SoFi Competitors and Alternatives for Student Loan Refinancing
SoFi has many competitors when it comes to student loan refinancing. Compare some alternatives below.

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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.
However, SoFi isn’t for everyone. If you want to quickly compare alternative refinancing options, check out some similar companies to SoFi below.
On this page:
- SoFi Alternatives for Student Loan Refinancing
- Refinancing With SoFi
- How SoFi Compares to Its Competitors
SoFi Alternatives for Student Loan Refinancing
The companies below are lenders that can provide low rates and a number of benefits to borrowers.
Earnest
Rates (APR)
2.39% – 6.67%
Loan Amounts
$5,000 – $500,000
Repayment Terms
5 – 20 years
With competitive rates and flexible repayment terms, Earnest is our top-rated student loan refinance partner.
While evaluating borrower’s eligibility, Earnest doesn’t just look at credit scores, making them a great choice for students who may not have an established credit history. They even allow borrowers to skip one payment per year once their repayment has begun.
With a quick application process and no fees for loan origination, Earnest is a great option for borrowers.
- Minimum credit score: 650
- Minimum income: $35,000
- Variable rates: 2.39% – 6.67%
- Fixed rates: 3.20% – 6.67%
- Rate reduction: 0.25% for autopay
- Fees: None
To further compare SoFi and Earnest, check out our SoFi vs. Earnest comparison.
ELFI
Rates (APR)
2.39% – 6.69%
Loan Amounts
$15,000 – Total outstanding loan balance
Repayment Terms
5, 7, 10, 15, or 20 years
Although ELFI is one of the newer companies to hit the student loan refinance industry, they are another great option for borrowers seeking competitive rates and flexible repayment terms. This lender’s primary focus is on college graduates who have a good credit history and a stable income.
- Minimum credit score: 680
- Minimum annual income: $35,000
- Variables rates: 2.39% – 6.01%
- Fixed rates: 3.21% – 6.69%
- Rate reduction: Not available
- Fees: Late fee of 5% or $50, whichever is less
Citizens Bank
Rates (APR)
2.72% – 8.63%
Loan Amounts
$10,000 – $500,000
Repayment Terms
5, 7, 10, 15, or 20 years
In addition to a wide variety of products, Citizens Bank offers student loan refinancing. This national bank offers low rates and a loyalty rate reduction for current account holders to lower their interest rates. This is a great option for borrowers who prefer working with a larger bank.
- Minimum credit score: Not disclosed
- Minimum income: Not disclosed
- Variable rates: 2.72% – 8.38%
- Fixed rates: 3.49% – 8.63%
- Rate reduction: 0.25% automatic payment discount and 0.25% discount for having a bank account with Citizens Bank
- Fees: None
To compare other options, you can check out our guide to the best student loan refinance companies.
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.
SoFi Competitors: How They Compare
Lender | Rates (APR) | Loan Amounts | Credit Score |
Earnest | 2.39%– 6.43% | $5,000 – $500,000 | 650+ |
ELFI | 2.39% – 6.69% | $15,000+ | 680+ |
Citizens Bank | 2.72% – 8.63% | $10,000 – $500,000 | Not disclosed |
SoFi | 3.50% – 6.92% | $5,000+ | Not disclosed |
Author: Kimberly Goodwin, PhD
