SoFi summary
Pros
- Fast, online loan approval and processing
- Loan deferment options for borrowers in graduate school
- Available in 50 states plus the District of Columbia
- No application or origination fees, no prepayment penalties
Cons
- Borrowers don’t qualify for federal loan benefits
- Bar loans are not eligible for refinancing
Editorial score
Online experience
Has learning resources, access to rates, mobile app
Customer services and support
Award winning
Repayment flexibility
Offers multiple repayment plans- but no special repayment programs
Loan Types Covered
Covers most student loan types
Eligibility
Doesn't cover bad credit, low income borrowers
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 2.24% (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
View Rates
Disclaimers
Fixed rates range from 3.99% APR to 8.24% APR with a 0.25% autopay discount. Variable rates from 2.24% APR to 7.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. 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.
Sally has been writing about personal finance since 1998 and is the author of “Help! I Can’t Pay My Bills” (St. Martin’s Griffin). She is a licensed real estate broker in Washington state and a retired certified public accountant. She writes for BestMoney and enjoys helping readers make sense of the options on the market.
