The Wisconsin Dental Association has partnered with SoFi to bring members and their families the opportunity to save on student loan refinancing through SoFi.com/WDA. Now through Sept. 30, WDA members and their families receive a limited-time, double rate discount of 0.25 percent (normally 0.125 percent)1 when you apply to refinance your student and Parent PLUS loans by Sept. 30, 2017 through SoFi.com/WDA.
What exactly is a Parent PLUS Loan? What is a Parent Loan? SoFi outlines some key differences below. Keep in mind that you can refinance your Parent PLUS loans with SoFi and receive the rate discount as a WDA member through SoFi.com/WDA.
What is the Federal Parent PLUS Loan?
- A government program that allows parents to borrow on behalf of dependent undergraduate students up to the cost-of-attendance minus other financial aid received
- The U.S. Department of Education is the lender
- Term is 10-years and the interest rate is tied to the 10-Year U.S. Treasury notes. Current rate is 7.00 percent with a 264 percent2origination fee; everyone gets the same rate regardless of credit history
- Detailed up-to-date information is
- A parent can refinance Parent PLUS loans with SoFi through SoFi.com/WDA while his/her child is in school
- Once a child graduates from school, the child may refinance his/her parent’s original Parent PLUS loan into his/her own name, but not if the loan has already been refinanced
What is the SoFi Parent Loan?
- A private loan option for parents to borrow on behalf of dependent undergraduate or graduate students up to the cost-of-attendance minus other financial aid received
- SoFi Lending Corp. is the lender
- Term is five or 10-years and tied to the monthly LIBOR. Current rates range from 4.25 percent APR to 8.00 percent APR (with AutoPay)* variable rates with 0 percent origination fee; rates depend on creditworthiness and other factors
- Detailed up-to-date information is
Depending on your circumstances, the Federal Parent PLUS Loan may be the best option. If you take out a Parent PLUS loan with the US Department of Education, you can apply to refinance your Parent PLUS loans with SoFi through SoFi.com/WDA and receive the rate discount1. However, originating a SoFi Parent Loan to fund your child’s education while in college may provide a lower monthly payment, higher lifetime savings, or possibly both. We recommend consulting the FinAid calculator to understand your repayment circumstances under various scenarios.
Questions?
SoFi is here to help seven days a week by phone, email, chat and social. Contact SoFi at 855-456-7634 or by email at [email protected].
*Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. Current as of September 1, 2017 and subject to change without notice. To qualify, a borrower must reside in an eligible state and meet SoFi’s underwriting requirements. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Fixed rates from 4.250% APR to 8.000% APR (with Autopay). Variable rates starting from 3.690% APR to 7.115% APR (with AutoPay), capped at 9.95% APR. Choose from available terms. If approved for a loan, the fixed or variable interest rate offered will depend on the borrower’s creditworthiness and the term of the loan, and will be within the ranges of rates listed above. Lowest rates are reserved for the best borrowers. For the SoFi variable rate product, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and changed monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% Autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. SoFi loans not offered to residents of Nevada. Other state restrictions may apply. See eligibility requirements at sofi.com/legal. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636.
1If you apply and are approved, the interest rate shown in your loan documents will include an additional rate discount because of your organization’s SoFi partnership at the time of loan origination. Offer good for new student loan refinancing customers only. Offer valid on applications submitted through the organization’s custom URL by 11:59pm P.T. on September 30, 2017. Application does not need to be funded before September 30, 2017 to receive the discount but must be funded within 90 days of submission. Applications started and submitted after September 30, 2017 will reflect the organization’s regular rate discount.
