Qotd

SOFI View My Rate 1

• Refinance a Parent Plus loan in hopes of obtaining a lower rate
• SOFI’s loans come with competitive rates and no origination fees

Applicants who have received the SOFI View My Rate 1 mailing offer have already been pre-selected for a loan and can apply with the confirmation code from their mailing offer.  The simple online application should take less than 2 minutes to complete and the applicant has access to live customer support at (855) 456-7634 (Mon-Thu 7:00 AM – 8:00 PM PT | Fri 7:00 AM – 4:00 PM PT | Sat-Sun 7:00 AM – 2:00 PM PT).  When applying the borrower MUST be a U.S. citizen or permanent resident in an eligible state (i.e. Missouri, Iowa) and meet SoFi’s underwriting requirements.  Borrowers can also email any questions to CustomerService@sofi.com (please allow up to 24 hours for a response via email).

Please Note…

• SOFI has issued over $7 billion in loans to date
• Fixed rates start at 3.50%
• The applicant MUST be the parent or legal guardian of a full-time student at an eligible school for the 2015-2016 academic year
• Variable rates will range from 2.13% APR to 5.43% APR
• The quick approval process will provide the applicant with decision before the entire application is even complete
• No pre-payment penalties (if the loan holder pays off the loan early they will not be charged additional fees)
• When making an SOFI View My Rate 1 application pleases note that SOFI will pull the customer’s credit score from one or more consumer reporting agencies

Assuming the applicant is approved they will have to make their first loan payment in approximately 30-45 days after the funding of the loan has been processed.  The minimum amount of a loan under the SOFI View My Rate 1 terms is listed as $10,000 and the maximum loan amount is up to the Cost of Attendance.  Once the child graduates college the loan will still be in the parents name and the loan CANNOT be transferred under any circumstances.

Primary Sources

1. www.sofi.com/faq
2. www.sofi.com/viewmyrate1