Chase stops consolidating school loans
Hard credit inquiries (or hard credit pulls) are required for So Fi to be able to issue you a loan. Laurel Road has helped thousands of professionals with graduate and undergraduate degrees across the country to refinance and consolidate over billion in federal and private school loans, saving these borrowers thousands of dollars each.
In addition to requiring your explicit permission, these credit pulls may impact your credit score. Lending services provided by Laurel Road Bank, Member FDIC.
Soft credit inquiries allow So Fi to show you what rates and terms So Fi can offer you up front.
After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry.
The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan).
*To check the rates and terms you qualify for, So Fi conducts a soft credit inquiry.
Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score.
VARIABLE APR – Variable rate options consist of a range from 3.24% per year to 5.67% per year for a 5-year term, 3.37% per year to 5.87% per year for a 7-year term, 3.90% per year to 6.07% per year for a 10-year term, 4.24% per year to 6.42% per year for a 15-year term, or 4.45% per year to 6.67% per year for a 20-year term, with no origination fees. The variable interest rates are based on a Current Index, which is the 3-month London Interbank Offered Rate (LIBOR), as published in the “Money Rates” section of The Wall Street Journal (Eastern Edition).
The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 3-month LIBOR index changes.
SAVINGS EXAMPLE – Average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed.