Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Student Loans Student Loan Repayment SoFi Student Loan Refinancing Review Updated Oct 20, 2023   |   4-min read Written by Christy Rakoczy Written by Christy Rakoczy Expertise: Student loans, mortgages, insurance Christy Rakoczy has been a personal finance and legal writer since 2008. She has a Juris Doctor degree from UCLA School of Law and was a college instructor before she began writing for the web. Learn more about Christy Rakoczy Learn Moreon SoFi’s secure websiteEditorial RatingEditorial RatingWhat we like:Free career coachingFixed APR3.49% – 8.07%Variable APR2.43% – 6.65%Loan Terms5, 7, 10, 15, or 20 yearsLoan Amounts$5,000+See how SoFi’s student loan refinancing product stacks up with other optionsStudent Loan Refinancing 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: How to Refinance Student Loans with SoFiEligibility RequirementsBasic Information: Rates, Terms, Fees & LimitsPros & Cons of SoFi Student Loan RefinancingSoFi Customer Service SoFi Student Loan RefinanceLoan amount$5,000 – Total outstanding loan balanceTerm lengths5, 7, 10, 15, or 20 yearsFixed rates3.49% – 6.69%Variable rates3.21% – 6.69%Autopay rate reduction0.25%FeesNone 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 nameYour state of residenceYour emailA passwordYour date of birthDetails about your citizenship statusYour current addressYour mobile phone numberWhether you are renting or a homeownerThe highest degree you have (undergraduate or graduate) The school and program you attended as well as your graduation date or the date you last attendedYour employment statusYour employer nameYour individual annual incomeThe years of professional experience you haveThe 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 residentAn Associate Degree or higher from a Title IV accredited schoolProof 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 APRAPRs on Parent PLUS loan refinancing: 3.490% to 7.694% fixed APR; 2.410% to 7.444% variable APRAPRs on medical and dental resident student loan refinancing: 3.740% to 7.944% fixed APR; 2.660% to 7.694% variable APRLoan repayment terms: 5, 7, 10, 15 or 20 yearsLoan fees: No application fees, origination fees, or prepayment penaltiesLoan amounts: $5,000 up to the total outstanding loan balance of your student loan debtCosigner release: None Pros & Cons of SoFi Student Loan Refinancing Pros 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. Cons 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 PTYou can tweet SoFi at @SoFiSupportYou 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: SoFi vs. EarnestList of Student Loan Companies 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. 4.61 SoFi Refinance Student Loans