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Last update: December 30, 2023

4 minutes read

SoFi: Student Loan Refinance Review

Explore the details of SoFi’s student loan refinancing in our comprehensive review. From interest rates to repayment options, we'll dive into the eligibility criteria and highlight any extra benefits they offer.

By Yerain Abreu, M.S.

Edited by Brian Flaherty, B.A. Economics

SoFi Review Snapshot

SoFi logo

BEST FOR:

Graduates with good-to-excellent credit

Check rate

VARIABLE APR

6.24% - 9.99%

FIXED APR

5.24% - 9.99%

Exploring options to refinance your student loans? Take a closer look at SoFi and how their student loan refinancing can transform your student loan experience. Dive into the details of SoFi's competitive interest rates, understand eligibility requirements, explore flexible repayment plans, and learn about what sets SoFi apart in college finance.

Our final verdict

SoFi stands out as a good choice for graduates with high-interest loans who want to make their student loan refinancing experience simpler. They're upfront about costs, don't add extra fees, and let you refinance both federal and private student loans. SoFi helps out if you're having financial troubles and lets you include a cosigner to get better loan terms. However, this may not be the best option for you if you have less than stellar credit.

    About SoFi

    Founded in 2011, SoFi Technologies Inc., commonly known as SoFi, emerged with a mission to enable students to finance their education while minimizing debt. Beginning in 2012, one of their initial offerings was student loan refinancing. SoFi is dedicated to enhancing borrowers' financial flexibility, assisting graduate and undergraduate students across various disciplines.

    What's special about SoFi is that they offer personalized solutions. SoFi is committed to helping clients succeed, offering a Student Loan Debt Specialist for personalized support. They also go beyond just lending money by providing extra benefits like career planning, job search help, and business support. Proving their commitment to their browser's overall financial well-being.

    SoFi doesn't stop at student loans. They now offer many financial services like mortgages, personal loans, insurance, investment accounts, and online cash management with SoFi Money. This makes SoFi a go-to place for many financial needs.

    TuitionHero tip

    Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.

    Undergraduate loan details

    SoFi provides loans that range from $5,000 up to Up to 100% of qualified education loans (aggregate) for undergraduate students. They offer fixed rates from 5.24% to 9.99% or variable rates from 6.24% to 9.99% (including the autopay discount!).

    Borrowers can rest easy knowing that there are:

    • No application fees

    • No origination fees

    • No late fees

    • No prepayment penalties

    Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.

    Repayment options

    SoFi offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.

    • Grace period: SoFi will honor the first six months of any existing grace period of the loans that you refinance with them.

    SoFi

    Best for: Graduates with good-to-excellent credit

    SoFi

    Check My Rate
    VARIABLE APR

    6.24% - 9.99%

    FIXED APR

    5.24% - 9.99%

    LOAN AMOUNT

    $5,000 up to 100% of qualified education loans

    TERMS LENGTH

    5, 7, 10, 15, 20-year

    MIN CREDIT SCORE

    650

    VARIABLE APR

    6.24% - 9.99%

    FIXED APR

    5.24% - 9.99%

    LOAN AMOUNT

    $5,000 up to 100% of qualified education loans


    TERMS LENGTH

    5, 7, 10, 15, 20-year

    MIN CREDIT SCORE

    650

    WHAT WE LIKE

    • Soft credit check to check rates

    • No application fees

    • No origination fees

    • No prepayment penalties

    • They offer extra benefits like career planning, job search, and business support

    WHAT WE DON'T LIKE

    • Minimum loan size requirement for refinancing

    • No cosigner release

    • Autopay discount: 0.25% discount when you set up autopay*.

    Eligibility

    Who can benefit from SoFi's loan options? Here are the core eligibility requirements for their private student loans:

    1. Age: You must be at least 18 years or the age of majority in your state of residence

    2. Location: SoFi funds student loans in all 50 states and Washington, D.C.

    3. School attended: Your school must have been an eligible, accredited Title IV school at the time of enrollment

    TuitionHero tip

    If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.

    Compare SoFi to other lenders

    Unsure if SoFi is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.

    Our top pick

    SoFi

    SoFi

    Disclosures

    Variable APR

    6.24% - 9.99%

    Fixed APR

    5.24% - 9.99%

    Repayment Options
    • Unemployment deferment
    • Grace period
    • Forbearance
    • Military deferment
    • Death or disability discharge
    • In-school deferment
    Fees
    • No application fees
    • No prepayment penalties
    • No origination fees
    • No late fees
    • No insufficient funds fees
    Discounts & Benefits
    Autopay discount: 0.25%
    Loan Details
    Loan amount: $5,000 up to 100% of qualified education loans
    Term lengths: 5, 7, 10, 15, 20-year

    SoFi

    SoFi

    Disclosures

    Variable APR

    6.24% - 9.99%

    Fixed APR

    5.24% - 9.99%

    Repayment Options
    • Unemployment deferment
    • Grace period
    • Forbearance
    • Military deferment
    • Death or disability discharge
    • In-school deferment
    Fees
    • No application fees
    • No prepayment penalties
    • No origination fees
    • No late fees
    • No insufficient funds fees
    Discounts & Benefits
    Autopay discount: 0.25%
    Loan Details
    Loan amount: $5,000 up to 100% of qualified education loans
    Term lengths: 5, 7, 10, 15, 20-year

    SoFi

    SoFi

    Disclosures

    Variable APR

    6.24% - 9.99%

    Fixed APR

    5.24% - 9.99%

    Repayment Options
    • Unemployment deferment
    • Grace period
    • Forbearance
    • Military deferment
    • Death or disability discharge
    • In-school deferment
    Fees
    • No application fees
    • No prepayment penalties
    • No origination fees
    • No late fees
    • No insufficient funds fees
    Discounts & Benefits
    Autopay discount: 0.25%
    Loan Details
    Loan amount: $5,000 up to 100% of qualified education loans
    Term lengths: 5, 7, 10, 15, 20-year

    Citizens

    Citizens

    Disclosures

    Variable APR

    7.05% - 12.40%*

    Fixed APR

    6.79% - 10.99%*

    Citizens

    Citizens

    Disclosures

    Variable APR

    7.05% - 12.40%*

    Fixed APR

    6.79% - 10.99%*

    Citizens

    Citizens

    Disclosures

    Variable APR

    7.05% - 12.40%*

    Fixed APR

    6.79% - 10.99%*

    CollegeAve

    CollegeAve

    Disclosures

    Variable APR

    5.99% - 11.99%¹

    Fixed APR

    5.99% - 11.99%¹

    CollegeAve

    CollegeAve

    Disclosures

    Variable APR

    5.99% - 11.99%¹

    Fixed APR

    5.99% - 11.99%¹

    CollegeAve

    CollegeAve

    Disclosures

    Variable APR

    5.99% - 11.99%¹

    Fixed APR

    5.99% - 11.99%¹

    Ready to get started?

    Compare student loan rates from all the top lenders with zero impact on your credit score.

    Customer service

    SoFi has an A+ rating from the Better Business Bureau (as of December 19, 2023). Do note that MOHELA takes on the role of servicing your student loan refinance after the loan is approved.

    SoFi offers multiple ways to contact them.

    • Website: https://www.sofi.com/refinance-student-loan/

    • Email: customerservice@sofi.com

    • Phone: 855-456-7634

    • Hours: Monday–Thursday 5am–7pm PT;
      Friday–Sunday 5am–5pm PT

    Frequently asked questions (FAQ)

    Here are some of the most common questions we get asked about SoFi.

    SoFi does a soft credit check to estimate the interest rate you could get—it won't hurt your credit score. If you decide to apply, they'll do a hard credit check to confirm your details and financial history. This might temporarily lower your credit score.

    Applying for a loan with Nelnet Bank is completely free.Eligible private student loan borrowers are offered a six-month grace period before their payments are required. Additionally, SoFi respects any existing grace periods on student loans that are refinanced.

    Yes! With SoFi, you can refinance Parent PLUS loans.

    MOHELA takes on the role of servicing your student loan refinance. If you have any questions or need help, reach out to MOHELA at 877-292-7470.

    Final thoughts

    SoFi is a solid choice. They don't charge you extra fees for applying or paying off your loan early. If you're having financial troubles, they've got helpful programs to delay payments or adjust them, and if you set up automatic payments, they'll give you a discount. SoFi makes the process pretty smooth, and they're there to support you along the way. If you're thinking about getting your student loans in order, SoFi is worth checking out.

    If you're considering refinancing your student loans, TuitionHero is here to help. In our guide to student loan refinancing, we explore and compare the essential characteristics, terms, and extra perks offered by the top student loan refinancing lenders in the market today.

    Sources


    Author

    Yerain Abreu avatar

    Yerain Abreu is a Content Strategist with over 7 years of experience. He earned a Master's degree in digital marketing from Zicklin School of Business. He focuses on college finance, a niche carved out of his journey through the complexities of academic finance. These firsthand experiences provide him with a unique perspective, enabling him to create content that's informative and relatable to students and their families grappling with the intricacies of college financing.

    Editor

    Brian Flaherty avatar

    Brian is a graduate of the University of Virginia where he earned a B.A. in Economics. After graduation, Brian spent four years working working at a wealth management firm advising high-net-worth investors and institutions. During his time there, he passed the rigorous Series 65 exam and rose to a high-level strategy position.

    At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.

    At TuitionHero, we're not just passionate about our work—we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.


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