![]() ![]() Eligible circumstances include returning to school, serving in the military, unemployment, economic hardship and experiencing a natural disaster. The maximum amount of time you can postpone payments is 12 months total throughout the loan term. If you need to take a break from payments, you may be able to postpone them through SoFi’s deferment or forbearance programs, depending on the situation. Deferred repayment: No payments while you’re in school or for six months after graduating or leaving school.Interest-only repayment: Pay interest while in school and make full payments, including both interest and principal, after graduation.Partial repayment: Pay $25 per month while in school and make full payments, including both interest and principal, after graduation.Immediate repayment: Make full payments, including both interest and principal, while in school and after graduation.Paying more while in school will reduce the overall amount you owe, and you’ll have access to lower interest rates if you choose an option that includes in-school payments. SoFi offers four ways to repay a student loan. Like other lenders, SoFi provides a 0.25% interest rate discount for borrowers who enroll in autopay each month. The interest rate you qualify for will depend on factors such as your and your co-signer’s creditworthiness, income and amount of time in the workforce. While both fixed and variable interest rates are available, choosing a fixed rate is often a safer bet because it will not change throughout the loan term. ![]() SoFi charges no loan fees, including no late fees, application fees or origination fees. The only extra cost you’ll pay on a SoFi undergraduate student loan is the interest rate, which ranges from 5.99% to 14.70% variable APY and 4.44% to 14.70% fixed APY. You can repay your loan over five, seven, 10 or 15 years. The loan will cover up to your school’s full cost of attendance, meaning the total cost of tuition, fees, room and board as determined by the financial aid office. SoFi student loans start at $5,000, though the minimum can be higher depending on your state of residence. ![]()
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