SoFi’s student refinance loan is a private loan and does not have the same repayment options/benefits offered by federal programs. You should explore and compare federal and private loan options, terms, and features to determine what is best for you and your situation.
Is SoFi considered private student loans?
SoFi offers competitive rate private student loans with flexible repayment options. There are absolutely no fees (no origination fees, no late fees, and no insufficient fund fees). Plus, it only takes minutes to check your rate. If you are looking to borrow for school, SoFi can help.
Are direct student loans federal or private?
A federal Direct Loan is a federal student loan made directly by the U.S. Department of Education. Generally, if you took out a federal student loan or consolidated your loans on or after July 1, 2010, you have a federal Direct Loan. There are four types of Direct Loans: Direct Subsidized Loans.
Is a private student loan the same as a federal student loan?
When comparing federal loans vs private loans, the key difference is that federal loans are provided by the government and private loans are provided by banks, credit unions, and other financial institutions. Each has its own student loan eligibility criteria, application process, and terms and conditions.
Are my AES loans federal or private?
American Education Services (AES) is a federal loan servicer that processes FFEL loans. While the FFEL program was discontinued, AES still handles borrowers in repayments, and it also services some private student loans for other lenders.
Does SoFi really save money?
Financial services company SoFi has agreed to stop misrepresenting what consumers have saved or will save by refinancing their student loans, in a recent settlement with the Federal Trade Commission. … SoFi’s ads boasted that its products led to people saving more than $20,000 on average.
Is SoFi legit?
Is SoFi legit? SoFi is a legitimate money management business, even though it isn’t a bank. … SoFi has no fees, and it offers flexible loan terms and good customer support.
What are the 4 types of student loans?
There are four types of federal student loans available:
- Direct subsidized loans.
- Direct unsubsidized loans.
- Direct PLUS loans.
- Direct consolidation loans.
How do you know if you have federal student loans?
Another way for you to determine if you have a federal loan is by accessing the National Student Loan Data System (NSLDS®) site using your FSA ID. The NSLDS site displays information on all federal loan and grant amounts, outstanding balances, loan statuses, and disbursements.
Are federal student loans secured or unsecured?
So, are federal student loans secured or unsecured debt? The simple answer is that they are unsecured; you do not have to surrender any type of collateral to take out a federal student loan.
Are federal student loans cheaper than private?
Federal student loans are made by the government, with terms and conditions that are set by law, and include many benefits (such as fixed interest rates and income-driven repayment plans) not typically offered with private loans. … Private student loans are generally more expensive than federal student loans.
Why are federal student loans bad?
Compared with private student loans, federal student loans have a few disadvantages: Federal student loans have origination fees. Federal direct student loans have an origination fee of 1.057%; PLUS loans carry a fee of 4.228%. Private student loans typically do not carry these fees.
What are the three federal student loans?
There are three types of federal student loans: Direct Subsidized Loans. Direct Unsubsidized Loans. Direct PLUS Loans, of which there are two types: Grad PLUS Loans for graduate and professional students, as well as loans that can be issued to a student’s parents, also known as Parent PLUS Loans.
Are AES student loans suspended?
The federal government stopped issuing FFEL loans as of June 30, 2010, so AES handles only existing loans. If American Education Services is your student loan servicer, here’s what it can help you do. … Once you have access you can contact American Education Services, access your monthly billing statements and pay bills.
Is AES legit?
If AES is your loan servicer, you might have gotten something in the mail from them—and not known what it is. You may even have thought it was a scam. But, in fact, AES is a legit loan servicing company.
Is it worth to refinance student loans?
You should refinance your student loans if you would save money, you can qualify and your finances are stable. … If you have federal loans and are struggling to make consistent payments, refinancing is not for you. Instead, consider federal student loan consolidation or an income-driven repayment plan.