SuperMoney
Explore
Compare Rates

Find Your Best Match for Student Loan Refinancing

See if you qualify for student loan refinancing and compare real time offers.

Get Personalized Rates
x I’m not looking for offers right now
Advertiser Disclosure
  SoFi Student Loan Refinancing
Visit Site Get Personalized Rates

Best Of Product

SoFi Student Loan Refinancing
in Student Loan Refinancing from SoFi
Claimed Visit Site Get Personalized Rates

SoFi Student Loan Refinancing

Claimed
in Student Loan Refinancing from SoFi
SuperMoney Net Recommendation Score +63  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +63, equating to 4.3 on a 5 point rating scale.

+63

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

39 users recommend
7 users are unsure
6 users don't recommend
Cast your vote

Would you recommend SoFi Student Loan Refinancing to your friends?

Thanks for your vote!

You voted: May or may not recommend

Change my vote
Highlights
Community Rating Strongly recommended
Loan Amount $5,000 - $1,000,000
Loan Term (Years) 5 - 20 years
Fixed APR 4.49% - 8.99%
Variable APR 4.99% - 8.99%
Number of Reviews 52

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 4.99% to 8.99%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 4.49% to 8.99% 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:

  • 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. 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.

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:

  • 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: Fixed rates range from 4.49% APR to 8.99% APR with a 0.25% autopay discount. Variable rates from 4.99% APR to 8.99% 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 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. 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.
If approved for a loan your rate will depend on a variety of factors such as your credit profile, your application and your selected loan terms. Your rate will be within the ranges of rates listed above. Lowest rates reserved for the most creditworthy borrowers. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license #6054612; NMLS #1121636 (www.nmlsconsumeraccess.org). Additional terms and conditions apply; see SoFi.com/eligibility for details. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. View SoFi Student Loan Refinancing's published terms & conditions.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
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 Student Loan Refinancing

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.

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

Icon for Credit Card

Credit Cards

Be the first to rate
Icon for Investment

Investment Advisors

Be the first to rate
Icon for Loans

Personal Loans

68
28

106 Reviews
Icon for Banking

Checking Accounts

9

11 Reviews
Icon for Mortgage

Home Loans

Rating not yet determined

1 Reviews
Icon for Refinance

Mortgage Refinance

Rating not yet determined

2 Reviews

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • 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
  • Washington, DC
  • West Virginia
  • Wisconsin
  • 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
Joint Loan Applications Accepted
  • Cosigner
  • Individual Applications
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
Payment Options
  • Automatic Payments
  • Bank Transfer
Unemployment Protection
Fixed APR 4.49% - 8.99%
Loan Amount $5,000 - $1,000,000
Variable APR 4.99% - 8.99%
Loan Term 5 - 20 years

SoFi Student Loan Refinancing Community Reviews

 

Would you recommend SoFi Student Loan Refinancing to your friends?

Before we publish your vote:

Please explain your vote by sharing your experience.

Writing a review increases the credibility of your vote and helps your fellow users make a better-informed decision.

Please write a review to submit your vote
(will require moderator approval)

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +63, equating to 4.3 on a 5 point rating scale.

+63

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.

sorted by
7 other reviews that are currently hidden »

Other Student Loan Refinancing

Strongly recommended

33 Reviews

Strongly recommended

29 Reviews

Strongly recommended

26 Reviews

View All
Browse Student Loan Refinancing Lenders
SuperMoney
Best Picks
Partner with us
Go to homepage
AICPA SOC for Service Organizations badge SOC 2 Type II Monitored by Vanta badge

Copyright 2023 SuperMoney, LLC. All rights reserved.

SuperMoney Advertiser Disclosure

*SuperMoney is not responsible for third party products, services, sites, recommendations, endorsements, reviews, etc. All products, logos, and company names are trademarks™ or registered® trademarks of their respective holders. Their use does not signify or suggest the endorsement, affiliation, or sponsorship, of or by SuperMoney or them of us.

Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any financial institution. This editorial content is not provided by any financial institution.

SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). SuperMoney strives to provide a wide array of offers for our users, but our offers do not represent all financial services companies or products.

We endeavor to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

† To check the rates and terms you qualify for, one or more soft credit pulls will be done by SuperMoney, and/or SuperMoney's lending partners, that will not affect your credit score. However, if you choose a product and continue your application at a lending partners' website, they will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.