Refinancing student loans can be a great way to consolidate all your loans into one convenient location. With SoFi, you can consolidate loans from different lenders into a single account. SoFi aims to be a financial institution that young people can rely on. This has given the company a lot of incentive to improve their customer service. Read on to learn how you can benefit from SoFi’s refinancing service.
Refinance federal student loans with SoFi
Refinancing federal student loans with SoFi may seem like a great way to save money while repaying your debts. Despite a low interest rate, SoFi does not charge refinancing fees, and the company offers many other perks as well. However, before choosing SoFi, borrowers should first compare their options. Juno is an excellent tool to do this. The comparison tool allows borrowers to quickly and easily evaluate different loan options and find the best rate for their financial situation.
One of the benefits of SoFi is its flexible repayment options and no application fees. Its low rates make it a popular choice for borrowers looking to refinance their high-interest federal student loans. Furthermore, borrowers can enjoy a number of exclusive benefits that only SoFi offers, including unemployment protection and career coaching. Moreover, the company also boasts of a membership community that helps borrowers improve their lives.
Refinance parent loans with SoFi
Refinancing parent student loans with SoFi can help you get out of debt faster. These loans are made to help parents and sponsors finance a child’s college education. There are four main repayment plans available with SoFi, including immediate repayment, interest-only repayment, and deferred payment. In addition, the company also offers a flexible payoff schedule. Students can choose to pay only interest while in school, or to begin making payments on their loan as soon as they finish school.
SoFi targets borrowers with high income and good credit. They tend to cater to borrowers with graduate degrees and credit scores over 700. The company offers a range of benefits to its members, including networking opportunities and career coaches. Applicants with low credit scores can still apply with a qualified cosigner. This cosigner will likely help you get approved or at least get a lower rate. SoFi also offers unemployment protection and other benefits for borrowers.
Unemployment protection for student loan borrowers
Unemployment protection for student loan borrowers is a form of insurance that pays out if you’re unable to find a new job. There are a number of reasons to purchase this protection policy. It can give you peace of mind when you can’t make your loan payments. Unemployment insurance will also prevent your credit score from being negatively affected if you lose your job. Although it is not a legal requirement to obtain an unemployment insurance policy, you should check with your lender to make sure you’re not pressured into purchasing it.
While unemployed students are often considered “unemployed,” unemployment protection is an ideal option for many people. It will alleviate the financial pressure that comes with student debt for a short period of time. The borrowers are expected to find a new job during the time their deferment is approved. The only drawback to this program is that it does not eliminate the amount you owe and the interest that has accrued over the last few years.