SoFi refinancing-How it works
The rising cost of education has prompted students to take the help of financing and loans to fulfill their dreamMost working graduates struggle to pay off their educational loans with high interest even after getting a job. For working graduates, many financial establishments have introduced Refinancing. Specially designed for working graduates, these refinancing are designed to fund private education and direct loans with higher interest rates, graduate loans, unsubsidized loans, or any other type of private loans.
A small word about SoFi
One such eminent financial organization, Social Finance Inc. is popularly known as SoFi, is providing with the flexible refinancing of student loans, house loans, and separate education and private loans. Apart from that, it also provides mortgages and personal loans. With lower interest rates and ensuring bigger savings, SoFi ensures empowering its members with the correct resources, loan products, and guidance. Gone are the days when you have to worry about the accumulating interest rates of Education Loans. SoFi would take care of your interest rate stress like a boss!
Why SoFi refinancing market capture
True there are many refinancing organizations claiming to be the best in the market. But SoFi’s unique approach makes it one of the reliable destinations. Here’s why,
- Saving the time and energy by operating online, from checking interest rates to getting approval and finally transfer of the fund, SoFi is smart, easy to apply and fully digital. Simple online functioning!
- Factors like estimated cash flow, education, career is taken into consideration apart from debt-to-income ratios and credit scores while approving loan and refinancing. It ensures a higher likelihood of timely payment keeping the borrower’s credit score intact.
- Paying back loans in time ensures a lower interest rate, resulting in bigger savings.
- Resources and tools empowering the reinterred members by guiding through their career and fulfill their ambitions.
- In case, any SoFi client loses their job, the payment will be temporarily stopped. SoFi would additionally guide through career counseling and job hunting and would start payment only after the first paycheck of the new job is credited!
- ‘Based on the records like income, cash flow, education, credit score, clients are offered personalized refinancing with customized lower interest rates. Save thousands of dollars with flexible terms.
- Customer Support for seven days a week.
- Transparent and clear communication without any hidden charges.
- Zero application and origination fees.
- Zero pre-payment penalties.
A leading student loan provider has a total refinanced $18 billion student loan. It has more than 300,000+ members and among them 98 percent ahs recommended to their friends! I need you more assurance!
Checking the rates
The first step before applying for refinancing is to find the interest skate and check if you pre-qualify. The financing of the student loans and refinance is commenced by MOHELA, the finance partner of SoFi. So get started with your eligibility!
- Open your browser and visit www.sofi.com/save
- On the top right part, click on the Find My Rate tab.
- Enter the following info:
- First Name.
- Last Name.
- State.
- Email Address. (email address should be active)
- Create a strong password. It is recommended to create a password using the combination of alphabets, numerical and special character.
- Confirm the password.
- Click on I Agree on the checkbox. It is recommended to read all the terms and conditions including privacy policy before proceeding.
- Click on Register.
- Next, you need entre the relevant information regarding your job, annual income, career prospect, the student loan is taken, past loan history and educational qualification.
- You will get to know instantly if you are qualified for the refinancing/loan or not.
- Based on the information entered, you will get a list of suitable rates and terms of interest. The amount will either ensure you saving in total monthly payment or saving on the total interests of the entire student loan.
- Next, you need to go back to the unfinished application. Take the screenshots of the asked information.
- Upload the information on the current page.
- Take a paper and upload your signature via scanner. Or you can sign the pare work digitally if you have a digital pen.
- Upload the details of your bank and set it to auto payment mode.
- Check if all the information entered is correct and click on Submit.
Congratulations! It will take seconds to transfer the entire amount to your bank account. Now, to set up a date of auto devote of monthly interest you need to log in to the newly created account and make changes.
Registering for SoFi
To access your new SoFi account as the client, refer to the following:
- Open your browser and visit www.sofi.com/save
- On the top right part, click on Log In.
- Enter your registered email address.
- Enter the Password.
- Click on Login.
You can now be able to step up a date of the interest payment. Also, you can check the details like your account activity as well as the loan activities.
Also Read : How To Join Old Orchards Club Reward Program
How to retrieve a forgotten password
In case, you forget your password, there is no need to worry. You can now reset the password without much hassle. Al you need to do is:
- Open your browser and visit www.sofi.com/save
- On the top right part, click on Log In.
- Click on Forgot Password link.
- Enter your registered email address.
- A link will be sent to your inbox.
- Click on the link. Follow the instructions to reset the password.
Customer Support of SoFi
SoFi has forged a partnership with MOHELA to finance loans and refinancing. MOHELA is responsible for servicing student loan refinance. Call up at 877-292-7470 24/7 to clear your queries, request, and complaints.
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