No longer able to get a parent loan from SoFi? We’ll show you where to start your search.
SoFi used to be a provider many would turn to when they needed a loan to fund their student’s college expenses. As SoFi moves away from this form of financing, you may be stuck wondering where else to turn. Fortunately, there are alternative providers that can get you the money you need.
Why did SoFi stop offering parent loans?
There has been a decrease in demand for parent loans in recent years. Because of this, SoFi has decided to halt its parent loan program in favor of pursuing other programs that its consumers may benefit from.
What are my alternatives?
Parent loans aren’t the most common type of funding out there, but you still have a couple options. Start your search by exploring our two top alternatives.
Sallie May began as a government program but has since been privatized. Although you’ll be paying more in interest, you can borrow much less than with a federal Parent PLUS loan. You have two payment options: you can choose an interest-only repayment while your child is in school, or you can start repaying immediately.
Citizens Bank is another private student loan option for parents. The amount you can borrow depends on the degree your child is pursuing, and you’ll need to provide plenty of documentation when you apply. This includes proof of income, monthly housing costs and information about your child. Just like Sallie May, you can choose to start repaying your loan immediately or pay interest-only until your child graduates.
Can I still refinance my existing parent loans with SoFi?
Yes. SoFi offers Parent PLUS Refinancing to help you pay off your Federal Parent PLUS loans faster. There are no application, origination or prepayment fees, and you’ll have access to flexible rates.