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 loans. Competitively low rates, unemployment protection, and a high level of customer support set SoFi apart from other companies in the industry.
SoFi offers some of the best interest rates around for refinancing and consolidating federal and private loans with fixed rates ranging from 3.890% to 8.074% with AutoPay and from 4.149% to 8.229% without AutoPay*. On variable loans, the company offers rates from 2.500% to 7.115% with AutoPay and 2.720% to 7.240% without AutoPay*. On top of favorable interest rates, SoFi offers flexible repayment terms ranging from 5, 10, 15, or 20 years.
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.
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.
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.
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.
Individuals refinancing an existing student loan with SoFi will receive a 0.125% interest rate discount on a subsequent personal or mortgage loan with SoFi. For example, if the interest rate on a personal loan would have been 8%, the SoFi member would receive a 7.875% interest rate.
In addition to the benefits listed above, SoFi offers the following:
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.***
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