SoFi Competitors and Alternatives for Student Loan Refinancing
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SoFi is a unique lending institution – and not just because it is completely digital. The company believes in taking the cost efficiencies created by avoiding brick and mortar branches and passing those savings down to its members.
In addition to low borrowing rates, SoFi offers benefits like personal financial and career counseling as well as unemployment loan protection. Outside of allowing consumers to refinance student loans, SoFi offers personal loans, mortgages, and parent student loans.
- Compare SoFi Competitors for Student Loan Refinancing
- SoFi Alternatives for Student Loan Refinancing
- Refinancing With SoFi
SoFi Competitors: Student Loan Refinancing Comparison
Refinance and Save on Your Student Loans
- Refinance both federal and private student loans
- Get a quick rate estimate in 2 minutes
- Rates starting at 2.57% APR
- Career Coaches and Wealth Advisors for SoFi members
- Get pre-approved in 2 minutes
- Rates starting at 2.47% APR
- Low-interest rates and a variety of repayment options
- Repayment terms of 5, 7, 10, 15, and 20 years
- Rates starting at 2.80% APR
SoFi Alternatives
Laurel Road
Unlike SoFi, Laurel Road offers an option for loan co-signers to be released from their financial liability after the borrower has made 36 consecutive on-time payments. This makes refinancing easier for new college graduates whose parents don’t want a long-term obligation.
- Interest Rates: Fixed rates between 3.50% and 7.02% or variable rates between 2.80% and 6.38%.
- Fees: None
- Minimum Credit Score: 660
- Refinancing Amount: $5,000 up to the total amount of qualifying education loans
- Term Length: 5, 7, 10, 15, and 20 years
Laurel Road also allows for borrowers to request forbearance in the event of sudden unemployment or a medical crisis. Medical and dental residents also have the option to pay just $100 per month until six months after completion of their residency program.
CommonBond
CommonBond and SoFi are comparable in their interest rates and loan terms. Their approval qualifications are also similar.
- Interest Rates: Fixed rates between 3.20% and 7.25%, variable rates from 2.57% to 7.25%, and hybrid rates (fixed for 5 years then variable for 5 years) between 4.26% and 6.31%
- Fees: None
- Minimum Credit Score: 660 but most borrowers have credit scores over 700.
- Refinancing Amount: $5,000 to $500,000
- Term Length: The hybrid loan has a 10-year term, but all other loans have an option for 5, 7, 10, 15, or 20 year repayment terms
CommonBond, however, has the unique hybrid loan option that combines a fixed and variable rate period. Borrowers can have certainty in their payment amounts while they are earlier in their careers. Deferment and forbearance options are also available to borrowers.
CommonBond does not lend in Idaho, Louisiana, Mississippi, Nevada, South Dakota, or Vermont.
LendKey
LendKey connects a network of credit unions and community banks with borrowers who want to refinance their student loans. The interest rates available through LendKey are slightly lower than those offered by SoFi, but there is otherwise little difference in the rates and terms of the loans.
- Interest Rates: Fixed rates from 3.15% to 8.79% and variable rates from 2.76% to 8.06%
- Fees: None
- Minimum Credit Score: 660 but approved borrowers have an average credit score of 757
- Refinancing Amount: $7,500 to $125,000 for undergraduate degrees. $7,500 to $250,000 for graduate degrees. $7,500 to $300,000 for medical, dental, or veterinary degrees.
- Term Length: 5, 7, 10, 15, and 20 years
LendKey, however, requires a minimum of $7,500 in loans to refinance. So, borrowers with less than that should consider SoFi or another lender. LendKey does not lend money to borrowers in Maine, Nevada, North Dakota, Rhode Island, or West Virginia.
Refinancing Your Student Loans With SoFi
For borrowers who qualify, refinancing student loans with SoFi is a great option. SoFi offers low interest rates and a variety of repayment term options.
- Interest Rates: Fixed rates between 3.549% and 7.480% and variable rates between 2.360% and 7.725%
- Fees: None
- Minimum Credit Score: No minimum credit score, approved borrowers have an average score of 700
- Refinancing Amount: $5,000 to the full amount of qualified education loans
- Term Length: 5, 7, 10, 15, and 20 years
Furthermore, SoFi takes a real interest in the financial and career development of its members. Borrowers who refinance their student loans through SoFi also get access to personal finance and career development services, as well as wealth management specialists.
In addition, SoFi lets borrowers halt payments on their student loans for a short time in the event that they suddenly become unemployed through no fault of their own. SoFi will even help those borrowers find a new job.
The approval standards are high, but there are many benefits to borrowing from SoFi.
