Last Updated: 04/18/2025
SuperMoney User Recommendation Score +64
Strongly recommended53 total votes
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Highlights
Community Rating
Strongly recommended
Fixed APR
5.24% - 9.99%
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Variable APR
6.24% - 9.99%
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Amount Range
$5,000 - $1,000,000
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Loan Term (Years)
5 - 20
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Number of Reviews
SoFi Student Loan Refinancing Review
SoFi Student Loan Refinancing is a student loan refinance offering by SoFi . Founded in 2011, SoFi offers student loan refinancing in 50 states and Washington, DC.
SoFi Student Loan Refinancing FAQ
What APRs does SoFi Student Loan Refinancing 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 Student Loan Refinancing offers variable rate APRs that range from 6.24% to 9.99%.Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 5.24% to 9.99% APR.
How much can you borrow via SoFi Student Loan Refinancing?
Loan amounts start at $5,000 and go up to $1,000,000
Does SoFi Student Loan Refinancing charge an origination fee?
No, SoFi Student Loan Refinancing 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 Student Loan Refinancing charge prepayment fees?
No, SoFi Student Loan Refinancing does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
What terms does SoFi Student Loan Refinancing offer?
SoFi Student Loan Refinancing provides refinancing loans of 5 to 20 years.
It also offers borrowers unemployment protection. This means that if you lose your job through no fault of your own your loan payments may qualify for a temporary hold.
What type of borrowers will SoFi Student Loan Refinancing consider?
SoFi Student Loan Refinancing considers loans applications from:
What do you need to qualify for SoFi Student Loan Refinancing?
Applicants with a credit score of at least 650 and up to 850 may be eligible for SoFi Student Loan Refinancing. SoFi Student Loan Refinancing does not have or does not disclose a minimum annual income eligibility requirement. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by SoFi Student Loan Refinancing.
To qualify, applicants may need to provide the following documentation:
- Loan payoff statements
- Proof of income
- Proof of identity
- Proof of citizenship or residence permit
What is the estimated funding time for a student loan refinance via SoFi Student Loan Refinancing?
SoFi Student Loan Refinancing will typically fund loans within 1 and 7 days of approval.
SoFi Student Loan Refinancing Disclosure: Fixed rates range from 5.24% APR to 9.99% APR with 0.25% autopay discount. Variable rates range from 6.24% APR to 9.99% APR with a 0.25% autopay
discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 13.95% APR; 15- and 20-
year terms are capped at 13.95% APR. SoFi rate ranges are current as of 02/01/24 and are subject to change at any time. Your actual rate will be within the range
of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors.
Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding
a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one
percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR 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. The benefit lowers your interest
rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required
to receive a loan from SoFi. You may pay more interest over the life of the loan if you refinance with an extended term.
View SoFi Student Loan Refinancing's published terms & conditions
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Message from SoFi
Message from our editor
What we love about SoFi Student Loans
SoFi’s student lending process is quick and easy to work through. If you need a loan, you can apply and get a decision very quickly. The company offers highly competitive interest rates, flexible loan terms, low loan minimums, and high loan maximums. Importantly, there are no origination fees or other fees that could increase the cost of borrowing.
You can choose from both fixed and variable interest rates, giving you a chance to customize your monthly payment. You also have four different repayment options, including full deferment until graduation, flat payments while you’re in school, and interest-only payments, letting you choose how you’ll repay your loan.
SoFi offers many different types of student loans, including undergraduate loans, graduate loans, and parent loans, making it a good lender regardless of where you are in your educational journey.
What could SoFi Student Loans do better?
SoFi’s student loans have somewhat stringent eligibility requirements. Most people will need to get a cosigner if they want to qualify for a loan from the company. This is especially true for undergraduate students, who likely have a limited credit history and little or no income.
SoFi Student Loans’s Backstory
SoFi started in 2011 as a community lender for graduates of Stanford. It grew into one of the Largest student loan refinancers in the United States before expanding into offering other forms of loans. By 2021, the company had funded more than $50 billion in loans.
The Verdict
SoFi is a great choice of lender if you have strong credit. However, most students have little or no credit history, so you’ll want to apply with a cosigner. If you don’t have a cosigner to help out, you’ll struggle to get approved and will likely have to deal with a high interest rate, making SoFi less competitive compared to its competitors.
Hours of Operation
Sunday
4:00AM - 5:00PM
Monday
4:00AM - 9:00PM
Tuesday
4:00AM - 9:00PM
Wednesday
4:00AM - 9:00PM
Thursday
4:00AM - 9:00PM
Friday
4:00AM - 5:00PM
Saturday
4:00AM - 5:00PM
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Learn MoreSuperMoney Net Recommendation Score
SuperMoney users strongly recommend this product, giving it a user recommendation score of +64, or 4.3 on a 5-point rating scale.
+64
-1000+100
No one recommends
Everyone recommends
SoFi Student Loan Refinancing Community Reviews
Would you recommend SoFi Student Loan Refinancing to your friends?
JB
Jane B.
Nov 18, 2023
May or may not recommend
SoFi Student Loan Refinancing helped me get all my student loans in order. I had about seven different loans that were getting hard to manage and the interest rates were insane. SoFi was honestly so easy to use and returned back such great rates really quickly. They made it a lot easier to pay back my loans--cheaper rates, one interface, great customer service.
MC
Mazhar C.
Nov 29, 2022
May or may not recommend
SoFi allows for students to get educational loans if they are unable to through other financial resources. i advise to needy student always take help from SoFi to fulfill their expenses.
MH
Mohamed H.
Nov 27, 2022
May or may not recommend
It's quite challenging to get approved, probably need a co-signer, and funds are relatively quick to be available, rates are good and competitive.
when you meet the requirements it is quite an easy and smooth process
MC
Mazhar C.
Nov 25, 2022
May or may not recommend
SoFi allows for students to get educational loans if they are unable to through other financial resources. Quick and easy to use.
AH
Alissa H.
Nov 14, 2022
May or may not recommend
I have heard a few things about SoFi but I only have one student loan provider so Im not sure if theres any refinancing/ consolidating I could do..
MJ
Molly J.
Oct 19, 2022
May or may not recommend
I've never used SoFi, but I have received stuff from them at least once every few months for the past few years about refinancing with them. I know I need to refinance, and I've been putting off doing it, but I will look at them first once I finally do. I'd prefer less mail from them though.
Cenezhana R.
Aug 22, 2022
May or may not recommend
SoFi allows for students to get educational loans if they are unable to through other financial resources. Quick and easy to use.
MT
Megan T.
Aug 5, 2022
May or may not recommend
I have had a mixed experience with SoFi. In the beginning, it was so easy to refinance with SoFi. They made the process so easy online and customer service was amazing! Payments were somewhat affordable too.
With covid, I became the only provider in my house. Many people were getting relief or deferments on their student loans. I called customer service to see if I could do this since I ...Show More
SH
Steven H.
May 4, 2022
May or may not recommend
SoFi has a wide range of lending options. They're a very well known legitimate online lender that will work well for people who meet their requirements. You will probably need a cosigner, as well as proof of income, etc. So qualifying isn't the easiest, but at least they do have unemployment protection, unlike many of their competitors.
BY
Bettie Y.
Apr 27, 2022
May or may not recommend
I have had personal experience with this company. Refinancing my school loans was difficult since I was still in medical school and they wouldn't let me access their program until after I graduated. IF they make it easier for students to refinance I would say it was a good company but the headache they gave me with this issue was too much. I recommend other companies before I would use ...Show More
Yannick M.
Mar 9, 2022
May or may not recommend
This is a great place to lend money, SoFi is a legitimate online lender that provides student loan refinancing and private student loans. Its refinancing loan is ideal for borrowers who want a variety of benefits with their refinanced student loan. Its personal loan is ideal for people who want adaptable repayment plans and no fees.
LM
Louis M.
Mar 2, 2022
May or may not recommend
I like SoFi because it offers a high range of student loan financing and it is simple to apply but I feel like currently, someone can get options with better rates than it
BM
Bonnie M.
Feb 24, 2022
May or may not recommend
This company has been extremely helpful in coming to my aid in refinancing my student loans. 5 stars - best of the best - companies like these give me faith in commerce and the great USA. Stay blessed!
Becca -.
Feb 23, 2022
May or may not recommend
Private student and refinancing loans provided by SoFi include online pre-qualification options and access to client benefits; for example free careers. While this may seem appealing to some, for borrowers who do not have the best credit rating in the game, interest rates can be decently high and the deferral period is only 12 months which in my opinion is a tad off-putting.
SW
Samuel W.
Feb 22, 2022
May or may not recommend
SoFi is like a breath of fresh air and here's why. The job market is more unstable and unpredictable than ever. SoFi offers unemployment protection so that you won't go into financial or credit score ruin while trying to get your life in order. Winner.
TW
Tyra W.
Feb 3, 2022
May or may not recommend
Seems like they just want your money. They don't seem to provide any useful information. They're mostly a middle man.
RC
Ryan C.
Jan 5, 2022
May or may not recommend
So Fi is a good one. I love it. I have not been in school for a while but, I know many that are in it now. This is what they use. I wish it was around when I first went.
VJ
Vallarie J.
Nov 10, 2021
May or may not recommend
I have over $100,000 in student loans with multiple providers and refinancing with SoFi, allowed me to get all of my payments in one place, while also saving money in the long run as my interest rate decreased. Refinancing during COVID was great also because interest rates were on hold and in addition to saving money, I'm not accruing any additional interest. Would definitely recommend refinancing with SoFi.
RW
Rachel W.
Oct 27, 2021
May or may not recommend
Pros: They are quick to respond.
Cons: Do not expect compassion or flexibility from them.
When considering refinancing with SoFi, I called and specifically asked about In-School Deferments as I am currently enrolled full-time in graduate school and cannot afford to make payments. The customer service agent assured me that SoFi would help me in this regard, so I decided to go through with the refinancing.
I made a rookie mistake: I didn't ...Show More
Larissa F.
Oct 9, 2021
May or may not recommend
I recommend this student loan, what works for me the most is the unemployment protection, I am at my fourth year of my bachelors degree and to be honest I do not know if I'll choose this career path anymore, until I can figure it out what I want to do with my life it is good to know Im protected financially without affecting my credit score because of loans.
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