SoFi is quickly becoming one of the largest providers of student loan refinancing and consolidation. Although still relatively new, the company has financed over $8 billion in loans, saving its clients an average of $22,000 on their student loans. Competitively low rates, unemployment protection, and a high level of customer support set it apart from other companies in the industry.

The Good

Low Rates, Great Terms

SoFi offers some of the best interest rates around for refinancing and consolidating federal and private loans with fixed rates as low as 3.375 percent and variable rates as low as 2.365 percent. On top of favorable interest rates, SoFi offers flexible repayment terms varying from 5, 10, 15 or 20 years. This allows customers to pick a monthly payment plan that fits within their budget.

Quick and Easy Application Process

The application process to get pre-approved with SoFi takes just over two minutes. The application does not affect your credit score, will show you how much money the company can save you, and does not charge any fees. SoFi also provides customer support seven days a week to help navigate the application process or manage making payments.

Refinance Full Balance

Many companies place limits on how much you may borrow to refinance your student loans. The only upper limit that SoFi imposes is the total balance that you owe back on your 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 the payments for up to three months (for 12 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 you achieve your career goals. The company offers techniques and tricks to polish your resume, do well in interviews, and improve your negotiating tactics. These benefits provide a greater safety net for those paying back their loans than what is typically offered by other major competitors.

Other Positives:

  • No origination or prepayment fees
  • Cosigner option
  • Refinance and consolidate federal and private loans
  • Loan calculator tool

Check your rate with SoFi

The Bad

Reports of Complex and Slow Approvals

SoFi generally offers a speedy and painless approval process, but some customers have reported experiencing a longer process with unusual documentation requests and other unexpected delays; however, these types of complaints appear to represent a minority of situations.

Savings Depend on Existing Rates

If you already have a low-interest rate on your student loans, SoFi may not be able to save you money. Although, this is the case with any lender. The good news is that SoFi provides a calculator to compare your current loan to a SoFi loan and how much you can potentially save.

Difficult to Qualify

Some people have reported a high standard for qualification. SoFi claims that there are no minimum qualifications for credit score and annual income; however, the average borrower has an excellent credit score and is a high-income earner. The company also takes into account financial history, career experience, and monthly income vs. expenses when determining who they will loan to.

The Bottom Line

With low-interest rates, flexible repayment terms, incomparable career benefits, and a fast approval process, SoFi has created a recipe for your success at repaying your student loans. If you are looking to reduce your APR and monthly payments through refinancing, we recommend using 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.

Check your rate with SoFi

More Information

Additional Company Details


Term Lengths

SoFi offers loan terms of 5, 7, 10, 15, and 20 years.

State Availability

The company offers its services to 49 states and Washington D.C. Residents of Nevada are currently not able to borrow from SoFi.

Cumulative Amount Loaned to Borrowers

To date, SoFi has loaned over $8 billion dollars.

Application Process

SoFi is transparent about its application process, which can take as little as 15 minutes:

  1. Pre-approval online
  2. Selecting a loan with rates, terms, and payments
  3. Uploading required documents
  4. Signing

Documentation Needed

The company requires the following information:

  • Existing student loan information
  • Employment information (salary, offer of employment, etc.)
  • Proof of income (recent pay stubs)
  • Diploma or transcript

Typical Borrower

The typical borrower from SoFi is the type of person who has a good paying job and great credit history. These people are usually highly motivated to pay off their student loans relatively soon. The average borrower has a credit score of at least 750 and an annual income of $120,000 or more.

Rate Disclaimer


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 3.375% APR to 6.740% APR (with AutoPay). Variable rates from 2.365% APR to 6.290% 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 2.365% APR assumes current 1 month LIBOR rate of 0.79% 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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52 SoFi Reviews

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  1. User Score

    10

    July 30th, 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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    1

  2. User Score

    10

    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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    3

  3. User Score

    10

    June 26th, 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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  4. User Score

    10

    June 16th, 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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    3 1

  5. User Score

    10

    June 12th, 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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  6. User Score

    10

    June 9th, 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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    2

  7. User Score

    10

    May 14th, 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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    1

  8. User Score

    3

    May 3rd, 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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  9. User Score

    10

    April 28th, 2016 San Francisco, CA

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

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    1

  10. User Score

    10

    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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    1

  11. User Score

    10

    April 27th, 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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    1

  12. User Score

    9

    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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    1

  13. User Score

    10

    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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    2

  14. User Score

    10

    April 9th, 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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    1

  15. User Score

    10

    March 2nd, 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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    3

  16. User Score

    1

    March 2nd, 2016 New York, NY

    Told me I was pre-approved, then turned me down.

    Did not look at my income to debt ratio or credit score, or the fact I have not missed a payment in the last 10 years.

    They will only consider people in a certain income bracket regardless of how well-qualified you are.

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    9

  17. User Score

    0

    March 1st, 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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    7

  18. User Score

    10

    February 17th, 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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    3

  19. User Score

    0

    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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    4

  20. User Score

    10

    January 31st, 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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    2