Features

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. As of September 2015, it has received over $766 million from 17 investors that include venture capital firms like Lakestar, Wellington Management and Baseline Ventures, and celebrity private investors, such as Ron Suber, President of Prosper, and Peter Thiel, co-founder of PayPal and partner at Founders Fund.

Now, SoFi also offers personal loans and mortgage loans. Despite its growth, student loan refinancing is still at the heart of SoFi. With over $3 billion in loans to date, 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
- Interest rates are extremely low
- Variable interest rates are capped
- Fast approval procedure
- Loans are funded within 4 to 5 days

What Are SoFi’s Student Loan Refinance Interest Rates and Terms?

SoFi’s interest rates range from

- 2.19% to 6.11% APR for variable loans. There is an 8.95% or 9.95% rate cap depending on the term of the loan.

- 3.38% to 6.74% APR for fixed loans.

These rates include a 0.25% discount for borrowers who enroll in autopay. Borrowers who don’t agree to automatic payments must add 0.25% to their rate. 

Borrowers can choose terms ranging from 5 to 20 years. Although monthly payments are lower with longer terms, the interest rate and the total cost of the loan are higher.

Variable rate loans have lower interest rates, but they are linked to the one-month LIBOR index (the average rate at which a select group of large banks can borrow money from other banks), which can change monthly and increase the cost of the loan. The good news with SoFi student loans is that variable loans are capped at 10.25% APR for 5, 7, and 10-year terms and at 9.25% APR for 15 and 20-year terms.

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 strong 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
    $5000
  • Variable APR
    2.19% - 6.11%
  • Fixed APR
    3.38% - 6.74%
  • Graduate Students
  • Parents
  • Undergraduate Students
  • Up to Cost of Attendance
  • New Loan
  • Refinance
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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

Easiest to work with- great rates (better than Credible) no origination fees for student loan refi. Customer service reps are wonderful and knowledgeable. Would recommend to anyone- even my mother- which I did! Parent Plus Refi!


0 votes

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


0 votes

Great company to work with and very patient on obtaining documents


0 votes

So simple. Saved $20,000 and five years of payments!


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

Very easy to deal with. Response was quick, even over the weekend - also got a lower rate! Would highly recommend. Have also done a personal loan with SoFi that was equally as easy.


0 votes

Sofi made it so easy to apply for the loan. The response was quick. The staff is friendly. My interest rate was cut in half. Im so happy I switched!


0 votes

Refinanced through the Ernst & Young employee advantage program. Sofi cut my interest rate on my old loans in half and then some! I would definitely recommend them. The staff was always super helpful and friendly.


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

Where have you been hiding, SoFi? Why have I only recently just heard about you? I tried refinancing my private student loans for years, and I unfortunately wasn't able to find any lenders out there willing to do that. Then, what is considered now to be a magical evening, I received a solicitation in the mail and thought to myself: what do I have to lose? So I applied for refinancing on my $64000 in private student loans which I had serviced through Navient (a.k.a. Sallie ... Mae). What thoroughly impressed me was that I shaved 10 years off of my repayment, 4% off of my interest rate, saved about $200 a month in my payments, received a fixed interest rate (had a variable interest rate with Navient), and $80000 over the lifetime of the loan. Everything seems to good to be true. I've been recommending SoFi to everyone I know with outstanding student loans. More Less


0 votes

I started off with over $30,000 in student loan debt with an 8.5 interest rate. With roughly an upper 600s credit score. Sofi refinanced my loan to be 6.5% for ten years saving me around $15,000. I refinanced the same loan with them again to get a lower rate and now I am at 5.99% for 7 years which shaves off another $3,000. My credit scores weren't any better when I applied for the second refinance but sofi looks at various factors in order to give you the best rates ... possible. Applying with sofi was the best decision I ever made in 2015. Plus the customer service is awesome. Use the referral link below to save even more money! http://www.sofi.com/refer/5/42674 More Less


0 votes

I refinanced my student loans about 5 months ago and had a fantastic experience. The online application took no more than 20 minutes from creating the account to uploading all my documents. For anyone interested in saving a lot on their loans, SoFi is absolutely the way to go. Also, since refinancing, I've had a couple questions and received a response within 24 hours - something I find extremely important when dealing with a large amount of debt.

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.


0 votes

I refinanced my student loans with SoFi and had an excellent experience. They were extremely easy to work with, and the underwriting process was handled efficiently. I was able to get a great rate and save a lot of money. I highly recommend them.


0 votes

Working with sofi to refinance was really simple. I was able to use screenshots of important documents and I was approved and financed within 10 days. My saving at least 1.5% points on each of my loans! It was a no brainer.


0 votes

Working with SoFi to get my student loan was an easy and straightforward process. Everyone I was in contact with was very knowledgable and helpful. They were there to answer my questions and guide me through the process when I had a couple issues. I'd definitely recommend them.


0 votes

SoFi provides student loans and reconsolidation loans at good interest rates. And unlike most private lenders, there are provisions for borrowers who lose their jobs. But you have to have very good credit to qualify, which eliminates a lot of potential borrowers.


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