How does SoFi work?
SoFi believes the traditional system for student lending is broken, and they want to do things differently. They’ve created an ecosystem that connects high quality alumni borrowers and investors to provide lower rates to a unique cadre of borrowers. Check out SoFi’s infographic for more.
Am I eligible for this program and a SoFi loan?
The SoFi Student Loan Refinancing Program is open to all current AAP Members. To be eligible for a SoFi loan, you must be a U.S. citizen or permanent resident 18 years or older and reside in one of our eligible states. Loan eligibility also depends on a number of additional factors, such as your credit score, your income and employment status.
Can I refinance both federal and private student loans?
Yes, SoFi will consolidate all qualified education loans, whether federal or private. SoFi will also honor any existing grace period on the loans you refinance.
What is the difference between consolidation and refinancing?
When you refinance, you get a new loan at one new rate—with SoFi, the rate is likely lower than what you’re currently paying. Simple consolidation is just a weighted average of your existing loans.
Have more questions?
For more information on the SoFi program, visit sofi.com/aap or contact your dedicated SoFi representative, Jenna Catic. Or you may call her at 1-855-456-SOFI (7634) to get started today!