Sofi Loans : Great Rates, Great Benefits, SoFi
SoFi loans are considered student loans for federal and state tax consideration. Note that you may or may not be eligible for interest deduction depending on your individual tax situation. You should consult your tax advisor for more information.
SoFi offers programs and benefits for borrowers experiencing financial hardship. SoFi also offers a cosigner release option for private student loans. For more information about SoFi’s repayment assistance programs and cosigner release options please visit the Repayment Assistance page.
MOHELA will service the student loan refinance. Once your refinance goes into repayment, MOHELA can be contacted to answer any questions appropriately. Their contact number is 877-292-7470.
Can I add a Cosigner?
Adding a cosigner may help to strengthen your profile, but the application must first go through the review process to accurately process the information. In order to add a cosigner, we ask that you log into your SoFi.com account and enter their name and email address in the application so that we can send them an invitation. They will then have to enter their information and consent to being added, as well as supply some documents. Based on the information that was input and what we are able to validate, we will reach out to you with all updates.
What is the AutoPay discount?
The SoFi 0.25% autopay interest rate reduction requires you to agree to make your scheduled monthly payments by an automatic monthly deduction (ACH) from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The discount will not reduce the monthly payment; instead, the interest savings are applied to the principal loan balance, which may help pay the loan down faster. Enrolling in autopay is not required to receive a loan from SoFi.
SoFi provides you the option of adding a co-signer as an opportunity to help you qualify for a loan. Once you request a co-signer, we will instruct your co-signer to complete the application and consent to co-signing your loan. Since adding a co-signer to your application introduces additional effort for our review team, we want to ensure your co-signer is committed to helping you reduce your student debt and ask for their consent to co-sign at the beginning of the process. We will notify you if you are pre-qualified with a co-signer; from that point, you will be able to see your rates and select a loan.
Once you have been presented with your offer, SoFi recommends that you discuss the rates and loan terms with your co-signer before proceeding with your application. Your co-signer is not obligated, in any way, if you do not accept the terms.
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