Our goal is to provide you with the education and resources you need to make informed decisions about your student loan debt and financial health.
While making your monthly student loan payment every month, you may wonder to yourself if there’s a better way to lower the amount of pain inflicted. There are large volumes of information that point to just how much these payments are negatively affecting borrowers lives and future plans.
SoFi is one of the largest lenders in the student loan refinancing industry. They have over 250,000 members and have refinanced almost $20 billion dollars of student loan debt.
To be an industry leader requires a good amount of options and advantages, and SoFi have plenty of them to offer to their customers.
One of the perks of refinancing with SoFi is that all borrowers get access to free career coaching. You can schedule sessions where you can get help setting up career goals and get help with tips for working on your resume and interviewing.
If you hit a bad spot and become unemployed, you may need to put your loans into forbearance. If you must do this, you are required to use the career coaching. Obviously, the company has a vested interest in your ability to repay so it’s in their best interest, as well as yours, to get you back in a position to repay your student loan debt.
If you have Parent PLUS or other private loans, you may find few options for your situation. SoFi, however, has solutions for this group as well. They offer solutions to help parents out that may not be found from other lenders.
Most of the top lenders allow you to temporarily suspend your payments through their loan deferment programs. However, there are several lenders that don’t allow this. SoFi, does provide deferment options for their borrowers. Those that go on into graduate school or enter active military service can defer their loans. Keep in mind, however, that interest will continue to accrue on the account while in deferment.
Like all lenders, SoFi does have requirements that must be met for a successful outcome. Knowing some of these factors will help make sure you’re in a better position to be approved.
In a typical situation, the lowest credit score that will achieve a successful outcome is in the 650 area. Your credit score is not the only determining factor, but it’s likely going to be the largest factor in the decision.
If your credit is not in great shape, you can increase your chances significantly by adding a cosigner. They also have a feature where the cosigner can be removed from the loan after a period of successful on time payments.
In order to qualify with SoFi, you must have a degree. An associate’s degree does qualify. In other words, if you don’t have a degree, you won’t qualify.
While you can often significantly reduce your interest payments over the life of the loan when you refinance, you will be losing some protections if you’re refinancing federal loans. You can’t refinance your federal student loans, so when you refinance with SoFi, you are essentially turning your loans into a private loan.
The bottom line, is that if you want to reduce the amount you pay over the life of the loan, SoFi may be just what you’re looking for.
Get more info for a SoFi Student Loan Refinance