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SoFi Review

Reviews 9,347
SoFi®
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SoFi®
SoFi®
Excellent
Reviews 9,347
Sally Herigstad
Nov. 19, 2024
4 min read
Sally Herigstad
SoFi® Summary
SoFi is an online student loan refinancing company, with over 375,000 members who have refinanced over $30 billion in student loans. SoFi offers approval within minutes and funding of your current loans within 7 to 15 days. Student loan refinancing is recommended for borrowers who qualify for lower interest by refinancing than on their current loans.

Pros

  • Fast, online loan approval and processing
  • Loan deferment options for borrowers in graduate school
  • Available in 50 states plus the District of Columbia
  • No application or origination fees, no prepayment penalties

Cons

  • Borrowers don’t qualify for federal loan benefits
  • Bar loans are not eligible for refinancing

SoFi® at a glance

8.8
Editorial score

Online experience

Has learning resources, access to rates, mobile app
10.0

Customer services and support

Award winning
10.0

Repayment flexibility

Offers multiple repayment plans- but no special repayment programs
8.0

Loan Types Covered

Covers most student loan types
8.0

Eligibility

Doesn't cover bad credit, low income borrowers
8.0

SoFi® SoFi® View Rates

Suitable For?

SoFi loans are suitable for borrowers with higher interest student loans and with fair to excellent credit scores. Some borrowers with federally held loans may choose not to refinance in order to remain eligible for benefits applicable to federally held loans.

Loan Features

SoFi offers student loan refinancing with the following features:

  • Variable APR: 5.99% - 9.99% (with all discounts)
  • Fixed APR: 4.49% - 9.99% (with all discounts)
  • Loans with minimum size of $5,000 and up (higher in some states)

The Application Process

Click “Find My Rate” on the SoFi website, answer a few questions, and have SoFi tell you if you’re qualified before you fill out a complete application.

SoFi shows you the rates and terms you can choose from. You can choose between a lower monthly payment, or paying off your loan faster and saving on total student loan interest.

You’ll upload screenshots of your information, and sign your paperwork electronically.

Within about 7 to 15 days, funding is sent to your current student loan servicer to pay off your loans. Your first loan payment on your SoFi loan is not due until 30 to 45 days after your previous loan is paid off.

Loan Eligibility Requirements

To qualify for a loan from SoFi, you must meet certain requirements, including:

  • Be employed, have sufficient other income, or have an offer to start work within the next 90 days
  • Have graduated with an associates degree or higher from a Title IV school
  • Be a U.S. citizen, permanent resident, or visa holder
  • Be age 18 or older
  • Meet underwriting standards, including financial history and credit score

If you don’t meet the employment, credit score, or U.S. citizen or residency status requirements, you may still qualify if you have a cosigner who meets these requirements.

Repayment Terms

SoFi offers loans with repayment terms of 5, 7, 10, 15, or 20 years. When considering your loan term choose the monthly payment you can afford that still helps you pay off your loan as soon as possible.

How Safe Is It?

Sofi maintains administrative, technical and physical safeguards to protect your personal information that you provide on their website. You use an encrypted password to access your account and help keep your information safe. 

Your information is stored on servers and in facilities that only selected SoFi personnel and contractors can see, and they encrypt all data you submit through the website using Transport Layer Security (TLS) to prevent unauthorized access.

Help & Support

For questions about student loan financing or help making your application, call 1-(855)-456-7634. Phone support is available Monday through Thursday from 5:00 AM to 7:00 PM PT, and Friday through Sunday from 5:00 AM to 5:00 PM. Or you can chat with Money Support online.

After your loan is complete, you can call SoFi’s servicing agent MOHELA at 1-(877)-292-7470 with any questions about your loan.

Summary

If you’re looking to refinance your student loans, SoFi could be a good place to start. You can apply for refinancing online and see the rates you qualify for in minutes. Within about 1-2weeks, SoFi can pay off your old student loans. You have at least 30 days after your old loans are paid off before you are required your first payment on your SoFi loan.

Physical Address

234 1st Street

San Francisco, CA 94105 

SoFi® SoFi® View Rates

Disclaimers

Fixed rates range from 4.49% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Variable rates range from 5.99% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). 

SoFi rate ranges are current as of 11/30/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers.

For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term.

Autopay Discount: 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. This benefit will be removed during periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. 

SoFi Plus Discount: To be eligible to receive an additional (0.125%) interest rate reduction on your Student Loan Refinancing (your "Loan") for enrolling in SoFi Plus, you must enroll in SoFi Plus within 30 days of Loan funding, either by receiving a Direct Deposit to your SoFi Checking and Savings account, or by paying the SoFi Plus Subscription Fee. Once eligible, you will receive this discount during periods in which you have received Direct Deposit to your SoFi Checking and Savings Account, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. 

This discount lowers your interest rate but does not change the amount of your regular monthly payment. This discount will be removed during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid the SoFi Plus Subscription Fee. SoFi reserves the right to change or terminate this interest rate reduction offer for unenrolled participants at any time without notice. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to be eligible for Loan approval.

 Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).


Sally Herigstad
Written by
Sally Herigstad
Sally Herigstad is a personal finance writer at BestMoney.com, specializing in student loans. She has been writing about personal finance since 1998 and is the author of Help! I Can’t Pay My Bills. A licensed real estate broker in Washington state and a retired CPA, Sally combines decades of experience with practical insights to help readers navigate financial challenges.
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