SoFi Student Loan Refinance Review

Rating: 9.5 / 10 (Excellent)
3 Customer Reviews - see all reviews
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How is SoFi rated?
Loan Limits/Terms
Customer Service
Additional Fees
Application Process

SoFi is one of the top marketplace lenders in the country today with over $14 billion in loans originated. The company provides a range of financial services that are designed to help professionals get access to mortgages, mortgage refinancing, personal loans and student loan refinancing. SoFi takes a different approach to loan qualifying by not only looking at a client’s FICO score, but also his/her education and career success.

Loan Limits

SoFi does not place a cap on it's student loan refinancing limit. It provides coverage for the total cost of your education. Student loans are available for both undergraduate and graduate school.

  • Undergraduate School – No limits
  • Graduate School – No limits

*** $5k minimum student loan balance to qualify for refinancing.

Loan Terms

  • 5,7,10, 15 and 20 years
  • Students can enjoy longer repayment terms of up to 20 years. This can make loan payments more affordable especially for early professionals who are just about to climb the corporate ladder and may not have the same financial flexibility as their senior counterparts.


​SoFi offers both fixed and variable loan options for its student loans. Variable loans come with a “cap” ensuring that no future interest payments go beyond “set” rates.

Fixed Rates: 

  • 3.375%-6.740% APR (with AutoPay)
  • 3.625%-6.990% APR (without AutoPay)

Variable Rates

  • 2.355%-6.280% APR (with AutoPay)
  • 2.605%-6.36% APR (without AutoPay)
  • Rate cap 8.95% or 9.95% depending on the term of your loan

Save with auto payments

Yes. A 0.25% discount is available for those who use auto pay. 

Loan Related Fees

  • Origination fees
  • None
  • Prepayment Penalties
  • None. SoFi does not penalize you for paying your student loans early. 

Student Loans at SoFi

SoFi helps students by refinancing and consolidating their existing student loan debt. With lower interest rates and payment terms of up to 20 years, students and young professionals can make loan payments more affordable. Unemployment protection does not only let you temporarily stop payments but also helps you find a job. No origination fees and competitive interest rates makes SoFi’s student loan offer one you should not definitely miss.

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Latest Reviews

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Keyrah Truszkowski
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.

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Raleigh, 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

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False advertising. Don't waste your time.

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