Why SoFi Private Student Loans and Refinancing Make Borrowing Smarter with Member Perks

Best Member Benefits

4.7 _/5

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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.
• Return borrowers are eligible for a 0.25% rate discount
• Check your rate without impacting your credit score

• High minimum loan amount

Fixed APR	4.19% – 14.83% w/ autopay
Variable APR	5.74% – 15.86% w/ autopay
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	5, 7, 10, or 15 years

Refinance Student LoansView Rates

• Refinance your entire outstanding student loan balance
• Redeem reward points to repay loans
• Best collection of educational resources for borrowers
• Multiple perks for members, including loyalty discounts
• Choose between five different repayment terms
• No origination, application, or prepayment fees
• Check your rate without impacting your credit score

• Cosigners can’t be released from the loan

Fixed APR	5.24% – 9.99% w/ autopay
Variable APR	6.24% – 9.99% w/ autopay
Loan amounts	$5,000 – total outstanding balance
Repayment terms	5, 7, 10, 15, or 20 years

SoFi stands out as a top-rated lender for both private student loans and student loan refinancing, thanks to its borrower-friendly features and robust member benefits. With options to redeem reward points to repay loans, discounts for taking out additional loans, and the ability to manage all financial products through one app, SoFi delivers value that goes beyond typical lending.

For refinancing, SoFi is also our top-rated lender, offering the best collection of educational resources and multiple perks for members that enhance the overall borrowing experience. here’s a closer look in our full SoFi student loans review.

How does SoFi work?

To apply for a student loan with SoFi, you’ll fill out an application on its website, asking for personal information and details on the schools and programs you want to fund. SoFi will review your application and credit to determine eligibility and offer rates and terms for you to choose from.

SoFi disburses loan funds to your school to pay for tuition, room and board, and other expenses. You typically must reapply for a new SoFi student loan each academic year. 

Its online application, rate quotes, electronic signing, and fund disbursement help you get efficient, quick access to the money you need.

Our take on SoFi’s private student loans

4.7 _/5

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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

• High minimum loan amount may not suit borrowers with smaller needs

Rates, borrowing limits, and fees

SoFi’s private student loans come with competitive rates, no fees, and the funds you need to cover all of your certified costs of attendance.

Features	Details
Fixed rates (APR)	4.24% – 13.55% w/ autopay
Variable rates (APR)	5.24% – 12.82% w/ autopay
Rate discounts	0.25% for autopay
Loan amounts	$1,000 – 100% of certified costs
Fees	None

What are the eligibility requirements?

SoFi’s student loans are available to U.S. citizens and permanent residents attending eligible schools at least half-time. SoFi considers applicants from all 50 states and the District of Columbia.

DACA students, asylum seekers, and non-permanent residents with proper documentation can also be accepted.

While cosigners are not required, SoFi does state that applicants with a cosigner are five times more likely to be approved for a loan due to the credit and income requirements.

Requirement	Details
Citizenship	U.S. citizens, permanent residents, non-permanent residents, DACA students, or asylum seekers with valid documentation
State of residence	All 50 states and D.C.
Minimum age	Age of majority (18 in most states)
School	Accredited Title IV schools
Enrollment status	At least half-time
Min. credit score	650
Min. income	Not disclosed

How does repayment work?

SoFi student loan borrowers can choose the repayment term and plan to find a monthly payment that aligns with their budget.

Term	Details
Repayment terms	5, 7, 10, or 15 years
Repayment options	In-school (full, interest-only, or $25 flat) or deferred
Grace period	6 months
Cosigner release	Yes, 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.
• Partial: Fixed $25 payments.
• 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 APR:

In-school repayment plan	Monthly payment
Deferred	$0.00
Interest only	$50.00
Partial ($25 fixed)	$25.00
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 APR (assuming deferred in-school repayment):

Repayment term	Monthly 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 can SoFi improve its private student loans?

While SoFi offers exceptional benefits for members, such as points-based loan repayment and app-based account management, it could improve accessibility for borrowers with limited credit histories or financial resources. Expanding eligibility criteria or offering alternative underwriting solutions could enhance its appeal to a broader audience.

How do SoFi private student loans compare to other lenders?

When comparing SoFi to other top-rated lenders, the member perks—such as reward points, app convenience, and loyalty discounts—make it stand out. However, borrowers with cosigners may want to explore College Ave and Sallie Mae for potentially lower rates or more accessible underwriting criteria.

	SoFi	College Ave	Sallie Mae
Our rating	4.7/5	5/5	4.8/5
Min. funding	$1,000	$1,000	$1,000
Max. funding	100% of costs	100% of costs	100% of costs
Repayment (years)	5, 7, 10, or 15	5, 8, 10, or 15	10 – 15
Grace period	6 mos.	6 mos.	6 mos.
	View rates	View rates	View rates

Our take on SoFi’s refinance student loans

Best Overall

5.0 _/5

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Refinance Student Loans

• Redeem reward points to repay loans
• Best collection of educational resources for borrowers
• Multiple member perks, such as loyalty discounts
• Flexible repayment terms ranging from 5 to 20 years
• Refinances both federal and private student loans

• No cosigner release option for refinanced loans

Rates, borrowing limits, and fees

If you qualify for refinancing with SoFi, here are key loan terms to be aware of:

Features	Details
Fixed rates (APR)	3.99% – 9.99% w/ autopay
Variable rates (APR)	6.24% – 9.99% w/ autopay
Rate discounts	0.25% for autopay
Loan amounts	$5,000 – total outstanding balance
Fees	Late payment fee

What are the eligibility requirements?

To refinance your loans with SoFi, you’ll need to meet the following requirements:

Requirement	Details
Citizenship	U.S. citizens or permanent resident
State of residence	All 50 states and D.C.
Minimum age	Age of majority (18 in most states)
School	Accredited Title IV schools
Degree	Associate degree or higher
Min. credit score	650
Min. income	No specific requirement

How does repayment work?

Borrowers who refinance student loans with SoFi will have the following repayment terms:

Term	Details
Repayment terms	5, 7, 10, 15, or 20 years
Grace period	6 months if present on your existing loan
Cosigner release	Not available

Is SoFi a reputable lender?

SoFi has a solid reputation as a lender, supported by its A+ rating from the Better Business Bureau (BBB) and strong scores on Trustpilot. While it is not BBB-accredited, this does not necessarily indicate a lack of trustworthiness.

Customer reviews on both platforms reflect experiences across all of SoFi’s financial products, not just student loans or refinancing. SoFi’s innovative features, such as reward points for loan repayment and discounts for additional loans, enhance its borrower-focused approach. However, feedback suggests there is room for improvement in some areas of customer service.

Source	Customer rating	Number of reviews
Better Business Bureau	1.37/5	356
Trustpilot	4.4 out of 5	8,958

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.

Ratings collected November 30 2024.

Does SoFi have a customer service team?

SoFi aims to provide helpful customer service for a seamless experience throughout the student loan process. SoFi’s customer support team is based in the U.S. and assists with applications, repayment questions, changes in account information, and more.

SoFi facilitates the application and disbursement of funds, but partners with the Missouri Higher Education Loan Authority (MOHELA) as its loan servicer to handle repayment and account management after the loan is disbursed.

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

• Phone: 855-456-SOFI (7634) Monday through Thursday, 5 a.m. to 7 p.m. Pacific time; Friday through Sunday, 5 a.m. – 5 p.m.  
• Chat: Talk to SoFi’s virtual assistant Clara, or chat live with a SoFi support member. (Note: You must be a SoFi account holder and log in to your account to use the chat service.) 
• Mail: Send student loan-related written correspondence to MOHELA: P.O. Box 1022, Chesterfield, MO 63006-1022
• Twitter: Tweet @SoFiSupport

How to apply for a SoFi student loan

SoFi aims to provide a fast, easy application process for student loans. Completing SoFi’s application takes just minutes, and prequalifying for a rate only takes basic information. 

Here are the primary steps to apply for a SoFi student loan:  

1. Prequalify online. The initial application asks for basic information, such as the school, loan amount, and loan type (undergraduate, graduate, or parent), to determine eligibility and provide a prequalified rate. This only takes a few minutes.

2. Complete the full application. Enter your personal information, employment and income details, school enrollment data, and more to apply for your student loan. This typically takes 10 to 15 minutes. Adding a cosigner, if needed, only requires a few additional fields to finish the joint application.  
3. Upload and sign documents. SoFi may ask you to provide screenshots or physical copies of pay stubs, tax forms, or enrollment verification to verify information in your application. Then, electronically sign your final paperwork using SoFi’s secure system. You can do this within a few days of applying.
4. SoFi will facilitate your loan. Once approved and you have signed all documents, SoFi will work with its lending partners to facilitate your student loan. SoFi will send funds to your school’s financial aid office within three to five business days of completing the necessary paperwork. 

What if I’m denied a student loan from SoFi?

SoFi will provide an Adverse Action Notice explaining why your application was denied—often due to limited or inability to verify income, high debt-to-income ratio, lack of credit history, or other eligibility criteria gaps. With this information, you can reapply with a cosigner or take steps to improve your eligibility before reapplying alone.

You might also consider applying for alternative student loans:

• Best private student loans
• Best student loans for bad credit

How we rated SoFi student loans

We compared SoFi to 17 student loan lenders offering undergraduate, graduate, parent, and refinancing student loans. Its editorial rating for each student loan reflects how it compares to similar products.

We considered more than 26 factors, including rates, repayment terms, fees, unique benefits, and more. In the end, SoFi stood out for its member benefits.

SoFi FAQ

Does SoFi offer private or federal student loans?  

SoFi offers private student loans with fixed and variable rate options for undergraduates, graduates, and parents. 

SoFi’s federal student loan refinancing allows borrowers to consolidate eligible federal loans into a new private student loan with potentially lower rates.

Does applying with SoFi hurt my credit?   

Applying for a SoFi student loan causes a hard inquiry on your credit report, which can lower your score by a few points. However, if you avoid other new applications, your score should recover within six months. 

Paying your SoFi student loan on time will also help build your credit history over the repayment term, which can raise your score by more than any initial drop from the inquiry.

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. 

A cosigner with good credit and a stable income can increase your eligibility and chances of approval with SoFi. However, cosigners on your student loan must repay the debt if you fail to do so.

Does SoFi allow cosigners to be released?   

Yes, SoFi offers cosigner release for student loans after 24 months of consecutive on-time payments. The borrower must meet income and credit requirements at the time of the cosigner release application. 

If approved, the cosigner is released from the legal obligation to repay the student loan debt.

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.

Can SoFi student loans be forgiven?   

SoFi student loans do not offer forgiveness programs. These are private loans, not federal student loans that provide paths to forgiveness (e.g., Public Service Loan Forgiveness). 

However, SoFi provides temporary relief options for those facing financial hardship through forbearance (up to 12 months) or deferment programs. 

Loan discharge may also be available in rare extreme circumstances of permanent disability or death. But outside these limited situations, you must repay SoFi student loans in full based on the terms of your promissory note.

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.