On top, 98% of students who refinanced student loans recommended this platform to a friend which is a big achievement for a new startup in the complex lending industry.
The platform offers both variable and fixed interest rate loans. Its fixed-rate loans begin at 3.69% with the maximum potential rate of 8.074%. It offers 5, 7, 10, 15, and 20-year repayment plans to borrowers.
The variable rate loans are presently set at 2.49% to 6.650%, and they are tied to the LIBOR rate. The interest rate is capped at 8.95% or 9.95% depending upon the loans. The firm provides long-term fixed-rate loans on 15-year and 20-year repayment plan.
Like other lenders, SoFi consolidates private loans with federal loans. It has set the minimum credit score at 650 for student loan refinancing. It uses MOHELA or (the Missouri Higher Education Loan Authority) for serving loans.
It's always essential to check the eligibility criteria before you decide to fill the form. Below are the eligibility criteria for SoFi Student Loan Refinancing:
You must be 18 years old to get student loan refinancing facility from SoFi or you must be of the age to make binding contracts.You should be a US citizen or permanent resident. They do not grant a loan to a permanent resident if the visa living status expires within 2 years or less.It's also necessary to live in a state where SoFi is authorized to operate.You must be employed as well as have adequate income from other sources.You must be graduated with an associates' degree or higher from a Title IV school.