SoFi vs Brazos

SoFi vs Brazos

You won’t believe how much money you could save with SoFi and Brazos Student Loans! Find out how these innovative lenders are helping students and graduates pay off their debt faster and easier than ever before. Get the inside scoop now!

Interest rates

SoFi offers fixed and variable interest rates for student loan refinancing, with rates starting at 3.50% for fixed-rate loans and 2.67% for variable-rate loans. These rates are competitive compared to other lenders and are subject to change. Brazos also offers fixed interest rates for student loan refinancing, with rates starting at 3.50%. Like SoFi, these rates are competitive and subject to change. It’s important to note that the actual interest rate a borrower will receive will depend on their credit history and other factors.

(*Rates may not reflect current rates offered by the lender. Check current rates here.)

Repayment terms

SoFi offers repayment terms ranging from 5 to 20 years, giving borrowers a range of options to choose from based on their financial goals and ability to make monthly payments. Brazos offers repayment terms ranging from 5 to 15 years, providing borrowers with a slightly more limited range of options. Both lenders allow borrowers to choose between making interest-only payments while in school or making full payments. This can be helpful for borrowers who want to minimize their monthly payments while they are still in school, but it’s important to note that choosing this option will result in paying more interest over the life of the loan.

Loan amounts

SoFi allows borrowers to refinance loans ranging from $5,000 to $500,000, making it a good option for borrowers with large student loan balances. Brazos has a maximum loan amount of $300,000, which may be a better fit for borrowers with smaller balances.

Cosigner release

SoFi allows borrowers to release a cosigner from the loan after making 24 consecutive on-time payments. This can be a good option for borrowers who initially needed a cosigner but have since improved their credit or income. Brazos does not offer cosigner release.

Application process

Both SoFi and Brazos have a simple and streamlined online application process. Borrowers will need to provide information such as their name, address, social security number, and employment history. SoFi and Brazos may also request proof of income and a list of current debts. It’s important for borrowers to carefully review the terms and conditions of the loan before accepting an offer.

Additional resources

Both SoFi and Brazos offer additional resources to their borrowers such as career coaching and financial planning. SoFi also offers a referral program where borrowers can earn cash bonuses for referring their friends to the lender. Brazos is a non-profit lender and offers its borrowers access to resources such as financial literacy courses. These resources can be helpful for borrowers who want to improve their financial knowledge or find ways to pay off their loans faster.

Conclusion

SoFi and Brazos are both reputable online lenders that offer competitive rates and a range of repayment options for student loan refinancing. Borrowers should carefully consider their options and do their own research before deciding which lender is the best fit for them. It’s a good idea to compare rates and terms from multiple lenders to find the one that offers the most favorable terms. It’s also important to consider factors such as cosigner release and additional resources when choosing a lender. It’s always a good idea for borrowers to carefully review the terms and conditions of the loan before accepting an offer, and to consider speaking with a financial advisor or professional for additional guidance.