SoFi Competitors and Alternatives for Student Loan Refinancing
SoFi has many competitors when it comes to student loan refinancing. Some other options include Laurel Road, CommonBond, and LendKey.
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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.
If you want to quickly compare SoFi to other refinancing lenders, you can check out our Best Student Loan Refinance Lenders page.
On this page:
- 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
- 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
Laurel Road is one competitor to SoFi that you might want to consider. The lender offers competitive interest rates and many of the same benefits as SoFi.
- Interest Rates: Fixed rates between 3.50% and 7.02% or variable rates between 2.80% and 6.38%.
- Fees: None
- Refinancing Amount: $5,000 – $50,000
- Term Length: 5, 7, 10, 15, and 20 years
- Cosigner Release: Case-by-case basis
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.
Read our full SoFi vs. Laurel Road Comparison to learn more.
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
- Cosigner Release: After 24 consecutive monthly payments are made
CommonBond 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.
Read our full SoFi vs. CommonBond Comparison to learn more.
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 comparable to those offered by SoFi, as are the terms and benefits offered.
- 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: Not disclosed
- Term Length: 5, 7, 10, 15, and 20 years
- Cosigner Release: After 12 – 36 months of on-time payments
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.
Read our full SoFi vs. LendKey Comparison to learn more.
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.
You can also compare SoFi to another great lender, Earnest, in our full SoFi vs. Earnest Comparison article.
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