If the loan amount is greater than your loan statements show, it is because SoFi takes into account any accrued interest during the review of your application and the time it takes to fund the loan. For any overpayment, your existing servicer will in most cases, return the overpayment to SoFi. Once the overpayment is received, SoFi will apply the overpayment retroactively to your existing SoFi principal balance.
If the amount we were scheduled to send to your existing lenders is less than the current balance of your loan, there are two ways you may address this issue:
- You may pay the remaining amount yourself in order to close out the balance with your existing lender. Most members find this approach the easiest.
- You can log in to your existing SoFi Profile and begin a new application to include the full amount of your loan. If you choose this option, please note that the new application will require processing time.