SoFi for International Students: Everything You Need to Know

 

SoFi, short for Social Finance, is an online lending company that offers a range of financial products, including student loans. Many students wonder if SoFi is available to international students, and the answer is yes - with some restrictions. In this article, we'll explore everything you need to know about using SoFi as an international student.

1. Eligibility Requirements

To be eligible for a SoFi student loan as an international student, you must meet certain requirements. You must be at least 18 years old, have a valid U.S. bank account, and meet SoFi's credit and income requirements. You must also be enrolled at least half-time in a degree-granting program at an eligible school.

2. Cosigner Requirements

While SoFi does not require a cosigner for most loans, international students may be required to have a cosigner who is a U.S. citizen or permanent resident. This is because SoFi wants to ensure that someone with ties to the U.S. will be responsible for repaying the loan if the borrower is unable to do so.

3. Loan Limits

The maximum amount you can borrow from SoFi depends on your school, degree program, and other factors. For undergraduate students, the maximum loan amount is $125,000. For graduate students, the maximum loan amount is $250,000. However, individual loan amounts may be lower depending on your creditworthiness and other factors.

4. Interest Rates and Fees

SoFi offers competitive interest rates and does not charge application or origination fees. However, late payment fees and returned payment fees may apply.

5. Application Process

To apply for a SoFi student loan, you must first create an account on the SoFi website. You will need to provide personal and financial information, as well as information about your school and degree program. You will also need to upload any required documents, such as proof of enrollment and income verification. SoFi will then review your application and notify you of your loan approval status.

In conclusion, international students can use SoFi to finance their education in the United States, but there are eligibility requirements, cosigner requirements, loan limits, and other factors to consider. Be sure to research SoFi and other lenders carefully before making a decision, and consider all your options for financing your education. With the right funding and a solid plan, international students can achieve their dreams of studying in the United States.

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