Eliminate your student debt more quickly while saving on interest.
If you’re looking to save some serious cash on your student loans, consider refinancing for better terms, lower monthly payment or APR. If you have a credit score of 650 or better, you can qualify for competitive variable rates starting at 2.48% with SoFi student loan refinancing.
The best part: you can get your rates online in two minutes.
How does student loan refinancing with SoFi work?
A unique feature of SoFi is that it consolidates both federal and private student loans. With SoFi, you can choose between a competitive fixed or a variable APR.
Using SoFi to refinance your student loans can save you money in the long run, especially if your current loans have high interest rates.
SoFi student loan refinancing offer
SoFi offers you the chance to borrow starting at $5,000 with the choice of a fixed or variable interest rate.
- Minimum loan amount. $5,000
- Maximum loan amount. full balance of your qualified education loans
- Loan term. 5 year(s) to 20 year(s)
- Approval speed. Two minutes
- Total costs. Varies by credit score
- Unemployment Protection Program. If you lose your job, SoFi will suspend your payments for three to 12 months
- Confidential, secure online application. With a rate quote in minutes
What loans can I get with SoFi?
|Maximum Loan Amount||Loan Term||Approval speed|
|SoFi Student Loan Refinancing|
Refinance your loans to pay them off sooner.
|full balance of your qualified education loans||5 year(s) to 20 year(s)||Find out your rate in a matter of minutes|
|SoFi Personal Loan|
Borrow up to $100,000 with a competitive APR and no fees.
|$100,000||3 year(s), 5 or 7 year(s)||Varies|
Features of refinancing your student loans with SoFi
Some of the key features of refinancing your student loans with SoFi are:
- No application or origination fees.
- Customer support. Available seven days a week by phone, email, chat or social network platforms.
- Federal and private loan consolidation and refinancing.
- Unemployment protection. If you lose your job by no fault of your own, SoFi will temporarily hold your loan payments. It’ll even help with your job search.
- Career support. No matter where you are in your career, SoFi offers advice, salary negotiation tactics, personal brand building and more.
- Wealth advisors. If you’re looking to invest or create a financial plan, advisors are on hand to help.
- Online and in-person community. SoFi is member-based and puts on events like happy hours.
Refinancing for medical and dental residents
SoFi has a special loan for medical and dental graduates that allows them to make repayments as low as $100 a month while completing a residency. Fixed rates run from 4.274% to 8.679% with autopay and variable rates range from 2.855% to 7.490 with autopay. Residents have a choice between terms of five, seven, 10, 15 and 20 years.
To qualify you must have no more than four years left in your residency program and at least $10,000 in debt. It’s an affordable option in the short-term, though the interest that adds up during your residency gets added to your loan balance, ultimately increasing your debt load.
What other products does SoFi offer?
SoFi also offers:
- Mortgage loans. Buy a home with as little as 10% down, with flexible debt-to-income limits. You’ll also avoid application and loan origination fees.
- Mortgage refinancing. Paying too much interest on your existing mortgage? The refinancing process takes fewer than 30 days, and you can learn how much you prequalify for even before submitting a complete application.
- Personal loans. Consolidate your credit card debt, take a vacation or improve your home. Competitive APR, and you can choose fixed or variable rate options.
- MBA loans. If you’re pursuing a graduate degree, you can make interest-only repayments while at school, and select between fixed and variable APRs.
How can I apply for student loan refinancing with SoFi?
First, confirm your eligibility. You must:
- Be a US citizen or permanent resident.
- Meet your state’s minimum age requirement.
- Have a regular source of income or an offer of employment that starts within 90 days.
- Have graduated from a selection of Title IV accredited universities or graduate programs.
During the application process, you’ll need to provide:
- Your full name and contact information.
- Proof of a government-issued ID, like a driver’s license or passport.
- Your Social Security number.
- Your employment status and income.
- Certain expenses that could interfere with repayment.