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Student Loans

SoFi Student Loans and Refinancing Review: Unmatched Borrower Benefits

Best Member Benefits

4.7 /5

Our take: SoFi® stands out for its unmatched member benefits, including financial planning and discounts for repeat borrowers. While it’s not the lowest-rate lender for everyone, its combination of strong customer service, no fees, and digital tools makes it a top choice for students and parents seeking an all-in-one lending experience.

Private Student Loans
  • Student loans for undergraduates, graduates, and parents
  • Redeem reward points to repay loans
  • Discounts for borrowers taking out additional loans
  • Cover the costs of fall, spring, and summer terms
  • No origination, application, or prepayment fees
  • Manage loans and financial products in one app
  • Check your rate without affecting your credit score
  • Apply for cosigner release after 24 on-time monthly payments
  • Must be enrolled at least half-time
Fixed rates (APR)4.19%14.83% w/ autopay
Variable rates (APR)5.74%15.86% w/ autopay
Loan amounts$1,000 – 100% of certified costs
Repayment terms5, 7, 10, or 15 years
Refinance Student Loans
  • Refinance your entire outstanding student loan balance
  • Redeem reward points to repay loans
  • Best collection of educational resources for borrowers
  • SmartStart™ allows interest-only payments for the first nine months
  • Choose between five repayment terms
  • No origination, application, or prepayment fees
  • Members enrolled in SoFi Plus™ receive a 0.125% rate reduction on refinanced student loans
  • Check your rate without affecting your credit score
  • Cosigners can’t be released from the loan
Fixed rates (APR)5.24% – 9.99% w/ autopay
Variable rates (APR)6.24% – 9.99% w/ autopay
Loan amounts$5,000 – total outstanding balance
Repayment terms5, 7, 10, 15, or 20 years
Table of Contents

Student loans

4.7 /5
Private Student Loans
  • Redeem reward points to repay your student loans
  • Discounts for borrowers who take out additional loans
  • Manage loans and other financial products conveniently in a single app
  • Competitive rates and no origination, application, or prepayment fees
  • Borrow up to 100% of certified costs for undergraduate, graduate, and parent loans
SoFi student loans are best for:
  • Member benefits

Rates, borrowing limits, and fees

ProductFixed rates (APR)Variable rates (APR)Loan amountTerm range
Student loans (undergrad/grad)4.19%14.83% w/ autopay5.74%15.86% w/ autopay$1,000 – Full cost5 – 15 years
Student loans (law, MBA, health programs)4.19%14.83% w/ autopay4.19%14.83% w/ autopay$1,000 – Full cost5 – 15 years
Parent student loans4.19%14.83% w/ autopay4.19%14.83% w/ autopay$1,000 – Full cost5 – 15 years

Eligibility

RequirementDetails
CitizenshipU.S. citizens, permanent residents, non-permanent residents, DACA students, or asylum seekers with valid documentation
State of residenceAll 50 states and D.C.
Minimum ageAge of majority (18 in most states)
SchoolAccredited Title IV schools
Enrollment statusAt least half-time
Min. credit score650
Min. incomeNot disclosed

Repayment

TermDetails
Repayment terms5, 7, 10, or 15 years
Repayment optionsIn-school (full, interest-only, or $25 flat) or deferred
Grace period6 months
Cosigner releaseYes, after 24 consecutive on-time payments

Here’s how each repayment plan works:

  • Deferred: No payments while in school.
  • Interest only: Pay only accrued interest.
  • Full: Full repayment while enrolled.

Here’s a breakdown of the monthly in-school repayment options on a $10,000 loan at 6.00% fixed rate:

In-school repayment planMonthly payment 
Deferred$0.00
Interest only$50.00
Full$193.33

Please note: The principal and interest plan assumes a standard 10-year repayment term. The “Interest only” plan simply pays the accrued interest each month.

Repayment terms range from five to 15 years. The table below illustrates the monthly repayment and total interest paid on each of the four repayment term lengths after graduation on a $10,000 loan at 6.00% fixed rate (assuming deferred in-school repayment):

Repayment termMonthly payment Total interest paid
5 years$193.33$1,599.80
7 years$144.23$2,137.16
10 years$111.02$3,322.74
15 years$84.26$5,165.89

Please note: These calculations assume a standard amortization schedule with monthly payments. We calculated the total interest paid by subtracting the initial loan amount ($10,000) from the total repayment amount over the loan term. Total interest will be more for longer terms because interest accrues over a longer time.

SoFi also assists those facing financial hardship. It offers deferment and forbearance to postpone payments and loan discharge in cases of death or permanent disability.

How to apply

SoFi aims to provide a fast, easy application process for student loans. Completing the application takes just minutes, and basic information is all that is needed to prequalify for a rate. 

Here are the primary steps:  

  1. Prequalify online. Start by checking your rate with no impact on your credit score. You’ll provide your name, school, loan amount, and degree type.
  2. Complete the application. Enter your full personal, academic, and employment details. If you’re applying with a cosigner, their information will be required as well. This step typically takes 10 to 15 minutes.
  3. Upload required documents. SoFi may request verification documents such as pay stubs, enrollment status, or identification. You can upload these securely through your account portal.
  4. E-sign your documents. Once approved, you’ll sign your loan agreement online and SoFi will work with your school to disburse funds directly.

Alternatives

If you’re looking for alternatives, check out our highest-rated student loan lenders.

Sallie Mae allows cosigner release after just 12 months—half of SoFi’s required time. While SoFi requires borrowers to be enrolled at least half-time, you can take out loans from College Ave and Sallie Mae with less than half-time enrollment.

Best for Member Benefits
Fixed APR
4.13%17.99%
Variable APR
4.13%17.99%
Funding
$1K – total costs
Min. Credit Score
679
4.7
Best Overall
Fixed APR
4.13% – 17.99%
Variable APR
4.13% – 17.99%
Funding
$1K – total costs
Min. Credit Score
Mid-650s
5.0
Best for Fast Cosigner Release
Fixed APR
4.13% – 17.99%
Variable APR
4.13% – 17.99%
Funding
$1K – total costs
Min. Credit Score
Mid-650s
4.8

Student loan refinance

Best Online Lender

4.9 /5
Refinance Student Loans
  • Redeem reward points to repay loans is
    SmartStart™ is a unique repayment feature that allows interest-only payments for the first nine months
  • Best collection of educational resources for borrowers
  • Flexible repayment terms ranging from five to 20 years
  • Members enrolled in SoFi Plus™ receive a 0.125% rate reduction on refinanced student loans
  • No cosigner release option for refinanced loans
SoFi refinance student loans are best for:
  • Best online lender
  • Best educational resources
  • Best member perks

Rates, borrowing limits, and fees

ProductFixed rates (APR)Variable rates (APR)Loan amountTerm range
Refinance (undergrad, law, MBA)4.19% – 14.83% w/ autopay5.74% – 15.86% w/ autopay$5,000 – Full loan balance5 – 20 years
Medical professional refinance4.19%14.83% w/ autopay4.19%14.83% w/ autopay$5,000 – Full loan balance5 – 20 years
Medical/dental residency refinance4.19%14.83% w/ autopay4.19%14.83% w/ autopay$5,000 – Full loan balance5 – 20 years
Parent PLUS refinance4.19%14.83% w/ autopay4.19%14.83% w/ autopay$5,000 – Full loan balance5 – 20 years

Available discounts include: 0.25% for autopay; Members enrolled in SoFi Plus™ receive a 0.125% rate reduction

Eligibility

RequirementDetails
CitizenshipU.S. citizens or permanent resident
State of residenceAll 50 states and D.C.
Minimum ageAge of majority (18 in most states)
SchoolAccredited Title IV schools
DegreeAssociate degree or higher
Min. credit score650
Min. incomeNo specific requirement

Repayment

TermDetails
Repayment terms5, 7, 10, 15, or 20 years
Grace period6 months if present on your existing loan
Cosigner releaseNot available
SmartStart™Make interest-only payments for the first 9 months

How to apply

Refinancing through SoFi allows you to combine federal or private student loans into one, possibly at a lower rate. Here’s how to apply:

  1. Prequalify online. Submit basic information to check your rate without affecting your credit. You’ll need your loan balance, income, and educational history.
  2. Select loan terms. Choose your preferred repayment term and whether you want a fixed or variable rate. SoFi will show you estimated monthly payments for each option.
  3. Submit your application. Fill out your complete refinance application, including employment and financial details. Upload any requested documents for verification.
  4. Review and sign. Once approved, you’ll sign the final loan documents electronically. SoFi will then pay off your original loans and create a new refinanced loan under its terms.

Alternatives

We always recommend prequalifying with several lenders before refinancing, so you know you’ve gotten the best rates and terms available. It’s smart to begin with the top-rated student loan refinance companies.

If you’re uncertain about the refinance process and want extra assistance, consider ELFI. It will assign a dedicated student loan advisor to guide you through each step. And Earnest offers super flexible repayment options, including the option to skip one payment per year.

Best Online Lender
Fixed APR
3.99% – 12.05%
Variable APR
3.99% – 12.05%
Funding
$5K+
Min. Credit Score
650
4.9
Best Personalized Support
Fixed APR
3.99% – 12.05%
Variable APR
3.99% – 12.05%
Funding
$10K+
Min. Credit Score
680
4.7
Best Skip-a-Payment Benefit
Fixed APR
3.99% – 12.05%
Variable APR
3.99% – 12.05%
Funding
$5K – $500K
Min. Credit Score
650
4.6

SoFi® customer reviews and reputation

SoFi has a solid reputation as a lender, supported by its A+ rating from the Better Business Bureau (BBB) and strong scores on Trustpilot.

Customer reviews on both platforms reflect experiences across all of SoFi’s financial products, not just student loans or refinancing. Customers like SoFi’s innovative features, such as reward points for loan repayment and discounts for additional loans.

However, feedback—especially from customers on Trustpilot—suggests room for improvement in some customer service areas.

SourceCustomer ratingNumber of reviews
BBB1.31/5356
Trustpilot4.3/59,613

Collected on June 18, 2025.

Overall, SoFi’s competitive loan terms, robust member benefits, and positive reputation make it a strong choice for borrowers, but it’s always wise to compare lenders to ensure the best fit for your needs.

Does SoFi® have a customer service team?

SoFi doesn’t publish an email for student loan customers on its website, but you can contact its support team through:

  • Phone: 855-456-7634 Monday through Thursday, 5 a.m. to 7 p.m. Pacific time; Friday through Sunday, 5 a.m. – 5 p.m.  
  • Chat: SoFi offers live chat, but you must be a SoFi account holder and log in to your account to use the chat service.)

FAQ

Does applying with SoFi hurt my credit?   

Viewing your rates with SoFi won’t affect your credit. However, submitting a formal application causes a hard inquiry on your credit report, which can lower your score by a few points. If you avoid other new applications, your score should recover within six months. 

Does SoFi require a cosigner?   

SoFi does not require a cosigner for most student loan applicants but may recommend one if you have minimal credit history or income. 

What can SoFi student loans be used for?   

You can use SoFi student loans to pay for qualified higher education expenses at approved schools, including tuition, room and board, fees, books, supplies, equipment, and transportation. 

You can’t use the loan funds for optional or recreational expenses. Borrowed amounts must not exceed the cost of attendance, less other aid received.

How long does it take to receive funds from SoFi?   

If approved, it may take three to five business days for SoFi to send student loan funds to your school’s financial aid office. The exact timeline depends on the time required to complete the necessary paperwork, which SoFi makes as efficient as possible through its online application and signing process. 

However, disbursement time can vary during peak periods at the start or middle of a semester. It’s best to apply with SoFi at least two weeks before any payment deadlines to ensure on-time delivery of funds.

How we rated SoFi® student loans

We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared SoFi to several student loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.

Company Best for… Rating (0-5)
Best Member Benefits for Private Student Loans
Best Online Refinance Lender

Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student’s at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. View payment examples.


Lowest rates reserved for the most creditworthy borrowers.
SoFi reserves the right to modify eligibility criteria at any time. This information is current as of 5/21/2025
and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).