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SoFi private student loans review

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SoFi Student Loans
Finder score
5.74% to 15.86% APR with autopay
Max. Loan Amount
Full cost of attendance
Min. Credit Score

Our verdict

Undergrad and graduate financing with no late fees.

SoFi’s private student loans could be a helpful supplement to federal student aid, especially if your parents rely on nontraditional sources of income. There are no fees — not even late fees. And your variable rate never rises above 13.95%. It also includes perks like networking events to jumpstart your career after graduation.

But SoFi only offers terms of up to 15 years. And with credit requirements on the high side, you may find more competitive rates elsewhere.

Still on the fence? Check out our list of other lenders that might be a better fit for you.


  • No fees
  • Cosigner release
  • Low variable rate cap
  • No-risk prequalification
  • Employment not required
  • Membership perks


  • New product
  • For US citizens only
  • No 20-year term.

In this guide

  • Our verdict
  • Details
    • Product details
  • Ask a question


Product details

Product Name SoFi Student Loans
Minimum Loan Amount $5,000
Max. Loan Amount Full cost of attendance
APR 5.74% to 15.86% APR with autopay
Interest Rate Type Variable
Fixed rate 4.19% to 14.83% APR with autopay
Minimum Loan Term 5 years
Maximum Loan Term 15 years
Requirements 650+ credit score, employed or receive income from other sources, enrolled at least half time at an eligible degree-granting program, use funds for qualifying higher education expenses, maintain satisfactory academic progress, US citizen, age of majority in your state — or bring on a cosigner who’s a US citizen to help you meet age, credit and income requirements

First, am I eligible?

SoFi requires all borrowers to meet the following criteria:

  • Credit score of at least 650
  • Regular income from a job or other source
  • Enrolled at least half time in eligible degree-granting program
  • Use the funds for qualifying higher education expenses
  • Maintain satisfactory academic progress, as defined by your school
  • US citizen
  • Age of majority in your state

Don’t qualify on your own? That might not be a problem. “We accept cosigners for our private student loan and student loan refinance borrowers,” SoFi CEO Anthony Noto tells Finder. You can bring on a cosigner who’s a US citizen and the age of majority in their state to help you meet the age, credit and income requirements. But you must meet the other criteria on your own.

What states are SoFi student loans available in?

SoFi student loans are available to residents in all 50 states.

How do SoFi student loans work?

SoFi’s student loans are designed to cover what federal aid can’t. “We always encourage families to exhaust federal options first as they come with protections and deferments not widely available in the private market,” says Noto.

Its private student loans run from $5,000 up to 100% of your school-certified cost of attendance — which typically includes expenses beyond tuition, like textbooks and transportation.

It offers both fixed and variable rates with terms of 5 to 15 years. This new product was previously only available to undergraduate students. But SoFi recently started to offer financing for graduate degrees at rates starting at 3.73% with autopay.

Does SoFi offer parent loans?

Yes, SoFi offers parent loans with your choice of fixed or variable interest rates that start lower than federal Parent PLUS Loans. You won’t be on the hook for any fees, unlike federal loans, and you can choose between two different repayment options:

  • Interest-only repayments. Only pay the interest that adds up each month while your child is in school.
  • Immediate repayments. Begin making full principal and interest repayments as soon as the funds are disbursed to your child’s school.

How much do SoFi student loans cost?

It depends on the rate you get. SoFi doesn’t charge fees, leaving interest your main cost to consider.

Rates fall into two types: fixed and variable.

Degree and rateAPR range
Fixed undergraduate4.73% to 11.71% with autopay
Fixed graduate4.73% to 11.99% with autopay
Variable undergraduate5.74% to 15.86% APR with autopay
Variable graduate3.42% to 11.7% with autopay

Fixed rates won’t change over the course of repaying your loan. Variable rates can increase or decrease depending on the lending market, though they’re capped at 13.95% — maybe lower depending on your state regulations.

SoFi calculates your variable rate by adding the one-month LIBOR rate to a fixed rate of 2.74% to 9.99%. Learn more about how this works in our guide to student loan interest rates.

“Loan rates are determined by a variety of factors, only one of which is the Fed funds rate,” Noto tells Finder. “Other factors include credit performance, marketing and operational costs and the competitive environment. So while the Fed rates remain low, it is reasonable to expect interest rates for newly originated loans to remain low as well, but there are no guarantees.”

Does SoFi offer any discounts?

Yes. You can shave 0.25% off your interest rate by signing up for automatic repayments from a checking or savings account.

If you or a cosigner is already repaying a SoFi loan, you may qualify for an additional 0.125% interest rate discount.

What are my repayment options?

SoFi offers four repayment options while you’re in school and over the six-month grace period after you drop below half time:

  • Deferred. Hold off on making repayments until your grace period is up.
  • Interest-only. Make repayments on interest only until your grace period ends.
  • Partial. Make $25 fixed monthly repayments while you’re in school and during your grace period.
  • Immediate. Start full repayments on interest and principal after your school gets the funds.

After that grace period is up, everyone is responsible for making full repayments. While deferred repayments give you the lowest short-term cost, it can make your loan more expensive in the long run. That’s because SoFi adds any unpaid interest to your balance, so you’re essentially paying interest on interest.

Immediate repayments give you the lowest total loan cost. But even partial repayments can significantly lower the cost, if making full repayments immediately doesn’t fit your budget.

Does SoFi offer deferment or forbearance?

Yes. SoFi offers two options to put your repayments on hold:

  • Economic Hardship Deferment. Defer student loan repayments if you lose your job or face another temporary drop in cash flow.
  • In-school deferment. Put your repayments on hold if you decide to go to graduate school or get another type of degree.

Top reasons to consider SoFi

From its lack of late fees to its low variable-rate cap, you can expect a few perks when taking out a student loan from SoFi:

  • No fees. You won’t pay a fee to apply or repay your loan early. And you aren’t on the hook for late or insufficient funds fees should you miss a payment.
  • Cosigner release. Apply to take your cosigner off your loan without having to refinance after at least two years of on-time repayments.
  • Low variable rate cap. Many student loan providers have a maximum variable rate of 18%. SoFi’s is 13.95%.
  • No-risk prequalification. SoFi can prequalify you with a soft credit pull, which doesn’t affect your credit.
  • Employment not required. As long as you or your cosigner earn enough steady income from another source, you don’t need to have a job.
  • Membership perks. Being a SoFi borrower qualifies you for discounts, networking events and other services to help you.

Drawbacks to borrowing from SoFi

Consider these potential pitfalls before taking out a private student loan with SoFi:

  • New product. While experienced with other types of lending, SoFi’s just entered the private student loan market. There’s not much out there as far as first-person reviews.
  • For US citizens only. Permanent residents and international students aren’t eligible to borrow.
  • No 20-year term. Unlike other private student loan providers, SoFi offers terms of up to 180 months only.

SoFi reviews and complaints

BBB accredited No
BBB rating A
BBB customer reviews 1.75 out of 5 stars, based on 117 customer reviews
Trustpilot Score 3.6 out of 5 stars, based on 2,492 customer reviews
App Store Score 4.8 out of 5 stars, based on 48,292 customer reviews
Google Play Score 4.2 out of 5 stars, based on 5,213 customer reviews
Customer reviews verified as of 16 October 2020

What to expect when signing up

Make sure you and your cosigner meet SoFi’s eligibility requirements before applying:

  1. Go to the SoFi website and choose Find My Rate.
  2. Select Private Student Loans.
  3. Enter your personal information and a password to create your account.
  4. Read the disclosures and check I Agree. Choose Continue.
  5. Select I’m the student or I’m the parent if you’re the cosigner. Hit Next.
  6. Follow the directions to complete the form with information about yourself, your cosigner and your program.
  7. Select Check My Rate.

If you’re accepted, review your potential rates and repayment options before completing your application.

SoFi typically requests documents to verify your income and other aspects of you and your cosigner’s finances. It will also reach out to your school to verify your enrollment status, academic progress and financial aid package.

The whole application process can take four to six weeks.

What information do I need to apply?

Have the following information on hand to complete the application:

  • You or your cosigner’s income before taxes
  • How much you need to borrow
  • You and your cosigner’s contact information

You might need to provide additional information after you prequalify, such as proof of income.

Who services SoFi student loans?

SoFi uses student loan servicer Mohela to handle repayments on its student loans. So if you want to sign up for autopay or request deferment or forbearance, you’ll need to reach out to Mohela — not SoFi.

More about SoFi

SoFi launched in 2011 as a peer-to-peer lender that specializes in private student loan refinancing for high-credit borrowers. It’s since expanded to fund its own loans and offers a range of financial products including mortgage loans, credit cards, personal loans, checking accounts, life insurance and investments.

It generally earns positive customer reviews, though the FTC filed a complaint against the lender in 2018 over its advertising practices.

Becoming a SoFi borrower makes you a member, which unlocks access to financial advisers and other services designed to help you reach financial independence.

Learn more about how SoFi compares to other options in our guide to student loans.

Business loan ratings

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★★★★★ — Subpar

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We rate student loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

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