SoFi was founded in 2011 by four Stanford MBA students as a school project. Initially, the business model was to get the alumni of top universities to refinance the loans of students. SoFi also offers personal loans and mortgage loans. Despite its growth, student loan refinancing is still at the heart of SoFi. With over $18 billion in loans and 275,000 members, as of 2017, SoFi is the biggest player in student loan refinancing.

What Are The Main Benefits Of SoFi Student Loans?

  • There are no application or origination fees
  • You can get pre-approved and find out your rate in 5 minutes without a hard credit pull
  • If you lose your job, SoFi will pause payments and help you find a new one
  • No prepayment penalties
  • Rates are extremely low
  • Variable rates are capped
  • Fast approval procedure
  • Loans are funded within 4 to 5 days

What Are SoFi’s Student Loan Rates and Terms?

SoFi’s rates vary based on credit history and other factors including income.

For private student loans, you can similarly choose between having a variable or fixed APR.

  • SoFi's variable rate APRs range from 3.67% to 7.345%.

  • SoFi's fixed rate APRs range from 4.25% to 6.99% APR.

For student loan refinancing, you can choose between having a variable or fixed APR.

  • SoFi's variable rate APRs range from 2.795% to 6.97%.

  • SoFi's fixed rate APRs range from 3.35% to 6.99% APR.

SoFi provides loan terms ranging from 5 to 20 years.

What Is SoFi’s Student Loan Refinance Eligibility Criteria?

SoFi only lends to super-prime borrowers and has strict credit requirements. These include:

  • Have a 4-year undergraduate or graduate degree from an institution accredited to receive federal aid (Title IV accredited institutions)
  • Have a good employment record and be either currently employed or have a confirmed job offer
  • Have a steady monthly cash flow
  • Have at least $10,000 in student loans (private or federal)
  • An excellent credit score
  • And be a US citizen or permanent resident.

The only reason to not refinance your student loan with SoFi is that you may lose some protections that come with US student loans. For instance, the Public Service Loan Forgiveness Program lets people who work full-time for certain organizations (such as government and not-for-profit organizations) off the hook for the balance of their student loans if they make on time payments for 10 years.


  • Loan Term (Years)
    5 - 20
  • Min Loan
  • Variable APR
    3.67% - 7.345%
  • Fixed APR
    4.25% - 8.25%
  • Cosigner Optional
  • Undergraduate Students
  • Graduate Students
  • Parents of Dependent
  • Grace Period / Deferred Interest
  • No Origination Fee
  • Student Loan Type
    • Private
    • Refinance
  • Unemployment Protection
  • Funding Time
    1-7 days
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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0 votes

No communication from SoFi. No follow through with SoFi. Have to push them every step of the way to call a phone number to verify employment. No one would do their job. Constantly told us we hadn't submitted income when they already had the information and no one had taken the time to look at it. First application expired due to them not following through. Told if we reapplied it would be done and funded in no time at all. Pushed over and over and over again only to call ... in and find out that again no one looked at our file, that it was just sitting there and now they needed to pull credit again (credit expired today).  Are you even kidding me??? Saving 1% to go with this company is not worth it in any way. Who knows what would happen if we ever actually funded with them. Would they even show documentation when we made payments? Or would we need to fight with them and hold their hand to make certain they recorded payment made and reported appropriately to the credit beauro. On a side note, we have NEVER had a late payment on a single bill for our entire adult lives (over 20 years). We are excellent borrowers and were treated like this. Find another company that actually knows how to do their jobs and get things done. Then you can focus on your life and how to make ends meet. NIGHTMARE!!! More Less

0 votes

I am very surprised that the process was efficient, private and personal.

0 votes

I completed most of this process on my phone - so quick and easy. I uploaded the documents needed to verify my loan amount and income and that was it. I have been out of college for quite awhile, so thinking about student loans any other way than the "traditional" way made me a little nervous. I won't need forbearance or deferment, which you do lose by refinancing with a private lender like this, so it made sense. I am saving $45/month on my loan payment.

0 votes

I was sick of the headache of dealing with multiple school loan lenders. Refinancing through SoFi was easy and organized. I am happy with my decision to move forward with this.

0 votes

SoFi did an outstanding job refinancing my parent loan. The process was easy and very clear. They will save me a lot of money over the life of my loan. I highly recommend them and they will be the first place I go for any other loans. 5 stars

0 votes

The process was incredibly easy and professional. The overall experience far exceeded my expectations. I definitely recommend SoFi to anyone looking for lending options.

0 votes

Fairly fast process. Reasonable requirements. I love that they deal with the previous servicer themselves. Excellent terms. So far I am very happy!

0 votes

Really easy process, should have done this sooner. Rates are going to save me approximately $4,000 over the 5 year loan period!

0 votes

Easy to work with, super simple application process, loan process took less than a month. already telling my friends about it

0 votes

SoFi was a complete unknown for us at the beginning, but an initial comparison to other lending institutions indicated good rates and an easy application process. We weren't disappointed in the actual experience. The rate determination based on our credit rating was quick. The amount of information required for the actual application was no more than seemed appropriate. We were very pleased with it taking less than a week from signing our loan papers to SoFi paying off our old Parent Plus loans. Saving .25% ... by signing up for Autopay was a nice bonus. We would definitely recommend SoFi. More Less

0 votes

Great Customer service and a an overall good deal, easy process, and a better way to manage your debt.

0 votes

I am in the finance industry and my experience with SoFi has been nothing but awesome. Financial companies take note!

0 votes

VERY easy to do. They were incredibly quick with getting back to me with an approval as well as funding the loans. It's been an amazing experience dealing with SOFI.

0 votes

Wonderful service! Great and fast customer service. Lowered my payments and shortened the duration of my loans. I'm so glad these guys exist!

0 votes

Easy and fast application process. Lowest interest rates available. Have already recommended SoFi to anyone with education loans. The gifts were nice bonuses too!

0 votes

Definitely the easiest application and approval process I have ever dealt with. Completely refinanced my student loans and saved over $100 per month, for the same term length that I had before.

0 votes

Excellent source to drop the interest rate on student loans. very easy sign up and process was very quick. wish i heard about this sooner have been telling anyone that is complaining about student loan debt where to go

0 votes

I used SoFi for a unique case: My wife has become a stay-at-home-mom. She is still carrying some student debt but gave up her income. SoFi allowed me to co-sign her re-fi. We knocked her APR down massively from 6.6% to a variable rate currently at 2.6%. Easy process, no origination fees. Refinancing with SoFi is a no-brainer if you have a steady income.

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