SoFi Review

ByBestmoney StaffJan. 12, 2021
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In a Nutshell

SoFi is a leader among student debt consolidation companies. Its flexibility of terms and rate options coupled with low interest rates makes it a standout choice for recent graduates.


  • Unemployment protection
  • Co-signing is available for refinancing loans


  • Shortest available loan term is 5 years
  • Consolidation forfeits government loans forgiveness

SoFi at a Glance

APR Starting at
2.25% (with autopay) 
Loan types Student loans refinancing, medical resident refinancing
Refinance amount Up to 100% of outstanding debt amount
Repayment terms 5 to 20 years
Minimum credit score Good credit
Suitable for Upwardly mobile graduates  who want long loan terms
Direct Lender or Marketplace Direct lender

SoFi SoFi View Rates


In 2011, four graduates from the Stanford Graduate School of Business founded SoFi as a company committed to helping people pay student debts in a timely way. The dedication to lowering customers’ student debt payments have made it one of the most popular and fastest growing companies in the industry. 

Suitable For?

SoFi has over 250,000 members who have saved $18 billion on student debts. SoFi prides itself on the ability to service customers' needs, which is why it was the first marketplace lender to receive a Moody’s top credit rating of AAA for a bond offering.

Customer Care

SoFi’s creditworthiness selection process is forward looking and takes into account a potential borrower’s education history and upward mobility. For that reason, if a customer becomes unemployed, SoFi will pause payments and help with job placement and coaching.

SoFi Student Loan Refinancing Highlights

  • Fixed rates from
    2.99% (with autopay), variable rates from
    2.25% (with autopay)
  • Checking rates will not affect your credit score
  • If you face unemployment, SoFi will pause payments and offer interview coaching, resume review, and negotiation training. 
  • Loan terms: 5-, 7-, 10-, 15- and 20-year
  • No application or origination fees and no prepayment penalties
  • Autopay discount of 0.25%
  • $5,000 minimum to refinance, no maximum amount

Information and Support


SoFi offers customers an extensive library of articles, informative reading material along with tools tools to help borrowers understand the bigger picture. The blog hosted by SoFi provides over 200 articles on various lending and general personal finance topics. 


SoFi’s FAQ section guides users through the entire student loan refinancing process so that borrowers fully understand their options. 


SoFi provides customers with several calculators and a student debt refinancing guide to ensure customers have all the information they need to make their borrowing decisions.

Customer Support

SoFi provides significant support services. For customers who have become unemployed, SoFi offers interview coaching, resume review, and educates customers with negotiating tactics services to help them find a new job. Furthermore, if customers need any help, SoFi’s customer support professionals are available by phone, email and Twitter 7 days a week during business hours.

Types of Debt

SoFi customers can refinance both secured and unsecured debt. Therefore, SoFi customers can refinance their student loans whether they were issued from a private lender or the government.

Repayment Plans

SoFi is one of the few companies in the industry that provides borrowers with the choice of fixed rate or variable rate loan options. Additionally customers are offered a choice of 5 different loan term options, 3-, 5-, 7-, 10-, 15-, or 20-year loans, so that customers can repay their loan in a time frame that suits their financial circumstances. SoFi ‘s student debt consolidation loans have some  of the longest terms in the industry and are specifically designed for recent school graduates who may need a longer time frame to pay down their debts.

SoFi's Application Process

Getting a rate quote from SoFi requires an application form that takes approximately 10 minutes to fill out. Potential borrowers must give the same basic information they would for any loan. In addition, prospective customers must enter detailed education and employment information, as this information is critical for SoFi’s creditworthiness assessment. If a borrower does not meet the lending qualifications on their own, SoFi offers a co-signing option.


SoFi is one of the most reputable student debt consolidation companies in the alternative lending business. The flexibility of terms and rate options coupled with low interest rates makes it a standout and favorite among recent graduates. If a borrower loses their job, SoFi will adjust payment plans and help them find a new job, the mark of a company that cares about its customers.

SoFi SoFi View Rates


 1. 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 0.15% plus 2.35% 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 2,482
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  • author
    Dec 21, 2020
    Good but always out to gain your money

    They are great if you simply want to pay your loans and have straight forward options. If you need anything complicated, please do not use them. Also remember if you need to pay off your loan (and the mail is late), they will make sure to collect all interest on the loans if the payoff check is late. They will not backdate to the payoff date.


  • author
    Stacie Nauman
    Dec 14, 2020
    I used sofi to consolidate all my…

    I used sofi to consolidate all my student loans. So instead of 5 large interest payments to various companies...I now have 1 loan with a much better interest rate. I have a few more years left but I am happy it’s in one place and that I’m now saving some money. They offer a welcome bonus if you use my share code. Sofi generated this for me. You can even call to confirm it’s real! Got to Sofi website Then write “ share/53754?src=copy “ at the end of the link


  • author
    Katie S
    Nov 24, 2020
    I have been a SOFI customer for years, but no more

    I have been a SOFI customer for years and had always received great service when refinancing my law school loans and using their investment platform. That all came to a screeching halt when I went to get a mortgage. I went through the application process providing all of the documentation needed to approve my loan. I have nearly perfect credit, a high salary career, and plenty of money saved for a down payment so the process was super first. Once I decided to put an offer in on a house, I was forced to interact with Alice Tirrell who was my assigned loan officer. She repeatedly issued preapproval information and discussed my home purchase without ever mentioning that fact that a) apparently she had never actually moved my application forward for underwriting; b) because she had failed to do her job, SOFI would need additional time to underwrite the loan and appraise the house. Once I finally was under contract on my home and reached out to finish the process, she straight up told me that she couldn't help and I should go elsewhere. Apparently there was not enough time between my contract and closing dates since she had dropped the ball earlier and not processed everything that needed processed. I, understandably, was irritated because I had already provided all of my documentation and had been working with SOFI for months with ZERO mention of any of these issues. She refused to let me speak with her supervisor, continued to deny my requests to process the loan, and kept simply telling me to go elsewhere. Luckily, I had the credit and financial resources to easily find another mortgage company who was happy to have my business, but I am still appalled at the level of incompetence and poor customer service from Alice Tirrell. She is easily the worst service provider I have ever worked with (and I have had Comcast cable for years)! SOFI, if I were you, I would fire Ms. Tirrell and spend some resources trying to find loan officers who are competent at basic tasks and can conduct themselves in a minimally professional way.


  • author
    Nov 15, 2020
    love investing with them and good…

    love investing with them and good customer service


  • author
    Hamad Ahmed
    Nov 13, 2020
    I refinanced my student loan due to a…

    I refinanced my student loan due to a promotion of $450 dollars. The application was complete and I was approved. I called a month afterwards and was told that there was no such offer even though I confirmed on the first call about the promotion. I woul expect a company of this stature to have dignity and honor their words but they didn't. Im livid !