SoFi Student Loan Refinancing
May 20th, 2021 update: SoFi will offer the Lowest Rates; if a competitor offers a lower rate, we will match it and give the borrower $100 for their trouble of having to upload docs and complete the funding process. Find a lower rate? We’ll match it and give you $100 when your loan is funded. Terms apply1.
SoFi is a direct online lender who’s been in the industry for nearly a decade offering products for borrowing, saving, spending, and also investing. With a 900,000 member community, SoFi has facilitated over $30 billion in loans.
If you’re in the market for student loan refinancing, SoFi embraces simplicity when it comes to financing. You can open an account and submit an application online in just a matter of minutes. They also pride themselves on transparency.
Unlike other lenders, when you sign up for one of SoFi’s products, you become a member, not a customer, which means access to membership benefits, like free financial guidance, events, discounts and deals from partner companies, and more.
SoFi’s Student Loan Refinance Overview
| APR (fixed interest rate) | 2.74% – 6.74% (with AutoPay) |
| APR (variable interest rate) | 2.25% – 6.39% (with AutoPay) |
| Eligible loan types | All qualified education loans, including federal and private student loans |
| Refinance amount | Minimum of $5,000 |
| Repayment terms | 5, 7, 10, 15, & 20 year terms |
| Minimum credit score | 650 |
| Lender type | Direct |
| Good for: | Users who want additional guidance, deals, and more. |
SoFi’s Pros
- No origination or prepayment fees
- All qualified education loans are eligible for refinancing
- Competitive rates
- Membership benefits
- Offers deferment and repayment options
SoFi’s Cons
- Only a cosigner release option for private student loans
- Stricter requirements than other online lenders
- Credit score minimum of 650
Application Process
SoFi’s application process is entirely online. You get started by visiting their website and clicking the “Find My Rate” button which will take you to a products page. From there, you select the product you’re interested in, like student loan refinancing, and begin the pre-application process.
You’ll start by creating your SoFi membership account, which will ask for basic information like your name and contact information.
Some other information you’ll be asked for:
- What your goal is (like lowering your monthly payment, consolidating, or getting out of debt)
- You citizenship status
- Date of birth
- Home address
- Living arrangement (renting or homeowner)
- Highest degree completed
- Employment status
- Income
- Desired loan amount
- Social Security number
This should take just a few minutes to complete and is just a preliminary application that won’t affect your credit score. It’s only when you select an offer later that they’ll run a hard credit check.
Once all this information is submitted, you’ll immediately be able to view your pre-approval status as well as loan offers. These offers will include the loan amount, repayment terms, APR, and the monthly payment amount.
For student loan refinancing, you can expect it to take 7-15 business days to receive the funds.
Get my rateTerms & Requirements
Compared to other online lenders, SoFi is a bit stricter about their requirements and who they approve. For student loan refinancing, a minimum credit score of 650 is required. While there isn’t an explicit income minimum, they do prefer applicants have good cash flow and income, as well as little debt.
Loan Requirements
- US citizen, permanent resident or visa holder
- 18 years or older
- Employed with sufficient income or have an offer of employment beginning in the next 3 months
- Graduated with an associate’s degree or higher from a Title IV school
- Looking to refinance education debt only
- Minimum loan amount of $5,000
Loan Terms
- APR fixed interest rate of 2.74% – 6.74% (with AutoPay)
- APR variable interest rate of 2.25% – 6.39% (with AutoPay)
- Qualified education loans only may be refinanced, including federal and private student loans.
Repayment Terms
- Repayment terms are between 5-20 years, which is comparable to other lenders in the industry
- SoFi offers loan deferment for members who are returning to graduate school, serve or are active military duty, or undergo disability rehabilitation.
Privacy & Security
SoFi has an A+ rating with the Better Business Bureau and is a trusted, well-known online lending institution.
When it comes to safety and security in handling your information, they have safeguards in place to prevent breaches.
Customer Support
You can reach a SoFi representative via email and phone. When we emailed SoFi, they responded to our inquiry in less than an hour, which is impressive. Overall, they have positive reviews online for their top-notch customer support.
Their Contact Us page also lists out the phone number and email for each department, making it easier to get in touch with the right person.
Final Thoughts
While their requirements are a little stricter than their competitors, SoFi has very competitive rates for student loan refinancing, excellent customer service, and an overall positive reputation, putting them within the top tier of the online lending world
They also have the added perks of being a SoFi member, which includes career coaching, financial planning, member discounts, and more. If you have a decent credit score and cash-flow, we recommend SoFi for your student loan refinancing needs.
Address
2750 East Cottonwood Parkway #300
Cottonwood Heights, Utah 84121
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Disclaimer: Revised Rate Disclosure
Fixed rates from 2.74% APR to 6.74% APR (with autopay). Variable rates from 2.25% APR to 6.39% APR (with autopay). All variable rates are based on the 1-month LIBOR and may increase after consummation if LIBOR increases; see more at SoFi.com/legal/#1. If approved for a loan your rate will depend on a variety of factors such as your credit profile, your application and your selected loan terms. Your rate will be within the ranges of rates listed above. Lowest rates reserved for the most creditworthy borrowers. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license #6054612; NMLS #1121636 (www.nmlsconsumeraccess.org). Additional terms and conditions apply; see SoFi.com/eligibility for details. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
Rate Match Guarantee Disclosure
Get $100 when you fund a Student Loan Refinance offered by SoFi Lending Corp. or an affiliate. $100 bonus not available to residents of OH. Rate Match valid only for private student loan refi products & will be on the rate, exclusive of all discounts. Eligible documentation of a competitor’s current rate offer, issued within 30 days of your SoFi pre-qualified rate, will be determined at SoFi’s sole discretion and must be for the same loan amount and repayment terms. Lowest rates reserved for the most creditworthy borrowers. Void where prohibited by state law. See full terms & conditions at sofi.com/refinance-student-loan/#guaranteed-rate-match. SoFi reserves the right to modify or discontinue at any time without notice. Additional terms & conditions apply; see SoFi.com/eligibility. CFL#6054612, NMLS#1121636 (nmlsconsumeraccess.org)
