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SoFi

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60 User Reviews

7.6

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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60 Reviews

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1 grade

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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.

4 months 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!

1 year 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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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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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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Todd Robinson Arnold, MO

Tried to refi a 17k loan thru sofi. Credit score of 783 /850. Asked for 2 years full tax returns plus w-2, paystubs etc. After 6 week process was told they would not refi due to a past due 11 years ago for $34 paid 32 days late. I make over 100k past 4 years and they said will no refi anyone with any type of negative rating on credit report. Horrible waste of time and scam I feel.

6 years ago

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Lena 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!

3 years ago

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denis 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.

5 years ago

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Karen Golden Mission Viejo, CA

This company takes forever in Underwriting. It's already been 3 weeks and still no answer. I find this level of wait to be unacceptable.

6 years ago

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