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SoFi Student Loan Refinancing

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SoFi Student Loan Refinancing

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SuperMoney Net Recommendation Score +70

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +70, equating to 4.4 on a 5 point rating scale.

+70

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly recommended

22 users recommend
2 users are unsure
3 users don't recommend
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Highlights
Community Rating Strongly recommended
Loan Amount $5,000 - $1,000,000
Loan Term (Years) 5 - 20 years
Fixed APR 2.99% - 6.88%
Variable APR 2.25% - 6.43%
Number of Reviews 27

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 2.25% to 6.43%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 2.99% to 6.88% 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:

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

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. SoFi Student Loan Refinancing only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via SoFi Student Loan Refinancing. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by SoFi Student Loan Refinancing. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Proof of graduation
  • 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 provide a credit approval decision in less than an hour and fund the loan within 1 to 7 days.

SoFi Student Loan Refinancing Disclosure: **Student Loan Refinance Disclaimer 1. Fixed rates from 2.99% APR to 6.88% APR (with AutoPay). Variable rates from 2.25% APR to 6.43% 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 2.25% APR assumes current 1 month LIBOR rate of 0.13% plus 2.37% 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. See eligibility details. 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. The discount will not reduce the monthly payment; instead, the interest savings are applied to the principal loan balance, which may help pay the loan down faster. Enrolling in autopay is not required to receive a loan from SoFi. *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.Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
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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

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.

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.

Contact

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

Other Services by SoFi

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

No Interest Grace Period for Late Payment 6 days
No Origination Fee
No Prepayment Fee
Origination Fee (%) 0%
Cosigner Optional
Credit Score Range 650 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Verification Documents Required
  • Proof of citizenship/residence (Green Card)
  • Proof of Income
  • Proof of Graduation
  • Loan Payoff Statements
  • Proof of Identity
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range 1 - 7 days
Unemployment Protection
Fixed APR 2.99% - 6.88%
Loan Amount $5,000 - $1,000,000
Variable APR 2.25% - 6.43%
Loan Term 5 - 20 years

SoFi Student Loan Refinancing Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +70, equating to 4.4 on a 5 point rating scale.

+70

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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