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Student Loan Refinancing
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Last Updated: 04/18/2025

SoFi Student Loan Refinancing

in Student Loan Refinancing from SoFi

Last Updated: 04/18/2025

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Strongly recommended53 total votes
40 users recommend
7 users are unsure
6 users don't recommend
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Compare student loan refinancing offers from multiple vetted lenders.

Compare student loan refinancing offers from multiple vetted lenders.

Discover your lowest eligible rate in minutes.

Discover your lowest eligible rate in minutes.

See how much you qualify for and what your monthly payment will be.

See how much you qualify for and what your monthly payment will be.

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It's quick, easy, and won't hurt your credit score.

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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

53
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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.
    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.

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    Message from SoFi

    SoFi is a new kind of finance company taking a radical approach to lending and wealth management. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result.

    Rate Snooze Offer. Borrowers have the unique opportunity to refinance, at historically low rates, some or all of their federal student loans without making monthly or interest payments until October 2021, through SoFi. The company’s new program provides federal borrowers the opportunity to continue benefiting from the government’s temporary pause on student loan repayments while also locking-in a historically low interest rate that will be ready for them once the federal moratorium ends. Refinancing now helps alleviate the potential risk of interest rates rising in the fall.

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    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.

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