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 Name||SoFi Student Loan Refinancing Variable Rate (with Autopay)|
|Min Loan Amount||$5,000|
|Max. Loan Amount||full balance of your qualified education loans|
|Min APR||From 2.815%|
- 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
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.