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SoFi Parent Student Loan Review
Parent Student Loans
Rewards: Autopay Discount, Current Customer Discount
Yearly Loan Limits: Up to 100% Cost of Attendance
Overall Loan Limits: $5,000 (minimum)
Cosigner Terms: Cosigner optional, offers cosigner release after 12 months
Rewards: Autopay Discount, Current Customer Discount
Yearly Loan Limits: Up to 100% Cost of Attendance
Overall Loan Limits: $5,000 (minimum)
Cosigner Terms: Cosigner optional, offers cosigner release after 12 months
The bottom line
We rate SoFi’s parent loan as one of the best. Their costs are below average and you can expect flexible repayment terms. They do not, however, provide a formal death or disability discharge program, which is unusual for the student loan industry.
Pros- Offers cosigner release after 24 months
- Offers autopay and current customer discounts
- Offers a partial forbearance option for financially-distressed borrowers
Cons- Has a higher-than-average minimum borrowing limit ($5,000)
- Requires students to maintain Satisfactory Academic Progress
- Does not guarantee a death or disability discharge if the student dies or becomes permanently disabled
Loan comparison
Full review
SoFi is one of the best lenders when it comes to student loans for college and graduate students, and that’s no different for parent loans. They offer below-average interest rates and they offer discounts for autopay and to current SoFi customers. They don’t charge any fees, so you won’t have to worry about your costs going up for any reason.
Repayment-wise, there’s mostly good to talk about. They offer a cosigner release option after 24 months. If you wind up in dire financial straits, they have a partial forbearance option that allows you to make interest-only payments to keep the debt from growing larger.
The biggest downside with SoFi is their death and disability discharge policy for parent loans. They don’t offer that. Meaning if the student dies or the parent dies or becomes permanently disabled, you’ll still be on the hook for the loan.
SoFi - Parent Student Loans
Other loans that SoFi offers:
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