SoFi Student Loan Refinancing
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SoFi Student Loan Refinancing
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SoFi Student Loan Refinancing

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SuperMoney Net Recommendation Score +64  


This product is strongly recommended by SuperMoney users with a score of +64, equating to 4.3 on a 5 point rating scale.


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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Community Rating Strongly recommended
Fixed APR 5.24% - 9.99%
Variable APR 6.24% - 9.99%
Loan Amount $5,000 - $1
Loan Term (Years) 5 - 20 years
Number of Reviews 53

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:

  • 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:

  • 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: NOTICE: The debt ceiling legislation passed on June 2, 2023, codifies into law that federal student loan borrowers will be reentering repayment. The US Department of Education or your student loan servicer, or lender if you have FFEL loans, will notify you directly when your payments will resume For more information, please go to If you are a federal student loan borrower you should take time now to prepare for your payments to restart, including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income based repayment plans or extended repayment plans. 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 will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 9/08/2023 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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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.


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


  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
(Verified 09/14/2023)
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 5.24% - 9.99%
Loan Amount $5,000 - $1
Variable APR 6.24% - 9.99%
Loan Term 5 - 20 years

SoFi Student Loan Refinancing Community Reviews


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This product is strongly recommended by SuperMoney users with a score of +64, equating to 4.3 on a 5 point rating scale.


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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