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SoFi is a student loans lender based in San Francisco, CA. It was founded in 2011 and offers student loan refinancing in 50 states (and Washington, DC).

What APRs does SoFi offer on its student refinancing loans?

The range of APRs you qualify for when refinancing a student loan 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 offers variable rate APRs that range from 2.35% to 7.09%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 3.25% to 7.5% APR.

Does SoFi charge an origination fee?

No, SoFi 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 charge prepayment fees?

Yes, SoFi charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment fees can reduce or even cancel the interest savings of repaying a loan early.

What terms does SoFi offer?

SoFi provides refinancing loans of 5 to 20 years.

It also offers borrowers unemployment protection. This means that if you lose your job your loan payments may qualify for a temporary hold.

What type of borrowers will SoFi consider?

SoFi considers loans applications from:

  • undergraduate students
  • graduate students
  • parents of students

What do you need to qualify for a SoFistudent loan refinance?

Applicants with a credit score of at least 660 can apply for a loan via SoFi. Note that borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.

Active duty servicemembers and their covered dependents cannot apply for a loan via SoFi. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.

What is the estimated funding time for a student loan refinance via SoFi?

SoFi will typically fund loans within 1 and 7 days of approval.

  • Loan Term (Years)
    5 - 20
  • Min Loan
    $5000
  • Institution Type
    Marketplace Lending Platform
  • Cosigner Optional
  • Credit Score Range
    660 - 850
  • Undergraduate Students
  • Graduate Students
  • Parents of Dependent
  • Grace Period / Deferred Interest
    6
  • No Origination Fee
  • Funding Time Range (in days)
    1 - 7
  • Unemployment Protection
  • Variable APR
    2.35% - 7.09%
  • Fixed APR
    3.25% - 7.5%
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org). STUDENT LOAN REFINANCE: Fixed rates from 3.375% APR to 6.740% APR (with AutoPay). Variable rates from 2.575% APR to 6.50% 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 2.575% APR assumes current 1 month LIBOR rate of 1.00% plus 1.575% 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.
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