible. Additionally, SoFi goes beyond that and considers your education, career prospects and estimated cash flow. You must also be employed, have enough income from other sources, or have a job offer to start within the next 90 days.
In order to apply for SoFi student loan refinancing, you:
- Must be a United States citizen, permanent resident or visa holder (with more than two years until your status expires or have filed for an extension).
- Must have graduated with an associate’s degree or higher.
- Must have attended a Title IV-accredited school.
Refinancing is available in all 50 states, plus the District of Columbia.
College debt sometimes has extremely high APR where you can’t even work with. Work smart instead of work hard to pay back your loans, and join SoFi. This is a win-win situation and they can benefit more drastically with SoFi s low APR rates, so get started today! Don’t forget to check out our complete list of Make Money for all your money making needs!