So Fi will put a hold on payments for three month stretches (up to a total of 12 months) and even help you go through the job hunting process.
Interest does accumulate on the loan while you’re looking for a new job, but no payments are expected. Though the minimum credit score to apply is 660, the typical So Fi customer has a credit score above 700.
Still, some companies, like So Fi and Lend Key, have found a way to offer students a competitive rate and a variety of repayment conditions.
If you sign and date the application, it is a binding contract.
Each of them operate on essentially the same platform as So Fi and Lend Key, with very slight differences in interest rates and loan terms offered.
There is an important distinction between just “consolidating” a loan and “refinancing” it.
The unemployment protection benefit runs 18 months and borrowers could make “interest only” payments for up to four years.
Some other companies crowding the market include Common Bond, Citizens Bank, Laurel Road and earnest.