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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.


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.


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. (

****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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