Online lending platform SoFi announced on Monday the launch of its new SoFi Private Student Loans, which is a no fees, competitive rates, flexible payment options, and a mobile-first experience.
SoFi reported that its SoFi Private Student Loans offering is built around an easy and transparent application process that can be completed online or on a mobile device. Applicants may pre-qualify in minutes without any impact to their credit score and will be able to easily add a cosigner through a digital process.
“SoFi supports members through the search and student loan selection process by offering access to customer service seven days a week, in addition to SoFi Learn, an online resource center with over 500 articles, budgeting tools, guides, calculators and more.”
While sharing more details about the loan option, SoFi CEO, Anthony Noto, stated:
“The traditional student loan application process is daunting. We’ve taken everything we’ve learned in making lending convenient and painless and brought those solutions to younger consumers and their parents through SoFi Private Student Loans.”
SoFi also reported that the SoFi Private Student Loans offer competitive rates for variable and fixed rate loans, with no fees or prepayment penalties, and four repayment options (deferred, interest only, partial, and immediate). SoFi Private Student Loans will be available to applicants from all four-year public and private institutions by this summer.
“SoFi membership, which comes with every SoFi product, offers benefits including exclusive events across the country, complimentary financial planning, and career coaching to all members through an exclusive partnership with Korn Ferry. Members also receive a rate discount on additional SoFi loans of a different type.”
SoFi went on to add that SoFi Private Student Loans are now available for undergraduate students. The lender will be opening up the product for graduate school students and parents in the coming weeks.