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SoFi: Discover the Affordable US Student Loan Program

Sofi MBA LoansSoFi is another major loan provider that has entered the $1 trillion Student loan market in the US. With over $200 million distributed to over 2500 borrowers, SoFi is leading its competitors: Prodigy Finance and Common Bond. Sofi depends on Business School Alumni to fund students. Alumni earn a handsome 5% return on their investment while students get loans at a much better rate than Federal Stafford loan for Graduates (5.41 percent), and the Federal Direct PLUS loan (6.41 percent).

Interest Rate

As always, the deciding factor between loan providers is the interest rate and the terms associated with it. As of 2013, Sofi offers a variable rate starting at 2.92% APR (Annual Rate) and a fixed rate starting at 4.99% APR.

Repayment Period

The loan repayment period is based on the individual’s financial status, credit history and the terms agreed upon for the loan term. However, in exceptional cases where students cannot meet the monthly minimum payment, there are hardship programs that offer relief for students.

Eligibility

• Must be a US Citizen or Permanent Resident
• Should be at least 18 years of age
• Should be Eligible to enter into a binding contract
• Must not have declared bankruptcy in the past three (3) years
• Must not have been convicted of a felony
• Must be employed or have an offer of employment
• Minimum loan amount in Iowa is $50,000
• Variable rate loans are not offered provided in: Minnesota, Michigan & Tennessee

Business Schools Supported

Although the list of schools supported through SoFi loans is large (https://www.sofi.com/eligible-schools/), we have shortlisted relevant schools for MBA aspirants.

• Babson College
• Boston College
• Brigham Young University
• Brown University
• College of William & Mary
• Columbia University
• Cornell University
• Dartmouth College
• Duke University
• Emory University
• George Washington University
• Georgetown University
• Georgia Institute of Technology
• Gonzaga University
• Harvard University
• Indiana University
• Johns Hopkins University
• Massachusetts Institute of Technology
• Michigan State University
• New York University
• Pepperdine University
• Purdue University
• Stanford University
• Thunderbird School of Global Management
• Tufts University
• University of California, Berkeley
• University of California, Davis
• University of California, Irvine
• University of California, Los Angeles
• University of California, San Diego
• University of California, San Francisco
• University of Illinois, Urbana Champaign
• University of Michigan, Ann Arbor
• University of North Carolina, Chapel Hill
• University of Notre Dame
• University of Pennsylvania
• University of Rochester
• University of Texas at Austin
• Vanderbilt University
• Virginia Tech
• Yale University

Entrepreneurship Program

With the SoFi Entrepreneur Program, Entrepreneurs pursuing new Business Ideas can get loan deferment for upto 6 months. In addition to that, SoFi offers networking and mentoring opportunities, and help Entrepreneurs raise capital for their venture.

Plans for 2014

Mike Cagney, Co-Founder & CEO of SoFi is planning to expand the program to 50 more schools and have set a target to raise $500 million in the coming year. The demand for loan financing in International Business Schools has increased post-2008. Right now, the program is limited to US.

Reference

SoFi Loan Program
BusinessWeek - Funding Loans from Alumni

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