SoFi Student Loan Refinance Review
10 Customer Comments & Reviews - see all comments
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SoFi is an online lender that offers personal loans, mortgages, and student loan refinancing, among other products. The company uses a selective loan approval process, which takes into consideration applicants' estimated cash flow and career and education history, to offer low interest rates to its customers.
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10 Customer Comments & Reviews
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I was declined refinancing of my student loans literally within minutes of myself and my co-signor submitting our applications. I called SoFi to find out the reasons for my denial. Their reasoning was that my income was lower than my credit obligations. I found this interesting as my yearly income actually supersedes my credit obligation by over $10,000. The SoFi representative further explained to me that based on their statistical programming, which includes ESTIMATING my cost of living, I would not be able to afford my monthly payments. They of course could not tell me the statistics of my estimated living costs because it is all done automatically through a program, no one actually... Read More
I applied and was approved in a timely manner. My interest rate was awesome compared to what I'm at with the Feds. I just now have to decide whether or not I want to give up my rights that the Feds offer with repayment options over the life of the loan.
Awful awful experience. Please do not go through the trouble of refinancing with this company because should you ever need a forebearance of any sort (like if you lose your job) they will ask you to jump through a million hoops of documentation and paperwork and then deny you.
Complete Joke! After a whooping 3 min application review, I am told I can't proceed without a consigner. I haven't been asked to provide a consigner since college years. I have a house , car and all bills and credit cards ALL in just my name . You're a complete joke SoFI!
I tried this out per a friend's suggestion. I have been paying my son's loans off on time every time for 12 years. I am currently financed with Sallie Mae, purchased and now with Navient. Each year I pay 4000+ in interest and 2.5 G in principal. So I go to Sofi and they ask for bank statements, deposit records, loan records, loan payment records, copies of paychecks and 1099s for 3 years. My credit score is high 7s. Back and forth - more info, more info etc etc etc, then they said no. This took over 2 months. I make 200G+ per year. Something here tells me that there is more going on than just refinancing loans. I left 2 reviews a month ago and they never showed up, which make me suspicious... Read More
Please ignore my last review. I was remarking about another student loan refinance company. SoFi promptly responded to my concern and answered my questions. They (Mitsy) were very prompt and courteous.
i have paid 740.0 per month for my son's student loan for the past 10 year, without a glitch. My income is consistently over 180G per year. my credit score is 740. they asked me to give them bank statements, copies of pay checks for the last year, 1099s for 3 years. I provided everything they asked for, they reviewed for 2 months and denied me. this place is a fkg joke. I should have checked to see if they were accredited by the BBB BEFORE I invested all my time and effort in them. Now they have all my info - all of it. Beware.
This company is a complete scam. Do not waste your time. They are going to try to charge you a processing fee that is astronomical and not change your interest rate at all regardless of what they offer on their website because according to their operators, the rates are set by the government.
Sent the following to the CEO of SOFI: Dear Sir, My wife is trying to apply as a cosigner on my daughters refinance loan. We are being told there is some reason that my wife's information cannot be verified. However, we are not being told what cannot be verified. We are extremely dissatisfied with your company. We need to have information provided to us to explain what is going on. It is not acceptable to be told "we can't tell you". We have spoken with Kimberly and requested to speak to manager Jordan but Jordan would not take the call. We have requested the reviewer Amanda contact us but have yet to hear from her! These people will also not tell my daughter any reason for this lack... Read More
False advertising. Don't waste your time.
- Get pre-approved in 2 minutes
- Easy-to-use loan calculator
- As low as 3.40% fixed or 2.63% variable APR with AutoPay
- Up to 20-year loan terms
- Career Coaches and Wealth Advisors for SoFi members
- Get a 0.125% discount on other SoFi loan products