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Sofi International Student Loans for Africans | Eligibility and How to Apply

  • byAmara
  • June 17, 2024
  • 8 minute read
Sofi international student loans

If you’re an African student looking to study in the United States, you may have heard of these game-changing loans that could help make your dreams a reality. One of them is the Sofi International Student Loans. They’re one of the top loan providers for international students, and African students can also apply!

You may wonder what these loans are, who is eligible, and how to apply. In this article, we will examine these important details.

First, Sofi International Student Loans offers non-US citizens the chance to borrow money for their education, even if they don’t have a co-signer.

So, what’s the eligibility for Sofi International Student Loans? To qualify, you need to meet specific criteria. For example, you must be enrolled in an eligible US college or university, have a good academic record, and have a valid visa.

We will discuss more of the eligibility in this article, and how you can apply.

Table of contents

About Sofi international student loans

Sofi International Student Loans are loans that international students can use to fund their education in the United States. Sofi is a reputable company that specializes in providing student loans to international students, especially those from countries where financial aid is unavailable or difficult to obtain.

SoFi, short for Social Finance Inc., was founded in 2011 by four Stanford Graduate School of Business students—Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady. Today, SoFi is a prominent American online personal finance company and online bank, headquartered in San Francisco.

They offer a range of financial products and services, including student loan refinancing, mortgages, personal loans, credit cards, investing, and banking.

These Sofi student loans can be used to cover tuition, housing, books, and other education-related expenses. They have flexible repayment options and competitive interest rates, making them a good choice for international students who need financial assistance to pursue their educational dreams.

Read: Sallie Mae Student Loans: Things you were told about

How does SoFi work?

SoFi, a leading financial company, has grown significantly over the years. It has over 5.5 million members. It started as a student loan refinancing company but now offers many financial products.

SoFi focuses on customers with solid credit, using a special method to evaluate all loan applications. Its minimum credit score is around 650-680. SoFi also looks at your financial history, income, and expenses.

If you’re interested in a loan, you can check your rate online or through the SoFi app. If you’re happy with the terms, you can apply for the loan.

If you’re approved for student loan refinancing, you have three days to change your mind. After that, SoFi sends the money to the company you owe money to, called a loan servicer.

Soon after that, SoFi will send you instructions on how to make payments. They might encourage you to sign up for auto-pay, so you don’t have to remember to make monthly payments.

For personal loans, if you’re borrowing $20,000 or less, the money will be put into your account the next business day. It might take a bit longer if you’re borrowing more than that.

SoFi offers flexibility and convenience with its financial products, especially for people with strong credit histories. Their products can help people save money in the long run with lower interest rates.

Sofi international student loans pros and cons

SoFi has advantages and disadvantages for international students seeking loans:

SoFi student loans Pros

  1. Lower interest rates, which can save you money over time.
  2. Refinancing can combine different types of student loans, making it easier to keep track of payments.
  3. You can refinance your student loans multiple times without extra fees.
  4. You can get a discount of 0.25% if you use automatic payments.
  5. You can get a discount of 0.125% if you take out more than one type of loan.

SoFi student loans Cons

  1. You might need a credit score of at least 650-680, which can be hard.
  2. If you refinance your federal student loans, you won’t get benefits that you could get with federal consolidation, such as income-based repayment or public service forgiveness.
  3. If you want to remove a co-signer, you must apply for a new loan.
  4. You can only get the 0.125% discount if the new loans are different products.

Also, see: Step-by-Step Guide To Apply For Federal Student Loans in 2024

Does SoFi loan to international students?

One of the common questions students ask is “Is SoFi only for US citizens?” The answer is no.

While SoFi provides student loans for US citizens, it also offers loans to international students. In fact, international students who meet certain requirements are eligible to apply for a loan with SoFi.

To be eligible, international students must be enrolled in a full-time program at an eligible US college or university, have a valid visa, and demonstrate a steady source of income. If they can provide the necessary financial documentation and prove that they can repay the loan, they may qualify for a SoFi student loan.

Applying for a SoFi student loan as an international student is relatively straightforward. You can apply online by providing personal and financial information. SoFi will then review your application and decide based on your credit history and debt-to-income ratio.

Once approved, you can use the loan funds to cover your tuition, housing, books, and other education-related expenses. SoFi offers competitive interest rates and flexible repayment options to help you manage your loan over time.

What is the minimum loan amount for SoFi?

Regarding SoFi Student Loans, the minimum loan amount you can apply for is $1,000.

To be eligible for a SoFi Student Loan, you must be a U.S. citizen or other eligible status, reside in the U.S., and meet SoFi’s underwriting requirements. This includes proving that you have sufficient income to repay the loan.

For more info, SoFi provides this information on their website, where you can check your eligibility and learn more about their student loan options.

What requirements do you need to use SoFi?

To use SoFi’s financial services, you must:

  • Be 18 years old or older and a U.S. resident
  • Have a credit score of 650-680 or higher
  • Have a stable source of income
  • Meet SoFi’s underwriting requirements, which consider your financial history and credit score

SoFi’s loans come with no origination, prepayment, or late fees. The interest rate you receive will depend on the type of loan product you choose and your credit score, with APRs ranging from 4.24% to 23.23%.

Also, see: Does A Student Loan Count As Income In The UK?

How to apply for Sofi international student loans

Here are the steps to apply for a SoFi international student loan:

  1. Check out SoFi’s website: Visit their page and look for the loan option for international students. This will give you an idea of what they offer and their requirements.
  2. Make sure you’re eligible: Review the loan requirements. You must fit the criteria before you apply.
  3. Get your documents ready: Gather all the paperwork you need to apply. This includes things like your passport, documents from your school, and proof that you can pay back the loan.
  4. Apply online: Visit SoFi’s website and complete the online application form. Make sure to include all the information and documents they need.
  5. Wait for approval: Now it’s SoFi’s turn to review your application and make a decision. They’ll let you know if you’ve been approved or not.

How long does SoFi take to approve a loan?

Submitting your SoFi loan application online is quick and easy. It usually takes a few minutes, assuming you have all the necessary documents ready.

Once you submit your application, you’ll typically hear back from SoFi within 1-2 business days to let you know whether your loan has been approved. If approved, the loan funds will normally be transferred into your bank account within 1-3 business days.

Remember that the exact timeframes may vary depending on your situation and SoFi’s internal processes.

How hard is it to get approved by SoFi?

Getting approved for a SoFi loan can be challenging, especially if you don’t have a strong credit history. SoFi is quite picky about the credit scores they accept, and they generally require a minimum credit score of 680 to approve a loan.

If your credit score is lower than 680, you might have a more challenging time getting approved.

Of course, there are other factors that SoFi considers when deciding whether or not to approve your loan. Things like your income and employment history can also influence your decision.

Why can’t SoFi offer me a loan?

There are a few reasons why SoFi might deny your loan application:

  1. Your credit score isn’t high enough: If your credit score is below 680, SoFi might think you’re too risky to lend money to. A low credit score can indicate that you haven’t been good at managing your debt in the past.
  2. You owe too much money: If you already have a lot of debt, SoFi might worry that you won’t be able to make the loan payments on top of everything else you owe.
  3. Your income is too low: SoFi wants to ensure you can afford the loan payments, so they might not be willing to lend you money if it isn’t high enough.
  4. The application process: If your application isn’t complete or you’ve made mistakes on the form, SoFi might deny your loan because it cannot see your finances.

See Also: 10 Best Student Loan Firms in Nigeria | Requirements and Eligibility

Does SoFi require credit?

SoFi needs to know a little bit about your credit history, but they don’t need to do a hard credit check when you apply for a SoFi Checking and Savings account.

SoFi will still run a quick check on your credit, but it won’t hurt your credit score like a hard credit check would.

The soft credit check gives SoFi some basic information about your financial history, but it’s not as thorough as a hard credit check. This allows SoFi to ensure you’re a good fit for their services without damaging your credit score.

FAQs

Does SoFi handle student loans?

Yes, SoFi does handle student loans! They offer various options: undergraduate, graduate, parent, and student loan refinancing. SoFi Bank, an actual, legit bank, provides these loans and ensures fairness through government regulations.

Why was i denied by SoFi?

There could be multiple reasons why you were denied a loan by SoFi. The most common factors include your credit profile, income, and repayment history with SoFi. If you have a low credit score, low income, or a history of late payments, you might not meet SoFi’s criteria.

What credit score do I need for SoFi student loans?

To get a SoFi student loan, you’ll typically need a credit score of 680 or higher.

Conclusion

SoFi provides loan options for international students, including those from Africa, with a minimum credit score 680. Before applying, you must gather all necessary documents, such as a passport, enrollment verification, transcripts, and financial support documents.

Processing time may vary, but approval can take up to two business days. SoFi loans are provided by an actual, legit bank and follow government regulations to ensure fairness.

References

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