Is SoFi Finance good for Student Loans?

SoFi Student loans

SoFi is an online lending agency who provides all types of loan – student loan, personal loan, home equity loans. It is pretty good for the student loans. Students can apply for loan online with a cosigner. Also post joining members has the facility to earn points just for logging in, credit score monitoring etc. These points can be used by the students to pay their student loans. This is a very rare facility provided by SoFi which I have not come across in any other lending agency.

Students can earn these point by even just logging into their mobile app. These points can be redeemed into cash with SoFi checking and savings option. These points can also be redeemed towards other loans provided by SoFi. These points can also be converted to stock shares with the SoFi Active Invest. These can also be converted to Crypto Currencies with SoFI Crypto option.

Students can earn multiple bonus points by checking their app multiple times.

Also there are no fees- no origination fees, no prepayment fees, no late fees. They give 0.25% discount if applicant opt for auto pay and an additional 0.25% if families are taking more than 1 student loan.

Types of SoFi Students Loan

Sofi offers different options for student loan. They offer fixed lower rate as well as variable interest rates which enable applicant to get the loan that best suits and fits their current and future financial situation. If applicant is worried about the rate going up in the future, then they can opt for fixed rate. Currently they are providing undergraduate loans, graduate loans, law and MBA loans, parent loans and health profession loans.

In Undergraduate loans, SoFi will cover all the school related expenses. Fixed interest rate is between 3.75%-13.35 % APR without auto pay. Variable interest rate is between 3.35%-12.89% without auto pay. In Graduate loans, variable rate is as low as 3.75% APR with auto pay. Customer can also quality for some special discounts where student has access to career services, networking events and financial advisors without any extra cost. Law and MBA loans fixed interest rate is between 4.75%-12.7% APR and variable interest rate is between 3.75%-12.89 APR.

Parent loans has fixed interest between 4.23%-13.6 % APR and variable loans has interest between 3.15%- 12.89% APR. Health profession loans has fixed interest between 4.5%-13.35% and variable loan interest between 3.75%-12.89% APR. Overall SoFI is very good options for the student loan.

Harish Yadav

Harish Yadav is the regular reader of different newspapers and articles and writes about Financing and Investments. He also often writes for breaking news.

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