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

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

The Good

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

Low Rates, Great Terms

SoFi offers some of the best interest rates around for refinancing and consolidating federal and private loans with fixed rates ranging from 3.35% to 7.774% APR (with AutoPay); 3.710% to 8.194% APR (without AutoPay)*. On variable loans, the company offers rates from 2.31% to 7.774% APR (with AutoPay); 2.390% to 8.194% APR (without AutoPay)*. On top of favorable interest rates, SoFi offers flexible repayment terms ranging from 5, 10, 15, or 20 years.

Quick and Easy Application Process

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

Full Balance Refinancing

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

Unemployment Protection

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

Career Services

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

Additional Loan Discount

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

Other Features

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

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

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The Bad

  • Fair-Excellent Credit Score

Fair-Excellent Credit Score

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

The Bottom Line

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

*Fixed rates from 3.35% APR to 7.774% APR (with AutoPay). Variable rates from 2.31% APR to 7.774% 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 2.31% APR assumes current 1 month LIBOR rate of 1.62% plus 0.94% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.  

**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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Amanda Wood

June 18th, 2015 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.


Chloe Arthurs

June 16th, 2015 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!


Karen Golden

May 28th, 2015 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.



May 27th, 2015 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.



March 11th, 2015 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.



October 19th, 2014 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…….