Within 24 hours of signing, we will issue your Final Disclosure, which will be uploaded to your application. Funding takes up to four business days, the first three days are your rescission period where you have the right to cancel or ask us to make changes to your loan then on the fourth day we fund unless otherwise specified by you.
On this date, we will send the funds to your servicer, via ACH, Wire, or USPS regular mail to pay off your loans. Each servicer is different in how they accept payments.
Sometimes it takes another 7-15 business days for them to apply the amounts to your loans. SoFi encourages you to contact them on the 18th day from the funding date to ensure that they received the funds and applied these amounts correctly.
You will receive a welcome packet from our servicing partner, MOHELA within 2 weeks of your funding date. This packet will include your first payment date, which is approximately 30-45 days after your funding date.