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2750 East Cottonwood Parkway #300
Cottonwood Heights, Utah 84121

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 10/20/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet.


Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.


Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.


Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility. See additional details at https://www.sofi.com/legal/banking-rate-sheet.


SoFi Bank, N.A. NMLS #696891, Member FDIC

SoFi Lending Corp. NMLS #1121636

234 1st Street, San Francisco, CA 94105

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Everything You Need to Know About Private Student Loan Disbursements and Funding

4 months ago · Updated

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    • How long will it take for my SoFi Private Student Loan funds to be disbursed?

     

    There are two additional steps to complete the process after you have signed for your loan:

    1. We will send the information to your school to certify your loan. They will confirm your enrollment, and the amount of private financial aid needed.
    2. After your school certifies that information, they will send a disbursement schedule, letting us know when to send your funds to the school.
    3. Once SoFi has the disbursement letter, you will receive an email including the disbursement schedule three (3) days before the disbursement. You will also receive an email notification on the day of disbursement.

     

    Why do the disbursements for my Private Student Loan not add up to the total loan amount?

     

    Your school may have determined the full amount of private financial aid was not needed.

    If the school reduced the amount of the approved loan, the disbursements would add up to the certified amount, not the approved amount.

     

    What happens if I don’t end up needing the additional disbursements or the full Private Student Loan amount requested?

     

    A few things can happen in this scenario:

     

    If the second disbursement has not been sent to the school, we can submit a request to cancel the additional disbursement.

     

    If the disbursement has already been sent, then the school will send the excess back to SoFi and we will forward that to our servicing partner to reduce your overall loan amount owed; OR the school will give the excess funds to the student and the excess funds can be applied as an early payment, or used for qualified education expenses.

     

    My Private Student Loan Final Disclosure shows a deferment period, but I'm supposed to make payments while in school. Why?

     

    The date of your first payment depends on which repayment option you selected before signing your loan agreement. Even if you chose an in-school repayment option, the deferment shown is just reflecting the gap between disbursements and when billing officially starts.

     

    Please note that you are able to make early payments between disbursements if you would like by logging into your SoFi account.

     

    Have more questions? Chat with us or call 855-456-7634 to speak with an agent.