SoFi student loan refinancing review December 2017

When you join SoFi, you’re joining a community of over 275,000 members, and the company has collectively saved members who refinance an average of $288 a month. As a whole, SoFi offers a variety of loan products, community events and professional guidance, in addition to student loan refinancing.

Product NameSoFi Student Loan Refinancing Variable Rate (with Autopay)
Min Loan Amount$5,000
Max. Loan Amountfull balance of your qualified education loans
Min APR From 2.815%
  • You must be a US citizen.
  • $5,000 minimum loan balance.
  • You must be employed.


  • Quick rates.
  • Member perks.
  • No hidden fees.


  • $5,000 minimum loan balance.
  • You are at least the age of majority in your state and able to enter into a binding contract.
  • You and your co-signer (if applicable) are US citizens or permanent residents.
  • You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
  • You have graduated with an associates’ degree or higher from a Title IV school.
  • You are looking to refinance educational debt. Bar loans and residency loans are not eligible for refinancing at this time.

How does student loan refinancing through SoFi work?

SoFi’s application is quick, online, and simple. Customer service is ready to help and accessible 7 day a week through email, chat and social media. Instead of considering just credit score, SoFi also looks at your financial behavior to determine eligibility.

SoFi splits their application into two parts: in order to show you the rates you qualify for, they will do a soft credit pull, which does not affect your credit score. If you choose a product and continue the application, then they perform a hard credit inquiry which may impact your credit score.

Benefits of SoFi Student Loan Refinancing

  • Member perks. As a member, you can enjoy customer service 7 days a week, career strategy services, invites to SoFi events, and more.
  • No hidden fees. You don’t have to worry about application fees, origination fees, or prepayment penalties.
  • APR caps. For 5 year(s), 7, and 10-year term refinancing, rates are capped at 8.95% APR. 15 and 20 year(s) terms are capped at 14.95% APR.
  • Unemployment protection. If you unexpectedly lose you job, SoFi can pause your loan payments for 3 month periods, and a total of 12 months.
  • Career support. SoFi provides career coaches that can help you advance in your job, build a personal brand, negotiate a salary, and more.
  • Wealth advisors. You can also take advantage of SoFi’s wealth advisors to help make sense of finances and investments.
  • Credit check. To refinance student loans, you will be required to do a credit check; however, there is no minimum credit score requirement. The company is most interested in your financial behavior.
  • One bill. You can refinance your student loans into one convenient monthly payment each month.
  • Terms. You can choose a repayment term from 5 year(s) to 20 year(s). (5, 7, 10, 15, 20)

How much will I pay for SoFi student loan refinancing?

Refinancing involves paying off one or more of your student loans with a new one. The new loan can potentially lower your monthly payments, save on interest and pay off your debt even sooner. Make sure you weigh your options when it comes to a fixed or variable APR, and choose what will better fit your financial needs.

SoFi has no origination fees or prepayment penalties, which means you won’t be dinged for refinancing or for paying off your loan early.

How can I apply for SoFi student loan refinancing?

Applying for student loan refinancing is easy, and requires applicants to meet the following eligibility requirements:

  • You must be a US citizen, a permanent resident or in the US on a valid long-term visa.
  • You must be at least 18 years old.
  • You must have a valid bank account.
  • $5,000 minimum loan balance
  • Not a Nevada resident
  • Graduated from a selection of Title IV accredited universities or graduate programs

The application is online, and requires the following information and documentation:
Required documents & information:

  • Your name, contact information and date of birth.
  • How much you want to borrow and the purpose of the loan.
  • Your credit score range.
  • Your annual individual income.
  • Your school and university information

Bottom line

If you just graduated and are looking for help paying off your student loan, SoFi’s student loan refinancing program can help. Be sure to compare other student loan refinancing options to ensure you’re making an informed decision.

Frequently asked questions


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. (

Student Loan Refinance

*​Fixed rates from 3.35% APR (with AutoPay). Variable rates from 2.815% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.815% APR assumes current 1 month LIBOR rate of 1.24% 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. 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.

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