SoFi Student Loan Refinance Review

Rating: 9.6 / 10 (Excellent)
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.

How is SoFi rated?


Loan Specifics
Customer Experience
Company Reputation

Overall Rating: 9.6 / 10 (Excellent)

SoFi is one of the leading online lenders currently offering student loan refinancing. Borrowers with undergraduate, graduate, parent, and medical residency loans can refinance through SoFi and obtain excellent member-only benefits, such as payment deferment, career coaching, and access to wealth management advisors. The company's list of qualification requirements may exclude a substantial segment of prospective borrowers, yet their competitive interest rates and solid reputation place them among our top choices for student loan refinancing.

SoFi Loan Specifics

Loan Specifics - 10 / 10

SoFi refinances loans for parents, undergraduate, graduate, and medical residency students. Unlike many lenders, the company allows borrowers to enter deferment if they go back to school at least half-time, participate in disability rehab, or are active military servicemembers. The company does not charge origination or prepayment fees. SoFi student loans are serviced by MOHELA, a third-party loan servicer. Borrowers who sign up for auto-pay may receive a 0.25% interest rate discount.
Maximum Loan Amount
The full balance of all qualified education loans
Fixed APR Range
3.40% to 7.75% APR (with AutoPay)*
Variable APR Range
2.63% to 7.695% APR (with AutoPay)*
Repayment Options
Full Repayment
Deferment or Forbearance


Fixed rates from 3.400% APR to 7.750% APR (with AutoPay). Variable rates from 2.630% APR to 7.695% 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 2.630% APR assumes current 1 month LIBOR rate of 1.97% plus 0.91% 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. 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. *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. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.

SoFi Qualifications

Qualifications - 9 / 10

To qualify for student loan refinancing with SoFi, borrowers must be at least 18 and U.S. citizens or permanent residents. SoFi verifies employment and income history, as well as a "responsible financial history." Another requirement is having a 4-year degree from an accredited higher education institution. The company also says it considers other factors when deciding if a loan is eligible, such as "financial history, career experience, and monthly income vs. expenses."
Excluded Loan Types
Bar loans and residency loans are not eligible for refinancing.
Citizenship Requirement
U.S. Citizen
Permanent Legal Resident
Income Verification

SoFi Customer Experience

Customer Experience - 10 / 10

SoFi customers get many benefits by being a member of the institution. Career Coaches and Wealth Advisors are available to consumers. Additionally, SoFi members can get a 0.125% discount on other loan products like mortgages or personal loans.
Online Quotes
Student Loan Refinance Calculator
Career Support

SoFi Company Reputation

Company Reputation - 9 / 10

SoFi has earned an A+ rating with the BBB since its inception in 2011, partly due to its commitment to responding to negative customer reviews on the organization's website. Some common concerns among consumers are that the company allegedly turns borrowers down after initial approval and its loan application process can be somewhat complicated. On the other hand, it has a 9.1 out of 10 (Excellent) rating on
Lender Type
Online Lender
Year Founded
BBB Rating
Number of BBB Positive Reviews
Number of BBB Negative Reviews
Trust Pilot Rating
9.1 out of 10
Date Collected


Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (

Company Profile

Full Name
SoFi Student Loan Refinance
Company Website
375 Healdsburg Avenue, Suite 280, Healdsburg, CA, 95448

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10 Customer Comments & Reviews

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Zachary B
Bloomington, Illinois
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

Dallas, Texas
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.

Cedar Park, Texas
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.

Brooklyn, New York
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!

New York, New York
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

Jeremy O
Charlotte, North Carolina
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.

New York, New York
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.

Keyrah T
Santa Ana, California
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.

Cary, North Carolina
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

Solomons, Maryland
False advertising. Don't waste your time.

Our Partner
9.6 / 10
  • 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