What we like:
Free career coaching
|Fixed APR||3.49% – 8.07%|
|Variable APR||2.43% – 6.65%|
|Loan Terms||5, 7, 10, 15, or 20 years|
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 andprivate 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 SoFi
- Eligibility Requirements
- Basic Information: Rates, Terms, Fees & Limits
- The Benefits of SoFi Student Loan Refinancing
- The Downsides of SoFi Student Loan Refinancing
- SoFi Customer Service
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.
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
The Benefits of SoFi Student Loan Refinancing
There are many benefits to refinancing with SoFi, including:
- 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 temporarily if you become unemployed and the career services team will help you to find new opportunities.
- No fees: SoFi offers simple repayment options with no hidden fees.
The Downsides of SoFi Student Loan Refinancing
There are also some downsides you should know about, including:
- 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:
- SoFi Competitors & Alternatives
- SoFi vs. CommonBond
- SoFi vs. Earnest
- SoFi vs. LendKey
- SoFi vs. Laurel Road
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.
Want to learn more about SoFi’s other products? Check out our SoFi review.
Author: Christy Rakoczy
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