SoFi Parent Loan Review
SoFi is a market leader and disruptor that helped pioneer the technology-driven private student lending market. Based in San Francisco, SoFi positions itself as the “anti-bank” and prides itself on being consumer-centric, with some of the lowest rates in the industry. In addition to student loans, SoFi offers its members a number of perks such as career strategy services, customer support seven days a week, and free SoFi events.
SoFi Parent Loan Overview
|Fixed Rate:||4.13% - 7.74%|
|Variable Rate:||3.11% - 6.66%|
|Minimum Loan Amount:||$5,000|
|Maximum Loan Amount:||None|
|Minimum Loan Term:||5 years|
|Maximum Loan Term:||10 years|
|States Where Available:||Nevada|
*Fixed and variable rates are based on APRs and include an ACH AutoPay interest rate reduction of 0.25%.
|Minimum Age:||At least age of majority in your state|
|Citizenship/Residency:||U.S. citizen or permanent resident|
|Eligible Schools:||Your child is a full-time student attending a Title IV accredited university or graduate program|
Loan eligibility depends on a number of additional factors, including your financial history, career experience, and monthly income vs. expenses. SoFi does not focus on your FICO (credit) score in its underwriting process.
- Lemonade Tip: If you lose your job through no fault of your own, SoFi will suspend your payments for up to 12 months (that said, interest will still accrue).
- Lemonade Tip: SoFi offers an entrepreneurship program. Build a business and get to defer your loan payments for up to 6 months.
- Lemonade Tip: SoFi can even help you with your job search.
Applying is super easy – get your new rate within 2 minutes
Best Parent Loans in 2017
Want to save money on your Parent Loan? These lenders represent our top Parent Loan picks in 2017, and may be able to help you save thousands of dollars on your Parent Loan by offering lower interest rates and lower monthly payments. That’s real money back in your pocket.
Learn your new Parent Loan interest rate in a matter of minutes.