Updated: October 10, 2020

SoFi: Private Student Loan

Student Loan Refinancing

Advertising disclosure
Refinance
Student Loan Rating
4.5 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.99% - 6.28%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.25% - 6.28%
Repayment Terms
5 years to 20 years
Important Information

Repayment Options: 5, 7, 10, 15 and 20-year repayment terms 

Important Information:
• Death and disability discharge available
• No cosigner release available
• 0.25% interest rate reduction with autopay

The bottom line:

SoFi, short for Social Finance, Inc., offers private refinancing loans that are some of the best on the market for a number of reasons. There are a few features that make this lender stand out — including the option of deferment and unemployment protection — and make it worth putting near the top of your loan list for consideration. These loans are going to be good for graduates with at least an Associate’s degree. 

Pros

● Multiple types of repayment assistance for borrowers facing financial hardship
● 0.25% interest rate reduction with autopay
● Unemployment protection
● Forbearance available
● Borrow up to the full balance of your loans
● Low minimum borrowing requirement
● No origination, application or prepayment fees

Cons

● Cosigner release not available
● High income requirements
● High credit score requirements

Wondering how much that loan is going to cost you? Check out our free Loan Calculator!
Input your loan terms and we’ll tell you how much you can expect to pay monthly and in total

The minimum loan amount is $5,000 and you can borrow up to the full cost of attendance. Choose from 5, 7, 10, 15 and 20-year repayment terms. Get your interest rate in just 2 minutes. SoFi offers death and disability discharge on refinanced student loans. Another unique feature of this loan is the unemployment protection program that comes with it. This program protects your loans from defaulting by putting them into temporary forbearance in the event of job loss. SoFi also provides all of their borrowers with career coaching and financial advising at no additional cost.

One of the only major cons associated with refinancing through this lender is that they do not offer cosigner release on loans disbursed after May 1, 2019. And because the credit and income requirements for this loan are fairly high (they are not set in stone, but many individual borrowers have above-average salaries), you will most likely need to apply with a cosigner.

Unlike many lenders, SoFi does offer the option of forbearance to borrowers attending graduate school at least half-time, borrowers undergoing disability rehabilitation and active-duty members of the U.S. Armed Forces. If you fall into one of these categories, contact Customer Support (available five days a week) to receive application documents. Forbearance of up to 12 months is also available.

SoFi - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft for Rate Check, Hard for Application
  • Repayment Terms: 5 years to 20 years
  • Minimum Borrowing Limit: $5,000
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: None
Requirements to Qualify
  • Minimum Credit Score: 650
  • Minimum Anual Income: Not specified by lender
  • Citizenship Restriction: None
  • List of States where Loan is Not Available: None
  • Approved Schools Include: Title IV
Repayment Options
    Repayment Details
    • Maximum Deferment Period: Not specified by lender
    • Maximum Forbearance Period: 12 months
    • Cosigner Release Option: None
    • Death Discharge: Yes
    • Disability Discharge: Yes
    Customer Service
    • US-Based Call Center: Yes
    • Hours of Operation (in addition to weekdays): Evenings and Weekends
    • Application Timeline: Rate in 2 minutes
    Extras
    • Scholarship Search Tool: None
    • Sponsors a Scholarship: Yes
    • Job and Career Assistance: Yes
    • Financial Literacy Training: Yes
    SoFiLendKeyEarnest
    Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
    Fixed:
    2.99% - 6.28%
    Variable:
    2.25% - 6.28%
    Fixed:
    2.99% - 8.77%
    Variable:
    1.98% - 8.55%
    Fixed:
    2.98% - 5.49%
    Variable:
    1.99% - 5.34%
    Loan repayment terms (Years)5 years to 20 years5 years, 7 years, 10 years, 15 years, 20 years5 years, 10 years, 15 years, 20 years
    Cosigner release?NoneYes, after 12 months on-time paymentsNot specified