Searching for a student loan that offers fixed rates and the best plans? A SoFi Online Student Loan might just be the best for you. This company prioritises financial independence and goal achievement by providing valuable assistance to those who need it. Read on to find out how you can apply for a SoFi student loan…
SoFi Online Student Loan Features and Benefits
SoFi offers a great opportunity for those who are in need of assistance in paying off their student loans. Specifically, they offer a financial solution for graduates that have availed high-interest yet unsubsidized direct loans, private loans or graduate PLUS loans. SoFi options can be used for federal and private loans.
The best thing about SoFi’s offers is that they come with fixed rates. As opposed to variable rates, this rate does not change as you go along the loan term. This provides predictability and stability, allowing you to manage your credits far better.
Getting a SoFi Online Student Loan
Applying for this loan is pretty straightforward. You can simply jumpstart your application by visiting the Sofi website and use their online application form. However, a successful application requires fulfilment of the company’s eligibility criteria. You must be 18 years old or above and a US citizen or a permanent resident. This loan is available in 50 states plus the District of Colombia. For permanent residents, make sure that you have 2 years before your papers expire or you can file an extension.
SoFi also requires employment documents. This includes current employment or an offer that starts within the next 90 days. You can also be a self-employed individual. As this refinancing option is for those with student loans, you must be a graduate of an associates’ degree or higher. Your diploma should be from a Title IV school. Keep in mind that ONLY educational debts are covered by this refinancing loan.
Before applying for this loan, you can calculate your savings when you use this refinancing option. This way, you can compare your current loan with the refinancing plan. Just enter your loan amount, rate and monthly payments, and the calculator will show you how much you can save when you switch to SoFi.
SoFi Online Student Loan Fees and Charges
When you get a SoFi student loan, you can rest assured that you will have manageable repayment terms. This is where the flexibility of the loan comes in. You can choose to get a 5-year, 7-year or 10-year term and you will be given an annual percentage rate based on the loan amount and term. A 5-year term is given an APR of 4.03%, a 7-year term is assigned a 4.57% APR and a 10-year term comes with a 4.98% APR.
There is nothing better than knowing you are taking steps to improve your current financial conditions. With the valuable student loan offer that SoFi provides, you have never been closer to freedom from your student debts. If you are interested in getting this kind of loan, just head to the SoFi website to start your application.