SoFi Review

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Suitable For?

SoFi loans are suitable for borrowers with higher interest student loans and with fair to excellent credit scores. Some borrowers with federally held loans may choose not to refinance in order to remain eligible for benefits applicable to federally held loans.

Loan Features

SoFi offers student loan refinancing with the following features:

• Variable APR: 6.24% - 9.99% (with autopay)
• Fixed APR: 5.24% - 9.99% (with autopay)
• Loans with minimum size of $5,000 and up (higher in some states)

The Application Process

Click “Find My Rate” on the SoFi website, answer a few questions, and have SoFi tell you if you’re qualified before you fill out a complete application.

SoFi shows you the rates and terms you can choose from. You can choose between a lower monthly payment, or paying off your loan faster and saving on total student loan interest.

You’ll upload screenshots of your information, and sign your paperwork electronically.

Within about 7 to 15 days, funding is sent to your current student loan servicer to pay off your loans. Your first loan payment on your SoFi loan is not due until 30 to 45 days after your previous loan is paid off.

Loan Eligibility Requirements

To qualify for a loan from SoFi, you must meet certain requirements, including:

• Be employed, have sufficient other income, or have an offer to start work within the next 90 days
• Have graduated with an associates degree or higher from a Title IV school
• Be a U.S. citizen, permanent resident, or visa holder
• Be age 18 or older
• Meet underwriting standards, including financial history and credit score

If you don’t meet the employment, credit score, or U.S. citizen or residency status requirements, you may still qualify if you have a cosigner who meets these requirements.

Repayment Terms

SoFi offers loans with repayment terms of 5, 7, 10, 15, or 20 years. When considering your loan term choose the monthly payment you can afford that still helps you pay off your loan as soon as possible.

How Safe Is It?

Sofi maintains administrative, technical and physical safeguards to protect your personal information that you provide on their website. You use an encrypted password to access your account and help keep your information safe. 

Your information is stored on servers and in facilities that only selected SoFi personnel and contractors can see, and they encrypt all data you submit through the website using Transport Layer Security (TLS) to prevent unauthorized access.

Help & Support

For questions about student loan financing or help making your application, call 1-(855)-456-7634. Phone support is available Monday through Thursday from 5:00 AM to 7:00 PM PT, and Friday through Sunday from 5:00 AM to 5:00 PM. Or you can chat with Money Support online.

After your loan is complete, you can call SoFi’s servicing agent MOHELA at 1-(877)-292-7470 with any questions about your loan.

Summary

If you’re looking to refinance your student loans, SoFi could be a good place to start. You can apply for refinancing online and see the rates you qualify for in minutes. Within about 1-2weeks, SoFi can pay off your old student loans. You have at least 30 days after your old loans are paid off before you are required your first payment on your SoFi loan.

Physical Address

234 1st Street

San Francisco, CA 94105 

SoFi View Rates

Disclaimers

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 https://docs.house.gov/billsthisweek/20230529/BILLS-118hrPIH-fiscalresponsibility.pdf https://studentaid.gov/announcements-events/covid-19

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 9/05/2023 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.