Updated: November 23, 2021

SoFi Student Loan Refinancing Review

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.
2.49% - 6.94%
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% - 6.59%
Repayment Terms
5, 7, 10, 15, 20 years
Important Information

Rewards: 0.25% interest rate reduction with autopay

Flexibility: Multiple types of assistance for borrowers facing financial hardship

Overall Limits: $3,000 (minimum)

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 also 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
  • Borrow up to the full balance of your loans
  • Low minimum borrowing requirement

Cons

  • Cosigner release not available
  • High income requirements
  • High credit score requirements
SoFi Earnest LendKey
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:
2.49% - 6.94%
Variable:
2.25% - 6.59%
Fixed:
2.44% - 5.79%
Variable:
1.88% - 5.64%
Fixed:
2.95% - 7.63%
Variable:
1.90% - 5.25%
Loan repayment terms (Years) 5, 7, 10, 15, 20 years 5, 10, 15, 20 years 5, 7, 10, 15, 20 years
Cosigner release? None Not specified Yes, after 12 months on-time payments

The minimum loan amount is $5,000 and you can refinance up to the full loan balance with SoFi. 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. Borrowers who refinance student loans with SoFi also have access to perks including 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 eligibility 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.

Like most lenders, borrowers can refinance both private loans and federal student loan debt with SoFi. However, refinancing federal student loans means a loss in many federal protections: income-driven repayment options, any federal forgiveness programs, generous deferment options, and more.

SoFi - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft for Rate Check, Hard for Application
  • Repayment Terms: 5, 7, 10, 15, 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 Annual 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
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