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SoFi

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60 User Reviews

7.1

Overall Score

SoFi is a trusted lender, providing a variety of loan products. In respect to student loan and SoFi student loan refinance products, the company has helped more than 300,000 individuals refinance more than $18 billion in student loan debt. 

Competitively low rates (as low as 2.99 percent APR), unemployment protection, and a high level of customer support set SoFi apart from other companies in the student loan refinancing industry.

Continue reading for more information, as well as verified SoFi reviews.

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The Good

  • Low Rates and Great Terms
  • Refinance Both Federal and Private Student Loans
  • Quick and Easy Online Application Process
  • Full Balance Refinancing
  • Unemployment Protection
  • Career Services
  • Additional Loan Discount
  • No Hidden Fees
  • Cosigners Accepted
  • Positive Customer Reviews

Low Rates and Great Terms

SoFi offers some of the best interest rates around for refinancing and consolidating federal and private loans.

  • Fixed rates — 2.99%–6.88% APR* (with AutoPay)
  • Variable rates — 2.25%–6.43% APR* (with AutoPay)

On top of favorable interest rates, SoFi offers flexible repayment terms ranging from 5, 10, 15, or 20 years.

Refinance Both Federal and Private Student Loans

Whether you have a federal student loan or a private student loan, SoFi's refinancing services are available to you. It is common for lenders to offer refinancing for both types of loans.

Quick and Easy Online Application Process

SoFi's application process is entirely online and has three easy steps:

  1. Get pre-qualified — know if you're qualified before completing the application
  2. Select your rate and loan term
  3. Get your loan — upload your information and sign paperwork electronically, and then SoFi will issue your new loan

If you have any questions or concerns throughout the application process, you can access live customer support seven days a week.

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

If you lose your employment, at no fault of your 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 you 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 percent interest rate discount on a subsequent SoFi personal loan or SoFi mortgage. For example, if the interest rate on a personal loan would have been 8 percent, the SoFi member would receive a 7.875 percent interest rate.

No Hidden Fees

SoFi doesn't charge an application fee, origination fee, or prepayment penalty fee. 

It is unique that SoFi doesn't charge an origination fee to process loans, as most lenders do charge this fee.

Cosigners Accepted

If you have poor credit or would like to lower your interest rate, you have the option to apply for SoFi student loan refinancing with a creditworthy cosigner. Not all lenders offer this option.

Positive Customer Reviews

Although SoFi student loan refinance reviews are currently limited, the majority of reviews are 5-star. Satisfied customers most frequently outline low rates and approval when they couldn't get approved with other lenders. In addition, customers are also quick to praise SoFi's customer service.

Negative reviews are few, but there are some complaints about a lack of transparency in how personal information is used and exactly how the loan process works, particularly when it comes to funding - there are some complaints of loan amounts being changed without previous knowledge or consent.

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The Bad

  • High Credit Score Requirement

Hgh Credit Score Requirement

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.**** However, you will likely be able to get a lower interest rate the higher your credit score - it is generally advised to aim to have an excellent credit score (700+).

It is important to note that SoFi outlines that its refinancing services are a great solution for working graduates in particular. Those who fall into this category may have greater success getting approved for SoFi student loan refinancing as they have likely begun building credit and may have a more robust credit history than those right out of college.

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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 2.99% APR to 6.88% APR (with AutoPay). Variable rates from 2.25% APR to 6.43% 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 2.25% APR assumes current 1 month LIBOR rate of 0.13% plus 2.37% 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. See eligibility details. 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. The discount will not reduce the monthly payment; instead, the interest savings are applied to the principal loan balance, which may help pay the loan down faster. Enrolling in autopay is not required to receive a loan from SoFi. *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.Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.     

** 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.  

***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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4.0

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60 Reviews

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Mayowan Kenobi Puyallup, WA

SoFi enabled me to refinance my student loans when no one else would lend to me due to my debt ratio. SoFi recognized the needs of student debt holders, and setup a service that enables them to pay off otherwise expensive loans. I paid off my student debt long before it was due and was able to start building wealth rather than being indebted to the government. Highly recommend!

4 months ago

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Ryan Tornquist Norfolk, VA

Company is a joke. My credit score is near 800, but I wasn't able to refinance to a lower rate(4.6% rate that I originally got consolidating my federal loans into a private company). The only way to refinance is online, and not speaking directly with a representative. Not surprisingly, I was able to find a different company and was able to refinance for a rate more than 1% lower than what I currently had with Sofi. Thankful to say, Sofi won't be receiving any more interest payments from me. I will gladly go with a company that doesn't abuse people with outrageous interest rates. I would advise going with a different company that actually gives rates out relative to your credit history and proven ability to afford credit.

3 months ago

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CaseyCole 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!

4 years ago

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Emi 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!

5 years ago

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Olatunde Okusanya 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!

5 years ago

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CaliMBA 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.

5 years ago

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Michael Erickson 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.

5 years ago

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Bri 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!

5 years ago

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Blake 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.

5 years ago

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Jules 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.

5 years ago

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Ashley Sara 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!

5 years ago

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Minnesota Doc 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.

5 years ago

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Jeremy Hansen 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.

5 years ago

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Shawn 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.

5 years ago

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Marcia 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.

5 years ago

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Valentin Stefan 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.

5 years ago

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Spenser Paul 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!

5 years ago

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Pauline 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.

5 years ago

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Kathleen Suncook, NH

I had an excellent experience with SoFi. I refinanced in April 2014. The process was quick and customer service was really helpful. For example, my registrar was slow in confirming I graduated so the customer service rep had me just text a copy of my diploma that was on my wall. I went from a variable interest rate at a high 8% to a fixed interest rate at 5.3%. I'm saving over $17,000 over the life of my loan.

5 years ago

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Chloe Arthurs San Rafael, CA

I refinanced my loan through SoFi in 2013 and have been so pleased with every aspect of the process from application to today. Refinancing with SoFi, I not only lowered my interest rate (without extending the life of my loan) but I was also able to remove a cosigner that I had to take on when I was in college with no income or credit and was able to free them from the burden of my debt. Now I'm using SoFi's free career services to help plan my next career move. They're a great company with great services - definitely recommend using them to refinance student loans!

6 years ago

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Shaz 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...

5 years ago

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Matt 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.

5 years ago

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Claire 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.

5 years ago

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Kira 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.

5 years ago

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Steven 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!

5 years ago

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Harry Thomas 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.

5 years ago

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Jeff N 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.

5 years ago

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Jeff 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!

5 years ago

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Steve Bowen Salt Lake City, UT

Good- they have no origination fees, transition from other loan institutions is easy. Bad- takes a while to process a check for refinancing from another institution and process isn't exactly transparent. They don't offer the best rate until you call and push them, so make sure you do. Overall- it's totally worth saving 3 points on my loans which is more than $8k over the life of the loan. The process was easy enough that it was worth it.

5 years ago

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Amanda Wood San Francisco, CA

I had a great experience with SoFi! They pre-approved me instantly and every time I called to ask a question, the customer service folks were really helpful and knowledgeable. I'm saving a ton of money and I'm no longer stressed about my student loans.

6 years ago

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J.B. Austin, TX

I never had an issue. I moved sallies mae and Greatlakes loans over to SOFI last year. I was diligent to get all the paperwork necessary and to follow-up with any questions. SOFI was helpful in the process. SOFI took me from 8.5% interest rate to 4.75%. I only selected a slightly lower rating because of the cumbersome paperwork in the beginning, but it was worth it.

6 years ago

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Albert Phoenix, AZ

Please heed warning. Also please read recent comments by others on various sites. SOFI does NOT care if you are in hardship due to Covid-19. Their only concern is to make more money. At first, they offered no help/forbearance at all, but buckled under pressure after “Federal” Student loans offered help while “Private” Student loans did not. So they changed their tune to "want to help" by allowing a 2 month Forbearance, however on the caveat that you would still be accruing interest every day and only get a break on 2 months principle on the back end (that tells you something right there). The SOFI reps (2 reps, 2 calls) were very clear that the interest would be paid be paid over the length of the loan. A 3rd rep also had that understanding. June 30th we find out - surprise! Interest payments to be up PAID front over the next 3 months to the tune of an add'l ~ $1400! And they raised the monthly payment on top of that! They flat out LIED to us. Be cautious. We have been with them for 5 years (2015), with 2 Loans(Parent & Student) that started at $120K. They have made a TON of interest off of us in those 5 years. We have seen the progression from a Company with Stanford founders, that seemed to really want to help (“Social Financing”) to another greedy large-scale Corporation, making more money off the backs of our youth and future of this Country. MOHELA is their cohort, we found that out as we struggled to fight for our rights with them. At the end, they & Mohela do not care to stand by their word, or help their borrowers in need during a worldwide PANDEMIC. They said they “may” consider that in the future, but for now sorry nothing we can do about it. Yes, that is true. Maybe thats how you pay for a new SOFI NFL Stadium in LA and for all those commercials on TV. Shame on them!

11 months ago

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Jojo Jersey City, NJ

Great service! These guys made my life so much easier and made me solve my debt problems much quicker than if i'd deal with it myself. Thank you for your hardwork!

11 months ago

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Rand Lunceford 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

4 years ago

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Aaron 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!

5 years ago

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Lindsey B Orem, UT

Great company, easy to consolidate student loans. SoFi was able to help me get better control of my student loans by reducing my interest rates and making it so I had one low monthly payment instead of many. I would recommend SoFi to anyone looking more into their student loan situation.

2 years ago

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Brennan Orem, UT

I was able to consolidate my student loans through SoFi and they were able to lower my interest rate considerably. My payment was lower and my payback schedule was shortened. If you have student loans look into refinancing with SoFi.

2 years ago

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Tri Minh 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.

3 years ago

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S England 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.

5 years ago

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Jenna 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.

5 years ago

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Mandy Patrick 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.

5 years ago

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Richard Holladay 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.

5 years ago

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Cheryl Grant 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.

5 years ago

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Nekeisha 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.

5 years ago

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Efrain sanchez Lemoore, CA

Sofi was terrible experience. I have great credit, applied for a loan sofi asks for documents, give them all they need . Get pre approved. I hear nothing, for at least a week . They tell me they need more documents. Give them all they need. Get an email stating preapproved need more documents. I take care of all that hear nothing. Long story short daughters tuition deadline passes, call sofi they are going to expedite my loan. Once again hear nothing. Nearly two months pass. So I call Wells Fargo approved in two days with an interest half a point above sofi. Sofi very unprofessional, worst service.

5 years ago

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Dan San Mateo, CA

I refinanced $240,000 from medical school. SoFi lowered by rates by just over 2%. I expect to save $35,000. I even got a pie after signing.What's not to like?

6 years ago

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Thomas San Francisco, CA

Easy to sign up, great customer service - and didn't penalize me when I was late on the first payment because I had forgotten to switch my account. Would definitely recommend

6 years ago

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Josh Tempe, AZ

I applied for this loan in early January. I was hoping to lower my loan payment due to their great rates. I read multiple reviews before applying, and I was a little hesitant due to some of the negative reviews about the customer service and not doing things in a timely manner. I had applied for the loan and about 3 - 4 weeks went by. I still hadn't heard anything. I contacted their online customer service, which was pointless, because they said I could not get the information I needed for security reasons from there and had to call in. I finally get a hold of someone and they tell me I must wait for a response. Finally about 5 weeks after applying, I finally get an email saying I am preapproved....but I cannot get the loan because I uploaded a wrong document. The application had asked for a pay stub dated within 30 days of application, which I provided, but they are now saying I need provide another paystub within that is dated within 30 days. When I applied for the loan, the paystub was within 30 days, but since they took 5 weeks to look at the application, the paystub was over the 30 days. I uploaded a second paystub, and now here I am 2 weeks later with still no response. I would never trust this company to payoff my current student loans in a timely manner, as I have read multiple other reviews about Sofi not paying the lender but requiring to make their payments. Please be careful when trying to work with this lender. The rates may look great, but you will end up wasting an extenended amount of time and money waiting for them to do anything to your account, and the customer service will have no answer for you.

6 years ago

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Biayna Aliso Viejo, CA

I refinanced and consolidated my 2 loans in to a new SOFI loan and TRU Student handles the loan servicing. One old loan was with Sallie Mae and the other one already with SOFI. The day my new loan was disbursed, Sallie Mae received the money from SOFI and paid off my loan in full and I NEVER paid even a penny on the Sallie Mae loan after that date. Now what happened with the loan that I had with SOFI. From the day the new loan was disbursed, it took 23!!! days for the old loan to be paid off!!!! Sallie Mae which is an external company received the fund on the same day of the new loan disbursement and paid off my loan but SOFI took 23 days to transfer the fund from the new loan to pay off the old loan within the SAME company. And guess what, during those 23 days, they accumulated interest on both my new loan and old loan while the old loan should have been already paid off. Also, they debited my bank account for my monthly charge on the old loan!!! How could that happen?? I was making payments on both loans simultaneously and both of them were accumulating interest!!! Expect DOUBLE interests for more than 20 days when going with SOFI! The fact that they say there is no fee for the loans, is NOT the truth. There is a fee and that's the fee that YOU pay for their extremely slow processes and extremely unproductive working way. So I did call them for at least 12 times!!! SOFI asked me to call TRUStudent and TRU student referred me back to SOFI. Every agent gave me a different response and when I called back to follow up every time, the new agent was completely blank not knowing anything about my account history so every time I had to explain what happened to my case from scratch. Ultimately after talking to 10 agents or more, and not getting any response from any of them, I requested to talk to a manager. I called 3 more times in a 1 month period asking for a manager to call me back and every time I was promised that a manager will call me ASAP. 1 month since my last email and call and I'm still waiting for a manager to call me!!! The customer service is horrible and when you email them, what you get is an automated response or some generic answers!!! BTW, they never sign their emails with their names. Is that professional at all??? All they put under their emails is their name initials like A.B. so you'd never know who responded to your emails. I've been in the business world for 10 years and I've never seen people responding to emails with their initials as their signature! As a result of this refinancing, I've lost almost $300 because of paying interest on both old and new loans simultaneously while they were thinking how to handle the case. It's really interesting that an external company receives the fund on the same exact date and pays off your loan but it takes 23 days for SOFI to transfer the fund from your new loan to pay off the old loan. I'm completely disappointed with their customer service. If you think there are no fees in refinancing loans with SOFI, think twice, because ultimately YOU are the one who has to pay for their extremely unproductive and slow work. I'm still waiting to hear back from a manager after calling them back and forth for 5 months!!!! The wait goes on…….

6 years ago

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Review Source

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Michael Ewing South Jordan, UT

Was able to refi the wife’s student loans at a significantly lower rate than what it was originally

4 months ago

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