SoFi Review

BySally HerigstadApr. 18, 2021

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In a Nutshell

SoFi is an online student loan refinancing company, with over 375,000 members who have refinanced over $30 billion in student loans. SoFi offers approval within minutes and funding of your current loans within 7 to 15 days. Student loan refinancing is recommended for borrowers who qualify for lower interest by refinancing than on their current loans.


  • Fast, online loan approval and processing
  • Loan deferment options for borrowers in graduate school
  • Available in 50 states plus the District of Columbia


  • Borrowers don’t qualify for federal loan benefits
  • Bar loans are not eligible for refinancing

SoFi at a Glance

Variable APR
2.25% (with autopay)
Loan typesFixed or variable rate loans
Refinance amount$5,000+, higher in some states
Repayment terms5, 7, 10, 15, or 20 years
Minimum credit score650+
Suitable forBorrowers with higher interest rates, privately held student loans

SoFi SoFi View Rates

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-rate APRs from 2.25% (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.


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 SoFi View Rates


Fixed rates from 2.99% APR to 6.88% APR (with AutoPay). Variable rates from 2.25% APR to 6.43% 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 2.25% APR assumes current 1 month LIBOR rate of 0.12% plus 2.38% 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. See eligibility details. 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. The discount will not reduce the monthly payment; instead, the interest savings are applied to the principal loan balance, which may help pay the loan down faster. Enrolling in autopay is not required to receive a loan from SoFi. *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.Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. 

SoFi customer testimonials

GreatReviews 2,489
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  • author
    Feb 26, 2021
    Account opening takes ages

    Applied for an account almost two weeks ago in Hong Kong which hasn’t been open yet. It says at the beginning of the process that it can take a few business days, but I had no idea it would take SO long. They also requested a minimum deposit of 10,000HKD, which I have no idea when I’ll see the sign of. Sounds like a total scam!! In the meantime I managed to open accounts with two other brokers... If I managed to get this account finally open I’ll take my money out and close it immediately. What a lack of respect and waste of time.


  • author
    Juan pablo Cordova
    Feb 23, 2021
    Stay away from this app

    Stay away from this app, they made me lost almost 3000 usd by their “system problems”, hope you guys see this before download this app


  • author
    Raquel C
    Feb 13, 2021
    Rejected me because of the Patriot act

    Rejected me because of the Patriot act? Racist I have been to peaceful BLM protest and signed some petitions


  • author
    Marvelous Marv
    Feb 05, 2021
    Amateur Hour

    I applied for a refi and it was a disaster. The staff was a game of musical chairs.They didn't know much. They pre-approved me, took $500 for an appraisal and then the fun began. It was like dealing with fools. I gave up trying to educate them, went to my credit union and funded a month later. Stay away from these amateurs.


  • author
    Ankit Takyar
    Jan 19, 2021
    SoFi negative customer service.

    Spoke to an account specialist today regarding my loan refinance. Asked to speak to manager was told by account specialist that it would not be allowed. Asked why? Told because I have answered your questions and queries. I let her know that I still wanna speak to manager to explain my point of view. Then she began to speak loudly telling me no she could not let me. Who does this? I came off working in ICU and did not wanna be treated negatively. Would recommend laurel road for refinancing your loan, this is to all my resident medical docs out there. Honestly those guys were more receptive and offered better promotions. Also when asked to speak with manager they did patch me through.