SoFi Student Loan Refinance Review

Rating: 9.6 / 10 (Excellent)
10 Customer Comments & Reviews - see all comments
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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.


  • 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
  • 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.

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. (
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.

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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

O'Fallon, Missouri
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.

Austin, 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.

New York, 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
Moorpark, 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

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

Our Partner
9.6 / 10
  • 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