Many or all of the companies featured provide compensation to us, and this influences where and how they appear below. These commissions are how we maintain free services for you. Learn more

Advertiser Disclosure

Last update: March 12, 2024

4 minutes read

SoFi: Private Student Loan Review

Explore our comprehensive SoFi's private student loan review, where we examine interest rates, repayment options, eligibility criteria, and additional benefits.

By Yerain Abreu, M.S.

NelNet Bank Review Snapshot

NelNet Bank logo
Check rate

VARIABLE APR

5.99% - 14.70%

FIXED APR

4.44% - 14.70%

Choosing the right lender for your private student loan is crucial in financing your college education. Among numerous lenders, SoFi stands out for its competitive rates, diverse loan options, and unique member benefits. Today, we'll dive into SoFi's private student loan offerings to help you make an informed decision.

Our final verdict

SoFi's competitive rates, diverse loan options, and additional benefits like unemployment protection and many member perks set it apart in the crowded student loan market. However, its high minimum loan amount and strict refinancing requirements may limit its appeal for some borrowers.

    About NelNet Bank

    SoFi, an acronym for Social Finance, is an online financial institution founded by Stanford Business School students in 2011. SoFi is renowned for its competitive APRs and a wide range of loan services, including options for undergraduates, graduates, law and MBA students, parents, and refinancing.

    A standout aspect of SoFi's offerings is its innovative unemployment protection program, which aids borrowers in job search, alongside access to tools from platforms like Evernote, Grammarly, and Coursera, as well as personalized career coaching.

    The San Francisco-based company, which started offering student loan refinancing in May 2012 and expanded to private student loans in 2019, is also noted for its no-fee policy, rate discounts, diverse repayment options, and exclusive benefits for members.

    TuitionHero tip

    Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.

    Undergraduate loan details

    NelNet Bank provides loans that range from up to (aggregate) for undergraduate students. They offer fixed rates from 4.44% to 14.70% or variable rates from 5.99% to 14.70% (including the autopay discount!).

    Borrowers can rest easy knowing that there are:

      Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.

      Repayment options

      NelNet Bank offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.

        NelNet Bank

        NelNet Bank

        Check My Rate
        VARIABLE APR

        5.99% - 14.70%

        FIXED APR

        4.44% - 14.70%

        LOAN AMOUNT

        Not disclosed

        TERM LENGTHS

        N/A

        MIN CREDIT SCORE

        Not disclosed

        VARIABLE APR

        5.99% - 14.70%

        FIXED APR

        4.44% - 14.70%

        LOAN AMOUNT

        Not disclosed


        TERM LENGTHS

        N/A

        MIN CREDIT SCORE

        Not disclosed

        Eligibility

        Who can benefit from NelNet Bank's loan options? Here are the core eligibility requirements for their private student loans:

        TuitionHero tip

        If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.

        Compare NelNet Bank to other lenders

        Unsure if NelNet Bank is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.

        Our top pick

        NelNet Bank

        NelNet Bank

        Disclosures

        Variable APR

        5.99% - 14.70%

        Fixed APR

        4.44% - 14.70%

        Repayment Options
          Fees
            Discounts & Benefits
            Loan Details
            Term lengths: N/A

            NelNet Bank

            NelNet Bank

            Disclosures

            Variable APR

            5.99% - 14.70%

            Fixed APR

            4.44% - 14.70%

            Repayment Options
              Fees
                Discounts & Benefits
                Loan Details
                Term lengths: N/A

                NelNet Bank

                NelNet Bank

                Disclosures

                Variable APR

                5.99% - 14.70%

                Fixed APR

                4.44% - 14.70%

                Repayment Options
                  Fees
                    Discounts & Benefits
                    Loan Details
                    Term lengths: N/A

                    Citizens

                    Citizens

                    Disclosures

                    Variable APR

                    6.38% - 14.27%*

                    Fixed APR

                    4.48% - 13.29%*

                    Citizens

                    Citizens

                    Disclosures

                    Variable APR

                    6.38% - 14.27%*

                    Fixed APR

                    4.48% - 13.29%*

                    Citizens

                    Citizens

                    Disclosures

                    Variable APR

                    6.38% - 14.27%*

                    Fixed APR

                    4.48% - 13.29%*

                    College Ave

                    College Ave

                    Disclosures

                    Variable APR

                    5.59% - 16.65%¹

                    Fixed APR

                    4.11% - 15.44%¹

                    College Ave

                    College Ave

                    Disclosures

                    Variable APR

                    5.59% - 16.65%¹

                    Fixed APR

                    4.11% - 15.44%¹

                    College Ave

                    College Ave

                    Disclosures

                    Variable APR

                    5.59% - 16.65%¹

                    Fixed APR

                    4.11% - 15.44%¹

                    Ready to get started?

                    Compare student loan rates from all the top lenders with zero impact on your credit score.

                    Customer service

                    Customer support can be a make-or-break factor when evaluating a potential lender. Fortunately, SoFi’s customer service is top-notch. Their excellent response to customer complaints, advertising honesty, and business practices transparency have earned them an A+ rating from the Better Business Bureau.

                    NelNet Bank offers multiple ways to contact them.

                    • Website:
                    • Email:
                    • Phone:
                    • Hours:

                    If you borrow from SoFi, you’ll pay your loan back through its third-party loan servicing partner, MOHELA, so you may also need to contact them after you secure a loan.

                    Frequently asked questions (FAQ)

                    Here are some of the most common questions we get asked about NelNet Bank.

                    To be eligible for a SoFi Private Student Loan, both the student and their co-signer must meet specific credit criteria. This includes having a sound credit history, a satisfactory credit score, and the capability to repay the loan.

                    If you have a limited credit history, a minimal credit file, or restricted repayment ability, securing a qualified co-signer can significantly enhance your chances of approval. Additionally, a qualified co-signer may help you obtain more favorable interest rates.

                    SoFi offers private student loans to international students and non-permanent residents on the condition that they have a co-signer who is a US citizen. Permanent residents can apply for these loans with or without a US citizen co-signer.

                    General Rule: Typically, a co-signer is necessary for eligibility. However, there are exceptions.

                    1. Full-Time Employment and Half-Time Student Status: If you are employed full-time and also enrolled as at least a half-time student, you might qualify for a loan without a co-signer. In such cases, your loan application will be underwritten based on your personal credit, income, and academic status.
                    2. Insufficient Earnings or Limited Credit History: If you are not earning enough or lack a substantial credit history, a co-signer will likely be required. The underwriting of your loan in these circumstances will be based on your co-signer's credit and income, along with your academic status.

                    SoFi provides loan forgiveness in the event of the primary borrower's (student’s) death during schooling or repayment. In such cases, the remaining balance of the loan is forgiven. However, If the co-signer passes away, the primary borrower (student) remains responsible for the loan's balance.

                    Final thoughts

                    Choosing a student loan lender can be daunting, but armed with the right information, you can make a confident decision. SoFi's competitive rates, variety of loan types, and excellent customer service make it a compelling option for many students. Whether you're an undergraduate, graduate, or parent, there's likely a SoFi loan that's a good fit for your needs.

                    At TuitionHero, our mission is to help you navigate the student loan landscape. We provide resources for private student loans, refinancing, scholarships, FAFSA assistance, and credit card offers.

                    Source


                    Author

                    Yerain Abreu avatar

                    Yerain Abreu is a Content Strategist with over 7 years of experience. He earned a Master's degree in digital marketing from Zicklin School of Business. He focuses on college finance, a niche carved out of his journey through the complexities of academic finance. These firsthand experiences provide him with a unique perspective, enabling him to create content that's informative and relatable to students and their families grappling with the intricacies of college financing.

                    At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.


                    Read more reviews

                    While you're at it, here are some other lender reviews you might be interested in.

                    4 minutes read

                    College Ave: student loans review

                    Explore our comprehensive review of College Ave private student loans, where we examine interest rates, repayment options, eligibility criteria, and additional benefits.

                    Learn more

                    3 minutes read

                    Discover: student loans review

                    Explore our comprehensive Discover Student Loans private student loan review, where we examine interest rates, repayment options, eligibility criteria, and additional benefits.

                    Learn more

                    4 minutes read

                    Earnest: student loans review

                    Explore our comprehensive Earnest private student loan review, where we examine interest rates, repayment options, eligibility criteria, and additional benefits.

                    Learn more

                    Shop and compare private student loans - 100% free!

                    Always free, always fast

                    TuitionHero is 100% free to use. Here, you can instantly view and compare multiple top lenders side-by-side.

                    Won’t affect credit score

                    Don’t worry – checking your rates with TuitionHero never impacts your credit score!

                    Safe and secure

                    We take your information's security seriously. We apply industry best practices to ensure your data is safe.

                    Compare private student loans now

                    TuitionHero simplifies your student loan decision, with multiple top loans side-by-side.

                    Compare rates from multiple lenders
                    Won’t affect credit score
                    Always fast, always free