Is a summer term eligible for a SoFi Private Student Loan? July 28, 2020 02:47 Updated Follow Yes, Summer Term is available as long as the applicant meets the school's definition of being enrolled at least half time. Related articles What are the Private Student Loan repayment options and terms available for students? What rate discounts do you offer? Do your Private Student Loans cover multi-year academic periods or one year at a time? Do you have a pre-qualification tool so the student will know immediately if they will be approved for a Private Student Loan? Should I apply one semester at a time for my Private Student Loan, or for the whole school/academic year?