8.4

Overall Score

52 User Reviews

6 months ago

SoFi

verified
$14 Billion in Loans Awarded

SoFi is quickly becoming one of the largest providers of student loan refinancing and consolidation. Although still relatively new, the company has helped almost 200,000 individuals save thousands on their student loans. Competitively low rates, unemployment protection, and a high level of customer support set SoFi apart from other companies in the industry.

The Good

  • Low Rates, Great Terms
  • Quick and Easy Application Process
  • Full Balance Refinancing
  • Unemployment Protection
  • Career Services
  • Additional Loan Discount
  • Other Features

Low Rates, Great Terms

SoFi offers some of the best interest rates around for refinancing and consolidating federal and private loans with fixed rates ranging from 3.999% to 7.804% with AutoPay and from 4.249% to 8.054% without AutoPay*. On variable loans, the company offers rates from 2.51% to 7.554% with AutoPay and 2.61% to 7.975% without AutoPay*. On top of favorable interest rates, SoFi offers flexible repayment terms ranging from 5, 10, 15, or 20 years.

Quick and Easy Application Process

The application process to get pre-approved with SoFi takes just over two minutes. The application does not require any fees or affect the applicant's credit score. SoFi also provides customer support seven days a week to help individuals navigate the application process and manage payments.

Full Balance Refinancing

Many companies place limits on how much an individual may borrow to refinance their student loans. However, SoFi doesn't do this. The only upper limit that the company imposes is the total balance the borrower owes back on their loans.

Unemployment Protection

One thing that stands out about SoFi is its generous career help. If a member becomes unemployed (at no fault of his/her own), SoFi will halt payments for up to three months (for twelve months total over the life of the loan) and will provide a team of professionals to help the member find new employment.

Career Services

On top of unemployment protection, SoFi provides one-on-one career coaching to help borrowers achieve their career goals. The company offers techniques and tricks to polish a resume, do well in interviews, and improve negotiating tactics. Additionally, SoFi hosts panel sessions, dinners, and happy hours for networking purposes.  

Additional Loan Discount

Individuals refinancing an existing student loan with SoFi will receive a 0.125% interest rate discount on a subsequent personal or mortgage loan with SoFi. For example, if the interest rate on a personal loan would have been 8%, the SoFi member would receive a 7.875% interest rate. 

Other Features

In addition to the benefits listed above, SoFi offers the following:

  • No origination or prepayment fees
  • Cosigner option
  • Refinancing and consolidation for federal and private loans
  • Loan calculator tool

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The Bad

  • Fair-Excellent Credit Score

Fair-Excellent Credit Score

SoFi requires those applying to refinance a student loan to have a 650 or higher FICO score. This can be a problem for young college students who have limited or no credit history. A 650 FICO score is generally considered a fair credit score. So those with a poor or bad credit score cannot be refinanced with SoFi.***

The Bottom Line

With low interest rates, flexible repayment terms, and incomparable career benefits, SoFi has created a recipe for success when it comes to repaying student loans. If you are looking to reduce your APR and monthly payments through refinancing, we recommend looking into SoFi. This company is especially a great option if you have good credit history and a high paying job. We recommend checking out the easy, two-minute application to see how much you can save on your student loan repayment.

*Fixed rates from 3.999% APR to 7.804% APR (with AutoPay). Variable rates from 2.480% APR to 7.524% 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 2.480% APR assumes current 1 month LIBOR rate of 2.07% plus 0.91% 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.

**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 Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org) 

***Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for student loan refinancing. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.

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User Reviews

3.9

52 Reviews

Your trust is our top priority, so we check all reviews for accuracy and relevance. Additionally, we do not allow companies to alter or remove reviews. Learn more

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Lena
February 13th, 2018 Albany, NY

SoFi Financial is identity theft entity. It knows that it will not help you with refinancing, but try to obtain as much as possible your personal identification information, your income and other personal financial information. They are dangerous!

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Tri Minh
August 25th, 2017 Salem, OR

When I refinanced with them, I was pressured and misled into signing up for the variable rate loan. The representative provided me with inaccurate information regarding the stability of the LIBOR. I wish that I would have done my own research instead of trusting SoFi. My rates kept rising month after month. It is quite TROUBLESOME to switch loans. You basically need to start all over with the refinancing process for a new loan (credit check, income verification, etc). When I lost my job, it was also quite troublesome to get a forbearance on my loan. You can sign up for autopay and receive a 0.25% discount on your loan rate, but if you make additional payments, they still withdrawal the same amount from your bank account each month. There are so many inconveniences with this company.

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John
August 1st, 2016

Great rates, unparalleled customer service. Incredibly easy to apply and get funded. If only other student loan lenders were half as pleasant...

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CaseyCole
July 25th, 2016 Bethany, OK

I was applying with SoFi as well as Common Bond to refinance my student loans. Sofi by far blew Common Bond out of the water with their notifications and customer service. With both companies I had several things I would have to submit, and then find out I have to submit more; I think that is just part of the process. But the way Sofi alerts you of what needs to be completed is clearly communicated and easy to find. I have used their chat feature on their website a few times as well as called in. Both options were very helpful and resolved my issues or questions right away. Even my cosigner had some issues and they worked out that issue just a fast. If you care about customer service, you need to go with SoFi!

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Rand Lunceford
June 27th, 2016 Salt Lake City, UT

Every step of using sofi has been great; the one time I had a question that I couldn't figure out by myself I was able to call a representative who was able to help me out in just a couple of minutes

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Shaz
June 17th, 2016 Charlottesville, VA

After doing ample research, I have found that SoFi is the best student loan refinancing company. The customer service is incredible: prompt, knowledgable and very helpful. Got my loan approved in a very short period - now paying a variable rate of 2.13% compared to 6.5%. Saving a ton of money. This company is definitely the way to go...

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Jules
June 13th, 2016 Kansas City, MO

The staff are helpful and friendly. The first woman I talked with spent 10 minutes explaining their services and the process without pushing me to make a decision. The student loan refinancing process was easy. They even called and made sure I realized one loan was not going to be a lower rate even though it would have been to their benefit to refinance it. Very easy company to work with.

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Steph
June 10th, 2016 Gulfport, MS

I wish more things in life were as easy as using SoFi. Thanks for making my experience effortless.

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Ashley Sara
May 16th, 2016 Jacksonville, FL

Got an excellent rate for refinancing of my student loans, and the process was very easy. Every phone rep and "chat" service rep I interacted with was friendly, knowledgable, and timely. There was an electronic glitch in their system that froze my personal web portal in a "pending" status, but one call with little hold time had it fixed in just a few minutes. My financial advisor originally recommended SoFi, and I am very happy to have chosen this company for my refinancing!

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S England
May 10th, 2016 Fernandina Beach, FL

SoFi DOES NOT know how to get a full payoff when working your new loan. On the application, I entered enough to cover the full payoff, but sometime in the process THEY changed the amount. This left over $644 still owing to the former loan company - the correct payoff amount is REFI 101 and should be known by ALL refinance companies. When I complained I was told that I had 2 options - payoff the remaining balance with the old company - which they actually said is what MOST people choose to do (This means this is NOT an isolated incident and they do it often!!), or go through the entire application process again. THEY were the ones who changed the amount requested, and even if I entered the wrong amount, it's on THEM to get the correct amount. This is the first time I've ever experienced, or even heard of, a refi company not getting the correct payoff, and it is a HUGE issue they need to get resolved. I am NOT happy at all with this process.

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Sean in CA
May 9th, 2016 San Francisco, CA

Simplest refinancing process ever. Customer service was top notch. The completely digital experience was a relief.

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Minnesota Doc
April 28th, 2016 Minneapolis, MN

I was super impressed with SoFi. Can't say enough about how fast and professional their service was. Every aspect of dealing with SoFi is easy from their website to their online and over the phone customer service. Add on to this that they saved me a large amount of money every month by giving me a great interest rate and you've got one satisfied customer. Would recommend to anyone.

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Jeremy Hansen
April 28th, 2016 Boca Raton, FL

I've been through several refinance processes. SoFi was by far the most painless. We have several unconventional sources of income. They weren't confused; they didn't ask the same questions repeatedly or make me resend documents they already had. I simply supplied them with the documents they asked for and they understood. I definitely recommend SoFi to anyone looking to refinance.

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Aaron
April 26th, 2016 Birmingham, AL

It has been easy to work with SoFi. I did have to upload several documents beyond what was initially requested, but it wasn't difficult to do and everything they asked for made sense. I would recommend them because I lowered my student loan interest rates significantly!

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Emi
April 22nd, 2016 Chicago, IL

SoFi application process is streamlined, user-friendly and exceptionally easy. Yes, they will ask for salary and identity verifications, but that shouldn't be a surprise. It is for your safety as you would not want someone else to refinance their loans using your information, right? Once loans are funded, MOHELA will take over the servicing of the loan. MOHELA has been great, too. A year later I am refinancing the first loan as my financial situation has changed. The process was equally a breeze. So far, with SoFi, I have been able to save a big chunk of money and I am actually starting to put a dent into my balance! Previously I was with FedLoans and the experience was atrocious. Go with SoFi, and take back the control over your financial situation!

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Mitchell
April 11th, 2016 Dodgeville, WI

A great company to be a part of. They helped my wife and I save a lot of money on student loans.

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Jenna
March 10th, 2016 Warren, PA

SoFi has helped me save thousands of dollars. Their customer service department is phenomenal! It was very easy to sign up and I'm am thrilled with my decision.

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denis
March 2nd, 2016 Atlanta, GA

I dealt with them for weeks they are horrible at being asked any questions just give scripted answers cant talk with management. There system is extremely flawed with all kinds of glitches that cause you problems and they gave mis information on numerous occasions that resulted in declines signing for the loan and having to resubmit.

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Mandy Patrick
February 18th, 2016 Everett, MA

We went from a 20 year repayment plan for our student loans to a 6.5 year repayment plan, without increasing our monthly payment. SoFi has literally changed our lives.

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Richard Holladay
February 3rd, 2016 Iowa City, IA

I had been approved for a loan and while I working through Customer Service to get the electronic signature from their Website to work, I received a letter from the SoFi Consumer Credit Underwriter, Jake Hatcher that my loan had now been declined. This all happened a week after I had already been approved. My friend Jake at SoFi basically implied that I had withheld the fact I had an outstanding loan against my 401K which is my money of which I pay myself back through deductions from my paycheck just like tax deductions. Therefore, the net pay I live on, has already had that loan amount taken out and my monthly net income more than covers my current debt. I was looking for a better interest rate and a chance to be debt free after the 5 year loan that I requested. What makes my blood boil, and question the competency of the SoFi staff is that the 401K loan information was clearly listed on the pay statement I had provided? So, it wasn't until they took their blinders off a week after my loan had been approved to discover this information that was right in front of their faces. I am currently checking into my credit rating now to see how bad SoFi screwed that up while playing their silly games. I think they suck and people really need to be cautious about sharing your credit information with these unscrupulous characters. I may have been discriminated against because I have a 2-year degree rather than a 4-year degree. At least that seems a bit more plausible than using a 401K loan that I pay myself back for and is reflected on my NET salary. I don't like being accused of withholding information when they had my financial information they requested. They are supposed to be conducting soft loan searches and never provided an opportunity to itemize my debts which I would have gladly provided. I am currently checking into my credit rating now to see how bad SoFi screwed that up while playing their silly games. I think they suck and people really need to be cautious about sharing their credit information with these unscrupulous characters. They now have all of my financial information, and who knows what they will do with it after they declined my loan.

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Olatunde Okusanya
February 3rd, 2016 Allen, TX

I received a better rate from SoFi and they got my loan funded within 10 days of applying!! This meant I'll save a lot of money in the long run and I can get out of debt way faster than I would have, had I not refinanced. I had applied to another company but it took the other company more than a month to even reach out to me about my loan so I chose SoFi. Also by refinancing with SoFi I get to release my cosigner from my previous lender and cut out about 5-7 years out of my loan year. Now, that is a deal!!! Lastly, their customer service is very professional and I'll definitely recommend SoFi to anyone out there. Don't delay, get on board!

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Matt
February 3rd, 2016 Hudson, NY

I refinanced my student loans with SOFI nearly 2 years ago. The application process was quick and painless. Since I opened the account, they changed servicing agencies. This transition was smooth and the new servicing agency is an improvement over the former.

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Claire
February 3rd, 2016 Winnetka, IL

Fairly easy online application, get to know what your rate is and get to approve before consolidation happens which did not happen when I tried to refinance through the government. But because it is online, I had trouble loading certain documents they wanted from fedloan. Two phone calls later, my condoliation was approved, my interest rate dropped over 3% and my loan term reduced from 10 to 5 years with no increase in my rate. Also looking forward to having at least two of my loans one institution.

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Kira
January 27th, 2016 Littleton, NH

This took 2 weeks and was awesome. The process was very painless. I was approved within 6 hrs of applying. I'm happy I chose sofi. I reduced my sallie Mae " Navient" loans from 11% to 4%. Saving $200 a month. My FICO was 640 and salary is 120k.

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Steven
January 25th, 2016 Buffalo, NY

SoFi's customer service is the best I have ever experienced. I refinanced my students loans with a better rate. They're were so fast and responsive. I highly recommend them. I just wish they were licensed in NY for mortgages - I'd refi in a heartbeat. Thanks SoFi!

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CaliMBA
January 21st, 2016 Studio City, CA

I was hesitant to refi my student loans with SOFI given some of the bad reviews I saw at the time, but I took a chance and am very glad I did. I did my refi in May 2015 and the process was seamless. I had 6+ seperate loans ranging from 2.5% to 7% and I was able to refinance them all together for a 1.9% rate and much lower term with a slightly lower monthly payment. The process was easy - uploaded my docs online and the loan funded and my lenders were paid off quickly. The servicing has been great and its much nicer to have one loan and see the balance go down faster due to the lower rate and shorter term. To give some perspective I had over $100k in student loans between undergrad and grad school. I've paid them down to $50k and now with the refi I can finish them off much sooner. Its a great feeling. I will not hesitate to consider SOFI for future loans. I know everyone's situation is different, but SOFI was great for me. I also got a $100 bonus and welcome gift (Diptique candle) when my loan completed. I have also been invited to local events hosted by Sofi and attended free happy hours they host at hot spots in my area. All the SOFI people I met there were very nice as well.

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Harry Thomas
November 12th, 2015 San Francisco, CA

Nothing but good things to say about SoFi. I just refinanced with them, reducing my rate from 7.5% to 1.9%. I went with the variable rate as I expect to pay it off within the next 3-4 years. The service was great - very friendly people. If you have expensive student debt you should check them out.

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Michael Erickson
November 11th, 2015 Tampa, FL

SoFi has been great. The customer service has been wonderful - you can get a human on the phone within minutes, and they were always very nice. Most of the negative complaints are from people who didn't qualify - so I would take those with a grain of salt. While applying to SoFi I qualified on an income of $63k and total debt of $118k - if that information helps you. During the process, however, I was able to pay half my loans off with some life insurance money and switch jobs to earn $95k and a total debt of $58k. When I qualified for the $118k in total debt I received a rate of 3.8% and at the lower amount of $58k I received an interest rate of 3.45% on the 5-year variable rate. Previously I had federal loans at an average of 7% - so SoFi cut my interest rate in half. I went to grad school for international development economics at Georgetown University, which may have helped me qualify. Unless you are a teacher or work for the federal government or a non profit for 10 years, there is no good reason to not refinance your loans through one of these new organizations like SoFi.

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Colton Erickson
November 5th, 2015

I'm a big fan of SoFi so far! Anytime I had any issue at all, I called customer service and every rep I talked to was professional, personable, and helpful.

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Shawn
November 4th, 2015 Raleigh, NC

SoFi has been an absolute godsend. Their customer service has been so awesome and the people are incredibly nice and easy to talk too. The whole process has been so easy and quick. I submitted my application and was approved within 24 hours. My old student loans were refinanced and funded within 2 weeks. I would absolutely recommend them to anyone dealing with heavy student loans.

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Cheryl Grant
October 12th, 2015 East Wenatchee, WA

If I could give this company a -10 I would. Early July 2015 my husband received a mailer from SoFi to refinance parent loans. As I do all the finances, I started the process. I then decided, after talking with their customer service rep, that I would apply as a co-signer to get an even lower rate. It's been 3 months now (yes, MONTHS), too many emails and phone calls to count and still no loan. Lest anyone think we have credit issues, I can assure you that is not the case. My FICO score in August was 850, my husband's just slightly less. We make 6 figures and have very little debt. They have asked for my (not my husband's) birth certificate; we have had to send updated pay stubs and loan statements that have become outdated due to their delays. When I call, our application is "in review" or "in underwriting". They are always apologetic but it is clear they read from a script because they say the same thing over and over. Two weeks ago I spoke with a supervisor who assured me the loan papers would be emailed that day (a Saturday) or Monday, at the latest. Nope. Two more calls to speak with a supervisor and they're not in and no call backs. Now the latest, they want proof of my name change, something they could have asked for at the beginning of the process and didn't. To cap that off, I have been married to my husband and had the same last name for 27 YEARS!! I have already filed a complaint with the Better Business Bureau and intend on filing one with the federal Consumer Protection Agency. I have worked in the loan industry and I have obtained loans of every kind in both good and bad economies for over 25 years. I have NEVER had a worse experience and would NEVER recommend this company to anyone.

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Nekeisha
September 23rd, 2015 Brooklyn, NY

I applied for a personal loan through Sofi, the initial stages was good, the process was simple and the customer service was good. However I must say my experience was terrible. I applied for a personal loan in July, Sofi gives false hope I completed the entire application process they even require me to enter my bank information, this lead me to believe that I will be offered the loan. After almost 2 months, I received an email denying me. Its not about being offered the loan, it about the false hope that Sofi gives customers leading to believe that you will be offered the loan they keep sending emails asking for additional information all of which was provided.

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Marcia
September 1st, 2015 Minden, NV

Sofi is great. They refinanced my daughters loans at a lower interest rate. She is saving money and is able to pay her loans off faster. They were easy to deal with, not like any banks I've had loans from. They even have career counseling that is FREE to their members. They helped her negotiate a higher salary at her new job, and she is going to put the extra money toward paying off her loans faster! My daughter is fortunate she found Sofi.

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Valentin Stefan
August 31st, 2015 Waldorf, MD

SoFi is great! Pro - SoFi cut my interest rate in half from 6.55 with Discover to 3.44 which, in my case, is about $200/month savings. The process was smooth, no major issues and did not have to provide a large number of documents (I am not a US citizen and usually I am requested to provide more prof than the average). My Mohela account is easy to use and provides all the information I need. Cons - the approval process and funds transfer took around 6-7 weeks. I don't know if this is the standard for student loan transfers but it felt a little bit too long.

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Bri
August 31st, 2015 WA

I've had a great experience with SoFi and continue to be impressed with the company. I refinance my student loans and got a rate that was 2% lower than my former loan. The process was easy and all the customer service reps were great to work with - responsive, knowledgeable, helpful. I am very impressed by the services SoFi provides its members and the community they are building. SoFi has career services resources and and unemployment protection in addition to an entrepreneur program for those interested in started their own business. If you're looking for refinance or consolidation options for student loans- check them out!

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Blake
August 26th, 2015 Carrollton, TX

I fortunately came across a WSJ article that positively highlighted the type of work SoFI was doing within the student loan market. Although a little hesitant at first, I was actively reviewing options to lower my interest rate and thought it was worth learning more about. I was qualified to refinance my federal student loan and was able to save 2% on my rate. The only option I was forced to forgo was the forbearance and default options which I felt confident the savings was worth the small chance I would run into trouble within my five year option. Overall an awesome experience that I am now an ambassador for my friends and family to take advantage of the growing benefits SoFi provides to the market place.

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Jeff N
August 26th, 2015 Royal Oak, MI

Such an easy, painless process to save so much money. The process could not have been easier and I can't say enough good things about this company. I am anxiously awaiting them to get licensed for mortgages in MI so I can look to refi my house with them as well.

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Jeff
August 26th, 2015 North Port, FL

Refinanced me when nobody else would. I was a little worried when i saw that some people said their old loans weren't paid off but all loans were all paid off in about 3 weeks. Amazing company to work with and saved about $160 a month in interest!

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Spenser Paul
August 24th, 2015 San Francisco, CA

If you have student debt, go nowhere else. I cannot say enough about this company and the incredible service they provide. Every one of my interactions with their team have been exceptional, and they turned my application around incredibly quickly (3 weeks). I'm so incredibly thankful that this company exists -- it serves a fundamental need in a world where exorbitant college debt is an expected norm. Thank you, SoFi!

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Pauline
August 21st, 2015 San Francisco, CA

I had a great experience refinancing my loans with SoFi. I was pre-approved instantly and was able to lower my interest rate over 2% points from my federal loans. I'll now be saving thousands over the life of my loan and I will be able to pay them off faster. I've recommended SoFi to all my colleagues and not one has had a bad experience. If I had more loans to refinance, I would refinance them with SoFi without hesitation.

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