SoFi Student Loan Refinance Review
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.
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.
- 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.
- 3.25% - 7.25% APR (with AutoPay)
- 3.50% - 7.50% APR (without AutoPay)
- 2.58% - 7.07% APR (with AutoPay)
- 2.83% - 7.32% 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
- 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.
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 Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
Fixed rates from 3.250% APR to 7.250% APR (with AutoPay). Variable rates from 2.580% APR to 7.070% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. Lowest variable rate of 2.580% APR assumes current 1 month LIBOR rate of 1.57% plus 1.825% 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. SoFi rate ranges are current as of January 2, 2018 and are subject to change without notice. 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.
**Member Lifetime Savings – Average member lifetime savings calculation of $22,359 is based on all SoFi members who refinanced their student loans between 8/16/2012 and 6/30/2016. The savings calculation is derived by taking the estimated lifetime cost of existing student loans minus the lifetime cost of SoFi loans upon refinancing for SoFi members who refinanced their student loans. SoFi’s lifetime savings methodology for student loan refinancing assumes 1) members’ interest rates do not change over time (PROJECTIONS FOR VARIABLE RATES ARE STATIC AT THE TIME OF REFINANCING AND DO NOT REFLECT ACTUAL MOVEMENT OF RATES IN THE FUTURE) 2) members make all payments on time 3) members make monthly payments for the full duration of their loan 4) members take advantage of AutoPay, which enables them to lower the APR of their loan by 0.25%. SoFi’s average savings methodology for student loan refinancing excludes refinancings in which 1) members elect SoFi loans with longer maturity than their existing student loans 2) the term length of the member’s original student loan(s) is greater is than 30 years 3) the member did not provide correct or complete information regarding his or her outstanding balance, loan type, APR, or current monthly payment. SoFi excludes the above refinancings in an effort to maximize transparency on how we calculate our average lifetime savings amount and to minimize the risk of member data error skewing the average lifetime savings amount.
10 Customer Comments & Reviews
- SoFi members save an average of $22,359 by refinancing their student loans**
- Find your rate in 2 minutes
- Consolidate & refinance your federal or private student loans
- As low as 3.25% fixed or 2.58% variable APR (with Autopay)
- Up to 20 year loan terms
- Unemployment protection
- Simple online application