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Student Loans Student Loan Repayment

SoFi Student Loan Refinancing Review

Updated Oct 20, 2023   |   4-min read

on SoFi’s secure website
Editorial Rating

Editorial Rating

What we like:

Free career coaching

Fixed APR3.49% – 8.07%
Variable APR2.43% – 6.65%
Loan Terms5, 7, 10, 15, or 20 years
Loan Amounts$5,000+
See how SoFi’s student loan refinancing product stacks up with other options

SoFi is an online lender that offers student loan refinancing, private student loans, personal loans, and a variety of other financial products.

SoFi’s student loan refinance loans can serve two purposes for borrowers: they can help you to consolidate multiple loans into one to make student loan repayment easier and they can help you lower your interest rates.

SoFi allows borrowers to refinance both federal student loans and private student loans. If you are considering refinancing your federal student loans, just be sure to know which protections and benefits you may be giving up.

In this review:

SoFi Student Loan Refinance
Loan amount$5,000Total outstanding loan balance
Term lengths5, 7, 10, 15, or 20 years
Fixed rates3.49% – 6.69%
Variable rates3.21% – 6.69%
Autopay rate reduction0.25%

How to Refinance Student Loans with SoFi

Refinancing student loans with SoFi is simple, effective, and quick. You can start the process by visiting the SoFi website and clicking “Find My Rate.” This will take you to a simple form you fill out to get pre-qualified and to receive the rate you would pay if you refinance your student loans with SoFi.

SoFi will pre-qualify you and provide your rate without doing a hard credit check, which is important as hard credit checks could affect your credit score. You will simply need to provide:

  • Your first and last name
  • Your state of residence
  • Your email
  • A password
  • Your date of birth
  • Details about your citizenship status
  • Your current address
  • Your mobile phone number
  • Whether you are renting or a homeowner
  • The highest degree you have (undergraduate or graduate)
  • The school and program you attended as well as your graduation date or the date you last attended
  • Your employment status
  • Your employer name
  • Your individual annual income
  • The years of professional experience you have
  • The loan amount you would like to refinance

Based on the information you provide SoFi will do a soft credit check and provide you with a personalized rate quote.

If you decide you like the rate, you can move forward and complete the full application process. This will result in a hard credit check and you may need to provide additional financial information including tax returns or pay stubs to provide proof of income.

SoFi Eligibility Requirements

To refinance your loans with SoFi, you will need:

  • A credit score of at least 650 (estimated)
  • Free cash available after paying monthly expenses (there is no minimum income requirement)
  • To be a U.S. citizen or a permanent resident
  • An Associate Degree or higher from a Title IV accredited school
  • Proof of employment or an offer for a job with employment scheduled to start within 90 days or less

Basic Information: Rates, Terms, Fees & Limits

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

  • APRs on undergrad & graduate refinancing: 3.49% to 8.07% fixed APR; 2.43% to 6.65% fixed APR
  • APRs on Parent PLUS loan refinancing: 3.490% to 7.694% fixed APR; 2.410% to 7.444% variable APR
  • APRs on medical and dental resident student loan refinancing: 3.740% to 7.944% fixed APR; 2.660% to 7.694% variable APR
  • Loan repayment terms: 5, 7, 10, 15 or 20 years
  • Loan fees: No application fees, origination fees, or prepayment penalties
  • Loan amounts: $5,000 up to the total outstanding loan balance of your student loan debt
  • Cosigner release: None

Pros & Cons of SoFi Student Loan Refinancing


  • Member benefits

    When you refinance with SoFi, you get access to member benefits including career coaching; a referral program if you refer friends or family to SoFi; and invitations to exclusive member events where you can network and build your career.

  • Discounts on additional SoFi loans

    SoFi members who have one loan with the company can get a .125% rate discount on an additional SoFi loan. This can make taking out a personal loan or other private student loans cheaper.

  • Autopay discount

    As with most online lenders, SoFi offers a 0.25% AutoPay discount for setting up automatic loan payments. Although this is a small discount, it can save you a lot over the life of the loan.

  • Unemployment protection

    You can pause monthly payments if you become unemployed, and the career services team will help you find new opportunities.

  • No fees

    SoFi offers simple repayment options with no hidden fees.


  • No cosigner release

    Some other lenders allow you to remove a cosigner after making a certain number of payments, but SoFi doesn’t. This leaves your co-signer on the hook for repayment during your entire repayment term since he or she cannot be removed from the loan.

  • Most borrowers who qualify have high incomes

    SoFi has no stated minimum income limits, but most borrowers—especially those who qualify for lower interest rates—have high income levels.

  • You can qualify only if you earned a degree

    If you didn’t finish your educational program, refinancing with SoFi won’t be an option.

SoFi Customer Service

To get in touch with SoFi:

  • You can call customer service at 855-456-SOFI
  • Customer service hours are Monday to Thursday 4:00 AM to 9:00 PM PT; Friday to Sunday 4:00 AM to 5:00 PM PT
  • You can tweet SoFi at @SoFiSupport
  • You can email customer service at [email protected]

There are also different addresses where you can send payments or submit other correspondence. You can find the appropriate address to contact SoFi by mail on the SoFi website.

Alternatives to SoFi Student Loan Refinancing

You’ll want to shop around and compare rates with a few other lenders to make sure that you get the best deal possible on your refinance loan.

Here are some resources to help you do that:

Bottom Line: Is SoFi Student Loan Refinancing Right for You?

SoFi is one of the largest student loan refinancers in the country, and it makes the process easy with a quick online application and pre-qualification without a hard credit inquiry.

If you can qualify for a SoFi refinance loan at a competitive interest rate, it often makes sense to refinance your loans with this well-known online lender.