SoFi Student Loan Refinance Review
ConsumersAdvocate.org Rating: 9.5 / 10 (Very good)
SoFi is one of the top marketplace lenders in the country today with over $4 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.
SoFi does not place a cap on its student loans. 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
- 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.
- 3.375% to 7.74% APR (with Auto Pay)
- 3.75% to 7.99% APR (without Auto Pay)
- 2.185% to 6.04% APR (with Auto Pay)
- 2.49% to 6.29% APR (without Auto Pay)
- 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
- Prepayment Penalties
- None. SoFi does not penalize you for paying your student loans early.
Student Loans at SoFi
SoFi helps students by refinancing their existing student loans or consolidating existing debts. 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.