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SoFi Student Loan Refinancing

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SoFi Student Loan Refinancing

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SuperMoney Net Recommendation Score +68% 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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Highlights
Highlights
Community Rating Strongly recommended
Fixed APR 3.460% - 7.944%
Loan Amount $5,000 - $1,000,000
Variable APR 2.140% - 7.944%
Loan Term 5 - 20 years
Number of Reviews 25

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).

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 2.140% to 7.944%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 3.460% to 7.944% APR.

Rate is quoted with autopay discount*.

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

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.

Only U.S. citizens and permanent residents can apply for a loan.

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 fund loans within 1 and 7 days of approval.

SOFI STUDENT LOAN REFINANCING Disclosure: Student Loan Refinance Disclaimer Fixed rates from 3.460% APR to 7.944% APR (with AutoPay). Variable rates from 2.140% APR to 7.944% 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 2.140% APR assumes current 1 month LIBOR rate of 2.04588% plus 0.100% 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. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
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Contact

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  •   One Letterman Drive Building A
    Suite 4700
    San Francisco, CA 94129
  •   Visit Site

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.

Other Services by SoFi

Availability

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

Feature Breakdown

No Interest Grace Period for Late Payment 6
No Origination Fee  
No Prepayment Fee  
Origination Fee 0%
Cosigner Optional  
Credit Score Range 650 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Employed Full-Time
  • Self-Employed
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Verification Documents Required
  • Loan Payoff Statements
  • Proof of Graduation
  • Proof of Identity
  • Proof of Income
  • Proof of citizenship/residence (Green Card)
Funding Time Range (in days) 1 - 7
Unemployment Protection  
Credit Bureau Reporting
  • Equifax
  • Experian
  • TransUnion
Variable APR 2.140% - 7.944%
Loan Amount $5K - $1M
Loan Term 5 - 20 years
Fixed APR 3.460% - 7.944%

SoFi Student Loan Refinancing Community Reviews

 

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