Where does SoFi do business?

SoFi is a marketplace lender based in San Francisco, CA. It was founded in 2011 and offers student loan refinancing in 50 states (and Washington, DC).

What APRs does SoFi offer on its student refinancing loans?

The range of APRs you qualify for when refinancing a student loan vary widely by lender and will depend on your creditworthiness and the type of loan you choose. Loans with fixed rates will typically have higher APRs than loans with a variable rate. 

SoFi offers variable rate APRs that range from 2.79% to 7.63%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 3.25% to 7.375% APR.

How much can you borrow via SoFi?

Loan amounts start at $5,000 and go up to $300,000

Does SoFi charge an origination fee?

No, SoFi does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does SoFi charge prepayment fees?

Yes, SoFi charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment fees can reduce or even cancel the interest savings of repaying a loan early.

What terms does SoFi offer?

SoFi provides refinancing loans of 5 to 20 years.

It also offers borrowers unemployment protection. This means that if you lose your job your loan payments may qualify for a temporary hold.

What type of borrowers will SoFi consider?

SoFi considers loans applications from:

  • undergraduate degree holders
  • graduate degree holders
  • parents of graduates

What do you need to qualify for a SoFi student loan refinance?

Applicants with a credit score of at least 660 can apply for a loan via SoFi.

Note that borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.


To qualify, applicants must provide the following documentation:

  • Proof of citizenship or residence permit
  • Proof of income
  • Proof of graduation
  • Loan payoff statements

What is the estimated funding time for a student loan refinance via SoFi?

SoFi will typically fund loans within 1 and 7 days of approval.

  • Institution Type
    Marketplace Lending Platform
  • Cosigner Optional
  • Credit Score Range
    660 - 850
  • Employment Statuses Considered
    • Employed Full-Time
    • Self-Employed
  • Verification Documents Required?
    • Loan Payoff Statements
    • Proof of Graduation
    • Proof of Identity
    • Proof of Income
    • Proof of citizenship/residence
  • Grace Period / Deferred Interest (Months)
  • No Origination Fee
  • Funding Time Range (in days)
    1 - 7
  • Unemployment Protection
  • Loan Amount
    $5000 - $300000
  • Loan Term (Years)
    5 - 20
  • Variable APR
    2.79% - 7.63%
  • Fixed APR
    3.25% - 7.375%
Fixed rates from 3.250% APR to 7.125% APR (with AutoPay). Variable rates from 2.890% APR to 7.380% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.890% APR assumes current 1 month LIBOR rate of 1.88% plus 1.26% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change 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. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi 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. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.
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