There are zero fees for SoFi Private Student Loans. Zero. That means no origination fees, no application fees, no insufficient funds fees, no prepayment penalties–We don’t even charge late fees. When we say zero fees, we mean zero fees.
But remember: just because we don’t charge late or insufficient funds fees, it doesn’t mean there are no consequences! By paying after your bill’s due date, paying less than the minimum due, or even missing payments, you’ll accumulate more interest and your final payment will be larger as a result.
Payments that are not made in full or on time may be considered a default event under your Loan Agreement. Late payments, partial payments, missed payments, or defaults on your loan may be reflected on your credit report. And nobody wants that.