Private Loans ... Sofi?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
Golden Bear 11
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Private Loans ... Sofi?

Postby Golden Bear 11 » Wed Sep 05, 2012 9:54 pm

Anyone know anybody borrowing from them?

6.49% (6.38% APR) with payments deferred until after graduation (no origination fee)

5.99% (5.99% APR) after graduation, rate discounted to 5.99% with ACH repayment

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Re: Private Loans ... Sofi?

Postby grrrstick » Wed Sep 12, 2012 10:33 pm

Don't take out private loans.

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Re: Private Loans ... Sofi?

Postby danitt » Wed Sep 12, 2012 10:34 pm

grrrstick wrote:Don't take out private loans.

International applicants have no choice.

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Re: Private Loans ... Sofi?

Postby Morgan12Oak » Wed Sep 12, 2012 10:44 pm

Looks pretty good actually, but I would probably say this is better as a tool for refinancing your loans after you graduate rather than funding your education (assuming thats a possibility).

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Re: Private Loans ... Sofi?

Postby 2014 » Sat Sep 15, 2012 11:15 am

danitt wrote:
grrrstick wrote:Don't take out private loans.

International applicants have no choice.

"To qualify, a borrower must be a U.S. citizen or permanent resident and meet underwriting requirements."

At a glance it looks like a fixed rate which makes it an absolutely solid choice over grad plus, but I would probably still do the first year with govt loans until you have a better idea of your odds of gainful employment. If you are in good shape for big law then it makes great sense to look at private, if you are not, you will be exponentially better off with IBR as a safety net even at a worse rate. (That is until they figure out the whole system is fucked and redo it but who knows how long that will take)

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Re: Private Loans ... Sofi?

Postby astro1819 » Thu May 23, 2013 11:17 pm

Bump...anyone have experience with SoFi?

I'm heading into biglaw, 150k+ in loans, intend to pay everything w/in 5 years. About 2% difference in interest rate b/w sofi and federal, both fixed rates.

I'm hesitant to jump ship from federal loans. But really, what's worst case scenario?

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